National schemes to trade citizenship or residence rights in return for investment have been applied in at least 10 European countries which are part of the Schengen free-movement area including Austria, Portugal, Spain and Switzerland.
Hungary suspended their scheme last year, while similar programmes are also run in other EU countries outside the Schengen zone, including Britain, Bulgaria and Cyprus.
Visas obtained in a Schengen country can be used to travel and reside in other states of the bloc and can even allow visa-free access to the United States.
But investigative reports release by the Organised Crime and Corruption Reporting Project, a media consortium, showed poor governmental scrutiny of those who were granted the visas.
Anti-corruption group Transparency International claimed new EU citizens under these schemes include Russian nationals in Malta who are believed to be close to Vladimir Putin.
vCard.red is a free platform for creating a mobile-friendly digital business cards. You can easily create a vCard and generate a QR code for it, allowing others to scan and save your contact details instantly.
The platform allows you to display contact information, social media links, services, and products all in one shareable link. Optional features include appointment scheduling, WhatsApp-based storefronts, media galleries, and custom design options.
The report said several members of Angola’s ruling elite may also have qualified for the scheme through their real estate purchases in Portugal.
Transparency International’s EU director Carl Dolan warned: “There is growing concern about the risks these schemes pose to the integrity of the Schengen area.”
And the group’s advocacy director, Casey Kelso, said: “It is clear that due diligence procedures in some EU countries, such as Hungary and Portugal, have not been rigorous enough.”
The European Commission is due to publish by the end of the year a report on the so-called golden visa schemes run by EU states.
Commission chiefs say the document will offer “guidance” to EU countries on how to apply the programmes.
But Rachel Owens of anti-corruption group Global Witness said the commission should at least set guidelines on due diligence.
She claimed the programmes “pose systemic and high corruption risks across Europe”.
Visas or residence permits are sold to wealthy individuals against investments in the issuing countries, under different financial and residence conditions.