Mauritius: Cash for Citizenship & The Passport Kings
Published: 2/Jul/2018
Source: Mauritius Times
Pradeep Jeeha
Without control the Cash for Citizenship and Passport Scheme can be abused by tax evaders, money launderers, and organised crime figures who can cross borders at short notice especially because the passport and citizenship provide visa free access to many countries
The only significant revenue raising measure of the 2018/19 budget is a “Cash for Citizenship and Passport Scheme” (CCPS) to be run by the Economic Development Board (EDB) with a view to grant Mauritian citizenship and passports to foreign high net worth individuals (HNWI) through a special purpose vehicle known as the Sovereign Fund. The net revenue arising from the sale of citizenship will be managed by a National Investment Authority to repay public debts and to finance capital projects of Government.
The scheme which closely resembles the Maltese Individual Investor Programme (MIIP) epitomises the desperate need of this Government to find quick fixes to our economic woes while at the same time trying to play Father Christmas.
Read further: http://www.mauritiustimes.com/mt/cash-for-citizenship-the-passport-kings-2/