The EU Wants to Clamp Down on the Super Rich’s Visa of Choice
Amid a worldwide refugee crisis and increased immigration restrictions, most EU member states sell “golden visas”—residence permits or citizenship—to the ultra-wealthy for thousands or even millions of euros.
More than a million people have sought refuge in Europe over the past few years; some will eventually become citizens. Still more have moved for work and the promise of ultimately securing a permanent place. But a select group does something else entirely: They pay. A lot.
Over the past decade, some European Union member states have earned tens of billions of dollars overall by selling residency and, in some cases, citizenship to the super rich. But critics say that the opaque nature of these schemes makes them vulnerable to, telling its member states to increase scrutiny of applicants vying for these “golden visas.”
