If Moldova decides to cancel the citizenship for investment scheme, the government will likely have to pay several million euros in early termination fees to the consortium hired to implement the program. Economy Minister Vadim Brînzan told a press conference today that the program has been put on hold until all risks associated with it are thoroughly assessed.
Vadim Brînzan had a meeting recently with representatives of the consortium, and all expressed their openness to dialog with a view to making the process of awarding citizenship more transparent. The program has been paused for now, as Parliament passed a bill on first reading to annul it.
In its current form, says Vadim Brînzan, the scheme poses risks related to the structure of financial transactions. Also, according to the minister, “there is a sense of obscurity”, as the final beneficiaries of the consortium remain unknown. Further, the ten local operators that issue documents for applicants need to be checked as well.
So far, two applications for citizenship have been approved through the scheme, with one applicant coming from Australia, and the other one from India. Thirty-four other applications are in the process of being examined, with most coming from Asia, Oceania, the United States, and a few from Europe.
The citizenship for investment program was adopted by Parliament in November 2018. Under the scheme, a foreigner can become a Moldovan for 100,000 euros, with discounts in place for family applications.
