Saturday, April 5, 2014
Citizenship-for-Cash Program
You'll never believe the lengths that Malta, a Mediterranean island off the coast of Italy, will go to stimulate their economy. A new program that offers citizenship in exchange for a sum of cash is their new ploy to stimulate foreign investment. Though the European Union has cast a critical eye to these measures, the Maltese hope that this will help life their economy. It has actually been receptive amongst Chinese billionaires and wealthy Russians. But what potential problems does this interesting measure create? Read more here: http://www.nytimes.com/2014/04/06/world/europe/citizenship-for-cash-program-in-malta-stirs-security-concerns-in-european-union.html
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2 comments:
I think the biggest problem with this is the fact that people buying citizenship might not have any interest in Malta or helping out their economy. Most potential applicants are looking for a European Union passport which would allow them to live or work elsewhere in the union.
This article shows just how far the government will go to stimulate growth in an economy. This particular program may have its flaws, but it shows just how important investment is for any economy to grow! Hopefully other nations can come up with less controversial and more effective policy.
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