The “Malta leaks” sets the new rules for investment residence and citizenship in the EU
Last week we witnessed something very important in the world of citizenship. It is now the social perception in the West towards the “Rich Russians” that will play a major role in the EU Golden Passport marketplace. You can find more about the scandal in Malta and the documents leak from Henley & Partners.
Suitable address in Bulgaria – now a must
From now on, having a mere “official address in Bulgaria” will not be sufficient for the applicants for Bulgarian citizenship by investment. Bulgaria is and remains virtually the only EU country1 to have maintained truly working citizenship by investment program. After the Maltese scandal however, the authorities in Bulgaria will be extremely cautious towards the residence arrangements of all citizenship candidates.
1 Malta is also offering citizenship by investment program, although it is considered a “passport for sale scheme” by the European Commission. As result, the Maltese program is subject to infringement proceedings by the EU Commission.
Russians should be especially concerned
Russian citizens will be virtually banned from applying for citizenship by investment in Malta. Bulgaria will remain the only option, but we expect much stricter control by the authorities in the forthcoming months.