Moldova has extended moratorium imposed on citizenship by investment (CBI) by two more months, starting December 20 according to the Government announcement to media agencies in Moldova.
Moldova has previously suspended Moldova CBI program since August 23 and stopped accepting applications for investor citizenship scheme. The CBI scheme is currently only suspended and not closed yet.
The Moldovan Government will make a evaluation report within 30 days consulting with Ministry of Internal affairs, Migration office, Security , Anti-corruption and Money laundering agency on the CBI scheme and will present it to the government for the final decision whether to close the scheme or extend it.
Last month in November, Moldova’s parliament backed ex-finance minister Ion Chicu as the country’s new prime minister, a day after he was nominated for the post by President Dodon, after the previous Govt collapsed losing no confidence vote.
Moldova launched CBI scheme was launched in Nov 2018, offering fast track citizenship to foreign investors for EUR 100,000 donation to the state, or EUR 250,000 (real estate) or buying EUR 250,000 in Govt debt through bonds or securities.
So far, 36 people applied to obtain the citizenship of the Republic of Moldova through investments, five received it, other applications being evaluated. These files would bring Moldova revenue of EUR 4.6 million euros.
In a press statement European Council said, “The EU welcomed also the suspension of the programme “Citizenship for Investment” while noting that the programme has not been definitively cancelled”.
Moldova launched the CBI scheme in a bid to boost foreign investments and economy raising 1.5 billion euros for the state. By stalling the popular citizenship scheme, the Government has lost great opportunity to revive the real estate and construction of five star hotels in the country funded by CBI scheme.
The Association Council said implementation of the visa-free regime, a significant number of Moldovan citizens have benefited from the enhanced possibilities for people-to-people contacts since its entry into force but Moldova needs to pay special attention to ongoing fulfillment of anti-corruption standards.
The Caribbean countries have demonstrated success using citizenship for investments as a revenue generator for small countries. In Europe, Montenegro also launched a CBI scheme to compete with Malta and Cyprus. Egypt became the latest country to launching a CBI scheme last week for $250,000
