Golden Passports

So-called ‘citizenship-by-investment’ – the selling of passports - is a global industry worth billions of dollars and it’s completely legal. The idea is simple – invest huge sums of money in a country you want a passport from and in return acquire residency rights or citizenship, even visa-free access to all European member states. The UK offers residency in exchange for an investment of £2 million / $2.6 million – or for £10 million, the possibility of British citizenship within two years. And across the world, countries are vying to attract the super-rich through these schemes. But they are attracting attention for the wrong reasons.

European MEPs have launched an investigation into 'Golden Passport' programmes across Europe - including the UK - amid concerns that they pose a corruption risk. In the US, government financial investigators say individuals are buying citizenship to hide their true identity, in an attempt to flout economic sanctions against Iran. Alys Harte reporting.

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