According to the OECD, there are 21 countries that offer citizenship or residence by investment, a so-called ‘golden passport’ scheme. In the US, these schemes are especially attractive, as they provide a way to hide assets abroad from reporting requirements. The OECD’s list includes Montserrat, Cyprus, Monaco, Saint Kitts and Nevis, Panama, Qatar, Saint Lucia, Turks and Caicos Islands, Antigua and Barbuda, Barbados, Dominica, Malaysia, United Arab Emirates, and Mauritius.
Golden-passport is a potential problem for countries
The Organisation for Economic Cooperation and Development published a “blacklist” of countries that offered golden passports, warning against misuse of these programs. Some governments also introduced a scheme to help companies identify suspicious transactions and prevent money laundering, a potential problem with golden-passport countries. Moreover, identity cards obtained through investments in such countries can be used to misrepresent an individual’s tax residence and undermine CRS due diligence procedures.
Golden passport programs can help people buy citizenship, including families, by making investments in their home country. The qualifying amounts, ranging from a few hundred thousand dollars to a few million dollars, vary. Typically, the amount of money required to qualify for citizenship through investment ranges from $100,000 to several million dollars. The financing terms are flexible, and applicants are not admitted unless they have gone through rigorous vetting. The government agency oversees these programs, but they may also be marketed by third parties. Depending on the country, there may be statutory quotas. Here you can visit alltimesmagazine to get the latest news around the world.
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