The Golden Ticket — Citizenship for Sale (Podcast PUSHBACK Talks, 4 September 2020)

  • The Golden Ticket — Citizenship for Sale

  • By Fredrik Gertten and Leilani Farha. Published on PUSHBACK Talks on 4 September 2020

  • Summary:

    • In this episode, the PUSHBACK Talks podcast crew explores the dark world of Golden Visas "which emerged after the Global Financial Crisis on the advice of the IMF and the Central European Bank as a way for economically failing countries to access big cash."

    • In 2019, the European Commission warned against the risks of handing out 'golden visas' to wealthy foreigners, noting that it could increase the risk of corruption and money laundering if the organised crime groups end up infiltrating the European countries. Despite the warning, the residence-for-pay schemes continue to be widespread across the EU, and as of summer 2019, residence-for-sale visa schemes existed across 20 EU member states.

    • "This has led to a massive influx of corrupt money into these economies, while inflating housing costs for local residents," note the PUSHBACK Talks hosts.

    • Keywords: EU, Golden Visa, housing cost, rental cost, rent hike, corruption, Cyprus residence-for-pay

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