Sweeping sanctions against Putin’s oligarchs has led governments to limit and in some cases end their lucrative pay-for-passport programs.
The three EU countries offering golden passports — Bulgaria, Cyprus and Malta — are all phasing out or considering ending their programs.
The U.K. is planning to abolish its golden visa program, which gives foreign nationals a path to residency if they invest at least $2.7 million. Russian billionaires have been among the world's largest buyers of multiple citizenships, using alternate passports to help protect their assets and allow freer travel. Yet sweeping sanctions against Putin's oligarchs has led governments to limit and in some cases end their lucrative pay-for-passport programs.
"They are designed for shady business, shady money and shady characters," said Sophie In 't Veld, a member of the European Parliament.
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