EU warns against “selling passports” to wealthy

The European Commission will warn against selling the EU citizenship or residence to wealthy individuals, which could help foreign organized crime groups infiltrate the bloc and increase the risk of money laundering, corruption and tax evasion.

The warnings are included in a draft report that is expected to be published on January 23 by the European Union’s executive, according to Reuters.

Although individuals who purchase citizenship and residence in EU states can do it for legitimate reasons, the commission said the schemes posed “risks of infiltration of non-EU organized crime groups in the economy, money laundering, corruption and tax evasion.”

Malta (pictured), Cyprus and Bulgaria are the countries practicing attraction of wealth in exchange of the citizenship.

The issue of granting EU citizenship is regularity under fire of criticism, while countries issue passports to individuals in spite of their criminal records.

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