European Commission initiates procedures against Cyprus and Malta for breach of Citizenship with Investment Schemes
The EU Commission has initiated proceedings against Cyprus and Malta over their Citizens with Investment Schemes.
On its official site the Commission explained that the granting of nationality by a Member State in exchange for financial payment or investment breaches Article Four of the EU Treaty.
Against this background the Governments of Cyprus and Malta have two months to respond to the letters issues regarding this matter.
In a reaction the Parliamentary Secretary for Citizenship and the Community said the granting of citizenship is the prerogative of every individual Member State and as already announced by Government the scheme is coming to an end. It has also been said that the Agency for the programme will also be closing in the coming weeks. Since the start of Malta’s programme, 1,460 families have been granted citizenship while over 500 have not been approved.
The Government is to formally respond to the notification in the coming days and will use all legal measures to defend the national interest and sovereignty.