Last Updated on February 23, 2023
Key Points
The European Commission recommended European Union member states suspend and repeal investor citizenship and visa schemes
Overview
The European Commission recommended that member states of the European Union (EU) immediately repeal any existing investor citizenship schemes. The Commission indicates this action is intended to ensure that checks are put in place to address concerns posed by these residence schemes. Investor citizenship schemes allow foreign nationals from outside of the EU to obtain residency in an EU country based on investment. The conditions and requirements of these schemes vary by country. For additional information on investor visa schemes, click here.
What are the Changes?
The European Commission advised that the EU member states suspend their investor residency visas and citizenship schemes immediately. The Commission stated that this recommendation was made as a result of concerns over security risks involved with investor visa schemes.
Looking Ahead
The Commission stated that further steps may be taken in the future depending on the risk that these visa types pose. Continue to check the European Commission’s website and Envoy’s website for the latest updates and information.
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Content in this publication is for informational purposes only and not intended as legal advice, nor should it be relied on as such. For additional information on the issues discussed, consult an attorney at one of the two U.S. Law Firms working with the Envoy Platform or another qualified professional. On non-U.S. immigration issues, consult an Envoy global immigration service provider or another qualified representative.
