Top court pulls plug on Europe’s last ‘golden passport’

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Top court pulls plug on Europe’s last ‘golden passport’ - Fortune

Quick Summary:

Malta "cannot grant its nationality – and indeed European citizenship – in exchange for predetermined payments or investments," the court ruled.

In just the past few weeks, Malta's program has drawn attention in Europe for allowing sanctioned individuals to circumvent travel bans.nationality a mere commercial transaction," the court ruled.

Most of the programs were devised to bring capital to the struggling countries during Europe's recent debt crisis, and many allowed foreigners to buy a home in the country in exchange for permanent residency.