EU countr­ies have used such scheme­s to give passpo­rts to around 6,000 people­BRUSSELS: The European Union urged member countries on Wednesday to crack down on schemes granting “golden visas and passports” to foreign investors, warning they can bring corruption and money laundering in their wake. The Czech commissioner said investor residence and citizens schemes offering “golden visas and golden passports” should not be a weak link in EU efforts to curb corruption and money laundering. EU countries set conditions for granting and withdrawing nationality but must do so with respect for EU law, enforced by the European Court of Justice, officials said. And unlike foreigners who follow the usual naturalisation route, such investors are not required to live in those EU countries or show “genuine connections” to them. An EU residence permit gives a third-country national the right to live in the member country and to travel freely in Europe’s passport-free Schengen area.

Source: The Express Tribune January 23, 2019 16:20 UTC