"EU citizenship for sale"

"Tourism to Europe? There is no need to travel - just wire 650,000 euro and you become an official citizen of the European Union. Reside in Germany, the UK - anywhere you like. No qualification needed - just some money. No one has to know where your money comes from.

A plan, which was approved in Malta [last month] is expected to...give those who want to purchase a Malta EU passport the right to reside in any of the other 27 member states. They will even be eligible to become members of the European Parliament.

Malta is selling EU passports for 650,000 euro (US$875,000) as part of a law passed in order to bring in cash and investment. It comes with the benefits of EU membership, including the right to reside and work in the 28-member bloc.

The island country, which has a population of 452,000, is a member of the EU and the Schengen borderless travel area, and has a visa waiver agreement with the US.

The country’s prime minister, Joseph Muscat, said the plan is expected to attract “high value” individuals from around the world who can then invest in the island. Muscat estimated that 45 potential applicants would raise the country around 30 million euro."

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