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A case of insufficient safeguards or state-enabled money laundering? "Golden Passport" and "Golden Visa" investment schemes in Europe

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  • Pavlidis, Georgios

Abstract

Purpose To critically examine recent developments and proposals for the regulation and supervision of ‘golden passport’ and ‘golden visa’ investment schemes in Europe. We argue that FATF standards constitute an appropriate response to money-laundering risks associated with such investment schemes, but the EU needs to introduce further common rules, safeguards and control mechanisms in the aftermath of the recent scandal in Cyprus. Design/methodology/approach This paper draws on reports, legislation, legal scholarship and other open-source data to examine golden passport and golden visa investment schemes in the EU. Findings The EU has to forge a common approach to mitigate money-laundering risks associated with golden passport and golden visa investment schemes, taking into consideration the FATF standards. Originality/value This is the first study examining golden passport and golden visa investment schemes in the EU in the aftermath of the Cypriot scandal and proposing the overhaul of the EU legal framework in this regard.

Suggested Citation

  • Pavlidis, Georgios, 2021. "A case of insufficient safeguards or state-enabled money laundering? "Golden Passport" and "Golden Visa" investment schemes in Europe," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 22(2), pages 170-179.
    • Handle: RePEc:zbw:espost:318021
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    References listed on IDEAS

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    1. Menkhoff, Lukas & Miethe, Jakob, 2019. "Tax evasion in new disguise? Examining tax havens' international bank deposits," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 176, pages 53-78.
    2. Owen Parker, 2017. "Commercializing Citizenship in Crisis EU: The Case of Immigrant Investor Programmes," Journal of Common Market Studies, Wiley Blackwell, vol. 55(2), pages 332-348, March.
    3. Leo Ahrens & Fabio Bothner, 2020. "The Big Bang: Tax Evasion After Automatic Exchange of Information Under FATCA and CRS," New Political Economy, Taylor & Francis Journals, vol. 25(6), pages 849-864, September.
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