The New Moldova Government collapses after just months of gaining power, throwing the country into turmoil, after no confidence vote in the parliament.
The President Igor Dodon party, filed the no-confidence motion on November 8 after cabinet changed the procedure for appointing the prosecutor-general, under which the prime minister would nominate candidates for the position.
The Government in a serious effort to fight corruption, suspended the citizenship by investment (MCBI) scheme offering citizenship to investors for $100,000 or more in the country through donation, real estate and subscribing Govt bonds. The MCBI scheme is only placed on moratorium and not closed yet.
Moldova already granted citizenship to 9 investors and 34 applications received for CBI scheme. The scheme initially planned to bring billion in revenues to economic development Moldova being the poorest country in Europe.
The suspension of Moldova CBI scheme was criticised by the CBI industry, despite employing world class vetting standards, further saying the country could well be losing out billions of euros for foreign investment and construction of several five star hotels funded by citizenship by investment scheme.
Political parties in Moldova have 90 days to form new government or else new parliamentary elections will be held once again.
The election of Pro-CBI Government will give renewed new hopes of reinstating the citizenship by investment scheme. The CBI industry will need to keep a close watch on changing political situations happening in Moldova for the next three months.
Source: Reuters/Bloomberg
