In six months since its launch, twenty-three applications have been submitted and one passport has been offered under the Citizenship for Investment Program. The Public Service Agency does not provide details about the applicants, only characterizing them as “willing to obtain a Moldovan passport in order to harness the investment opportunities offered by the Moldovan economy”.
PSA deputy director Iulia Petuhov told a press conference today that about 60 countries around the world offer citizenship or residence schemes, 13 of which are of the citizenship-for-investment kind. Cyprus, for example, has been able to reinvigorate its economy after a 2014 crisis with the help of such a program, accumulating 6.6 billion euros in the last three years.
Iulia Petuhov assured that applicants in Moldova undergo thorough verification of their economic and financial reputation, while also being checked for public order national security risks. Ineligible are people convicted of crimes, those under prosecution by international tribunals, applicants wanted by the Interpol, those with incomes deemed as originating from illegal sources, and applicants who have been denied citizenship in other countries.
After an applicant’s file is cleared, an amount of 100,000 euros is required to be deposited with a Moldovan bank. That escrow account is a way to verify the origin of the money. If the money is deemed clear, the amount is forwarded to the Public Investment Fund.
At the moment, only the option of making a non-reimbursable payment of 100,000 euros is available under the Program. The alternative, that of investing a certain amount into one of Moldova’s strategic sectors, is expected to be launched in the second half of this year.
About the first, and so far only recipient of a passport under the Program, Iulia Petuhov said he is an IT businessman looking to invest in Moldova’s IT parks and cooperate with the Technical University to recruit young talents.
“The Citizenship for Investment Program is a clear platform to attract investment into Moldova, create new jobs and bring benefits to Moldovan citizens”, said Iulia Petuhov.