The options appear to be increasing for those who wish to buy a visa – and ultimately citizenship – of countries belonging to the European Union (EU). A number of EU countries have entered this potentially lucrative market and, as a result, there is an increasing number of options available to those with the desire and the funds to take up citizenship of an EU country.
In the UK the current system of applying for a Tier 1 Visa is currently under review, and the proposals for the new system have been discussed on this website (see UK Investor Visas: Changes on the Way, 27 January 2014; and UK Investor Visa Auction: A Step Closer? 26 February 2014).
One of the most appealing programmes is that offered by Malta, where an individual can apply for a visa, residence and ultimately citizenship from €1.15m. This sum is made up of the basic charge for the applicant of €650,000; a commitment to purchase property in Malta valued at a minimum of €350,000 (or rent property to the value of at least €16,000 per annum); and a pledge to make other investments in Malta of at least €150,000.
If the applicant wishes to include his or her family in the application, the costs rise according to a set scale. The cost for a spouse and for each child under the age of 18 years is €25,000 per person. Unmarried and financially-dependent children aged between 18 and 25 (such as students) may be added at a cost of €50,000 per head. Parents over the age of 55, and who live with the principal applicant, can also be included for €50,000 each.
It is a condition that no-one in the applicant’s party has a criminal record, and the applicant must also pay for due diligence tests to be carried out. This will cost €7,500 for the principal applicant; €5,000 for the spouse and each of the parents or children older than 18 years old; and €3,000 for each child under 18.
So, for example, a married applicant who has one child at university and two of school age, and who wants parents or in-laws to live with them in Malta, will be paying a minimum of around €1.34m.
Somewhat controversially, according to an investigation carried out by the UK’s Daily Telegraph newspaper, Bulgaria is offering a simpler and cheaper option, which is causing ripples in Brussels and in the capitals of long-established EU member states. Apparently, Bulgaria is offering citizenship for the equivalent of €180,000 and a two-day stay in the country.
Concern was voiced by the EU Justice Commissioner Viviane Reding. “It is legitimate to question whether EU citizenship rights should merely depend on the size of someone’s wallet or bank account,” she said, adding, “Citizenship must not be up for sale”.
