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'Golden visas' will persist despite EU clampdown

Tuesday, November 6, 2018

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.
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