European Commissioner for Home Affairs Ylva Johannsen was appointed to monitor the implementation of the new requirements.
What has happened? The European Union has called on countries offering citizenship by investment (CBI) programs to introduce stricter rules in a bid to ensure enhanced security and safety of the European region, said a reliable source in EU Commission in Brussels to The Associates Times.
Quote. “Ms Johansson (European Commissioner for Home Affairs), known for her expertise and dedication in her field, will spearhead an oversight committee to monitor the operations of these third country programs over a six-month period. This signifies a concrete commitment by the EU to enforce the philosophy they have touted for some time now.” The official added on condition of anonymity.
EU requirements:
- Implement enhanced due diligence on all applicants by reputable international due diligence firms based in the EU, US and UK. The firms must be third parties with a high reputation.
- Conduct mandatory interviews for all CBI applicants. These interviews can be conducted either in person or via trusted online digital platforms.
- No official citizenship documents or passports should be mailed to new citizens after citizenship has been granted. They should only be handed in person.
- Investment thresholds should be increased to a minimum of $200,000 (per applicant) for donation option applications and a minimum of $400,000 for real estate investments.
- The flow of funds should be properly monitored and checked against strict money laundering processes. This includes the requirement that investments should go directly to the host country under all circumstances, and must not be diverted into accounts in other countries.
- Cancel all promotional materials for passports from these third countries demonstrating the benefits of visa-free access to the EU.
Source: Associates Times
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