'Golden visas' will persist despite EU clampdown

Subject

The 'golden visa' controversy in the EU.

Significance

The European Commission's announcement on October 10 that it would investigate so-called 'golden visa' schemes follows a report by Global Witness and Transparency International warning that insufficient applicant background checks exposed the EU to large-scale money laundering and corruption.

Impacts

• Greater public knowledge of golden visas will increase domestic pressure on governments.
• Scandals could worsen relations between the EU and non-EU countries.
• Applications for visas in the United Kingdom will likely decline if there is a Brexit deal.