Malta’s controversial “golden passport” scheme is being phased out following a European Court of Justice ruling.
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⚖️ The European Court of Justice has declared Malta’s golden passport scheme illegal.
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💶 The program allowed individuals to obtain EU citizenship through significant financial investment.
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🚫 The court ruled that such schemes undermine the integrity of EU citizenship laws.
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🔍 Investigations revealed that some applicants had limited ties to Malta.
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🛂 The scheme faced criticism for facilitating money laundering and corruption.
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🇷🇺 Concerns arose over sanctioned individuals, including Russians, obtaining EU citizenship.
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📉 The program generated over €1.4 billion in revenue for Malta since its inception.
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🏛️ The European Commission initiated legal proceedings against Malta in 2020.
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📜 Malta is now required to terminate the scheme and comply with EU law.
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🔚 This ruling sets a precedent for other EU member states with similar programs.
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