{"id":446216,"date":"2018-12-13T15:38:57","date_gmt":"2018-12-13T15:38:57","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=446216"},"modified":"2019-01-10T13:40:59","modified_gmt":"2019-01-10T13:40:59","slug":"law-citizenship-investments-moldova-embracing-great-opportunities-risks","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/law-citizenship-investments-moldova-embracing-great-opportunities-risks\/","title":{"rendered":"The Citizenship by Investment Program in Moldova \u2013 embracing great opportunities or risks?"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 6<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p><strong>Dubai, November 5<sup>th<\/sup> <\/strong>\u2013 The Citizenship by Investment Program in the Republic of Moldova was officially launched at the 12<sup>th<\/sup> annual Global Residence and Citizenship Conference in Dubai. Since the very first moment when the legislative initiative was registered in the Parliament (December 2016), the law of citizenship by investment gained support, along with a lot of criticism. The government presented the program as an opportunity to attract new investments, whereas the opposition and some experts argued that granting citizenship to foreign investors involves major risks to the state security and could affect the liberalized visa regime with the EU, as <a href=\"https:\/\/www.zdg.md\/editia-print\/social\/legea-cetateniei-prin-investitie-sansa-unica-pentru-r-moldova-sau-riscuri-majore-pentru-siguranta-si-securitatea-statului\">reported<\/a> by Ziarul de Gard\u0103.<\/p>\n<h3>The law adoption outlines<\/h3>\n<p>The law of citizenship by investment was adopted and promulgated in record time without waiting the results of the anti-corruption expertise report published by the National Anticorruption Centre (NAC). One week after the final voting of the bill, the results of NAC report stated that \u201cthe promoted interests through the law of citizenship by investment are detrimental to the public interest, and imply major risks to the safety and security of the citizens and the state of the Republic of Moldova, , in the context of the emigration crisis in EU and the global terrorism threat.\u201d<\/p>\n<p>In March 2018, the Ministry of Economy and Infrastructure (MEI) has published a decision to amend the Regulation on Acquisition of Citizenship by Investment. According to the Transparency International Moldova <a href=\"http:\/\/www.transparency.md\/wp-content\/uploads\/2018\/04\/Observator_8F.pdf\">experts<\/a>,\u00a0 the changes to the selection procedure of candidates for granting citizenship were made without public debates and a preliminary notification. The procedure was simplified by omitting the governmental institutions from the examination process.<\/p>\n<p>A series of law amendments came next, enabling the persons who would obtain the Moldovan citizenship by investment to be exempted from the obligation to know the provisions of the Constitution of the Republic of Moldova and to speak the Romanian language. Moreover, the name and other personal data of the candidates would be kept in secret, only the applicant file number being published.<\/p>\n<p>The ex-president of the Parliamentary Commission for national security, defence and public order, Roman Bo\u0163an, <a href=\"https:\/\/www.zdg.md\/editia-print\/social\/legea-cetateniei-prin-investitie-sansa-unica-pentru-r-moldova-sau-riscuri-majore-pentru-siguranta-si-securitatea-statului\">qualified<\/a> the amendments as doubtful. \u201cIt\u2019s strange that the names of the candidates for granting the Moldovan citizenship by investment is concealed. It is plausible that such investments could come from fraud, and premises of decriminalizing illegal assets could be created,\u201d declared Bo\u0163an.<\/p>\n<p>Vlad \u0162urcanu, a political commentator and a former presidential adviser, <a href=\"https:\/\/www.zdg.md\/editia-print\/social\/legea-cetateniei-prin-investitie-sansa-unica-pentru-r-moldova-sau-riscuri-majore-pentru-siguranta-si-securitatea-statului\">mentioned<\/a> that the relationship Moldova \u2013 EU could be negatively affected in the light of a non-transparent citizenship granting process. Furthermore, such problematic future citizens could create crises which would be very hard to be managed by the Moldovan institutions.<\/p>\n<p>In July 2018, MEI <a href=\"https:\/\/mei.gov.md\/ro\/content\/chiril-gaburici-semnam-contractul-de-implementare-programului-de-dobandire-cetateniei-prin [6] http:\/\/www.mihc.ae\/\">signed<\/a> a partnership contract with the Moldovan Investment Company (MIC) Holding and with Henley &amp; Partners Government Services Ltd. The stated scope of the contract was the development, implementation and international promotion of the Citizenship by Investment Program. The official MIC Holding <a href=\"http:\/\/www.mihc.ae\/\">website<\/a>\u00a0presents neither the name of the founding persons or companies nor the contact address of the holding.<\/p>\n<div id=\"attachment_446220\" style=\"width: 566px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-446220\" class=\"wp-image-446220\" src=\"http:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/mei.gov_.md_.jpg\" alt=\"\" width=\"556\" height=\"347\" srcset=\"https:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/mei.gov_.md_.jpg 480w, https:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/mei.gov_.md_-300x188.jpg 300w, https:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/mei.gov_.md_-400x250.jpg 400w\" sizes=\"(max-width: 556px) 100vw, 556px\" \/><p id=\"caption-attachment-446220\" class=\"wp-caption-text\">MEI signing the partnership contract with the MIC Holding| Source: mei.gov.md<\/p><\/div>\n<p>The Henley &amp; Partners Government Services Ltd appears in an investigation article written by The Guardian that presents the company as doing business with \u2018golden\u2019 passports.\u00a0 \u201cFor a few hundred thousand dollars, the right passport, from the right place, can get its owner into almost any country,\u201d is stated in the <a href=\"https:\/\/www.theguardian.com\/world\/2018\/oct\/16\/the-passport-king-who-markets-citizenship-for-cash\">article<\/a>. The company was <a href=\"https:\/\/daphnecaruanagalizia.com\/2013\/10\/henley-partners-the-presentation-they-are-making-to-russians-even-before-the-maltese-parliament-has-voted-on-the-sale-of-passports-bill\/\">involved<\/a> in the Maltese program of citizenship by investments and was <a href=\"https:\/\/www.theguardian.com\/world\/2018\/jun\/01\/murdered-maltese-reporter-faced-threat-of-libel-action-in-uk\">accused<\/a> of intimidating the investigative journalist Daphne Caruana Galizia. The journalist examined the scheme of offering the Maltese citizenship but was <a href=\"https:\/\/www.occrp.org\/en\/thedaphneproject\/murdered-maltese-journalist-was-investigating-islands-golden-visas\">assassinated<\/a> in October 2017.<\/p>\n<h3>The Henley &amp; Partners\u2019 perspective<\/h3>\n<p>In an <a href=\"http:\/\/newsmaker.md\/rus\/novosti\/eto-ne-russkie-oligarhi-s-ogromnymi-dengami-henley-partners-nm-o-programme-moldavs-40267\">interview<\/a> for Newsmaker, the president of Henley &amp; Partners, <strong>Christian K\u00e4lin<\/strong> and the Group Public Relations Director at Henley &amp; Partners, Paddy Blewer talked about the candidate selection process of Moldovan citizenship granting and the benefits of the program.<\/p>\n<p>First, it is important to mention that the Henley &amp; Partners company, as a part of the MIC Holding, is responsible for the consultancy and the strategy implementation for the Moldovan Citizenship by Investment Program.<\/p>\n<p>When asked about the possible applicants for the Citizenship by Investment Program, Christian K\u00e4lin clarified that they would be wealthy people that want to enlarge their possibilities of traveling and moving around the world.<\/p>\n[aesop_character img=&#8221;http:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/Kalin.jpg&#8221; name=&#8221;Christian K\u00e4lin&#8221; caption=&#8221;the president of Henley &amp; Partners&#8221; align=&#8221;left&#8221; force_circle=&#8221;off&#8221;]\n<blockquote><p>\u201cIt is not about a Russian oligarch with lots of money and relationships in the political world. It is more about an UAE citizen who is not sure he wants to stay in his country in the next 15 years or an American citizen that can\u2019t enter an Arabic country using his American passport and needs the second citizenship for security reasons.\u201d<\/p><\/blockquote>\n<p>According to K\u00e4lin, the applicants would be interested in being protected and moving around, not tax evasion. He admitted that among the beneficiaries of the program could be not well-intended people: \u201cIt\u2019s like in the bank. There are thousands of clients and among them there could be 5,7,10 delinquents. Still, that\u2019s not a reason for the bank to cease its activity.\u201d<\/p>\n<p>\u201cThe most important benefit for a country that implements a program of citizenship by investment is the possibility to attract new investments,\u201d as Paddy Blewer stated. In the case of the Republic of Moldova there is a possibility, at the moment, to invest in the Public Investment Fund. The law of citizenship by investment stipulates for now only the opportunity of real estate investments, according to Christian K\u00e4lin. He also added that the real estate sector is a key one in the economy of any country and that most programs of granting citizenship in return for investment provide such a component. \u201cReal estate investments have a considerable positive effect on the economy of a country. They increase the number of transactions and develop the construction industry. The real estate sector has many intersections with other sectors of the economy. Thus, it will be a driver of job creation,\u201d said K\u00e4lin.<\/p>\n<p>According to the officials\u2019 <a href=\"https:\/\/www.moldova.org\/oportunitati-de-atragere-investitiilor-turism-si-tic-atentia-expertilor-la-moldova-business-week-2018\/\">declarations<\/a> at the Moldova Business Week of this year, the industries that should have priority when it comes to investments in Moldova are the tourism and information technologies sectors. Also, the automotive and manufacturing industries <a href=\"https:\/\/www.moldova.org\/industria-usoara-si-automotive-sectoare-strategice-care-au-inregistrat-cresteri-semnificative-ultimii-ani-si-care-sunt-pregatite-sa-absoarba-investitiile-straine\/\">need the government\u2019s support<\/a> in order to be developed as the country\u2019s strategical sectors.<\/p>\n<h3>The expert\u2019s perspective<\/h3>\n<p>The expert and activist<strong> Sergiu Tofilat <\/strong>explained for Moldova.org several important aspects regarding the law of citizenship by investment. First, \u201csome European countries are trying to attract investment by selling citizenship. Such programs are interesting for wealthy people who want to be able to travel visa-free in the EU and the US, who would like to easily open bank accounts in western banks,\u201d said Tofilat. He highlighted the serious issues in verifying the source of the \u2018invested\u2019 money for acquiring citizenship, but also national security issues when different criminals or terrorists get foreign citizenship.<\/p>\n<p>In case of the Republic of Moldova, \u201cthere are problems related to politically subordinate justice, labour shortages, the lack of predictability of public policies as when the government changes the law, and this affects the business environment that can\u2019t plan its activity for at least 3-5 years,\u201d as Tofilat mentioned. Taking into consideration these circumstances, \u201cthe Citizenship by Investment program raises suspicions of money laundering, especially since nothing of the stolen billion has been recovered,\u201d stated Tofilat. He indicated that the program in question must be analysed together with the so-called tax amnesty law, which allows the legalization of any dirty money for a 6% tax. \u201cAs a result, the beneficiaries of the bank fraud can decriminalize their money through certain foreign citizens who will receive citizenship by granting loans to the Moldovan Government, after which the new Moldovan citizens will benefit from the tax amnesty,\u201d explained Tofilat.<\/p>\n[aesop_character img=&#8221;http:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/tofilat.jpg&#8221; name=&#8221;Sergiu Tofilat&#8221; caption=&#8221;energy and financial-banking analyst, producer of WatchDog at TV8&#8243; align=&#8221;left&#8221; force_circle=&#8221;off&#8221;]\n\n<blockquote><p>\u201cThe authorities stated that the objective of the citizenship program is to attract foreign investments in Moldova. It is absurd to believe that foreign investors queue up for investing their money in Moldova and that getting citizenship is the biggest obstacle for them.\u201d<\/p><\/blockquote>\n\n<p>According to the Tofilat\u2019s opinion, \u201ca special attention should be paid to the dangerous similarities of the Moldovan program with the programs in Hungary and Malta.\u201d Just as in the case of Hungary, the names of those who will receive the citizenship of the Republic of Moldova will be classified under the pretext of protecting their personal data.<\/p>\n<p>An international inquiry from September 2018 revealed that especially Russian officials are interested in receiving the Hungarian citizenship for being able to travel without any visa and to leave Russia in case they need it. \u00a0\u201cIt\u2019s the case of Russian deputies, heads of state-owned enterprises, and even Serghei <a href=\"https:\/\/www.novayagazeta.ru\/articles\/2018\/09\/10\/77762-vidnye-lyudi\">Naryshkin&#8217;s family<\/a>, the head of the Russian espionage service, who received the citizenship of Hungary. This happened despite the fact that some officials appear on international sanctions lists,\u201d specified Tofilat.<\/p>\n<p>Featured image source: anticoruptie.md<\/p>\n<p><a href=\"#_ftnref8\" name=\"_ftn8\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 6<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>Dubai, November 5th \u2013 The Citizenship by Investment Program in the Republic of Moldova was officially launched at the 12th annual Global Residence and Citizenship Conference in Dubai. Since the very first moment when the legislative initiative was registered in the Parliament (December 2016), the law of citizenship by investment gained support, along with a [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":446219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,6,12,3,56],"tags":[34,35,76,109,27,110],"class_list":["post-446216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-important-en","category-opinion","category-politics","category-reportaje","tag-citizenship","tag-important","tag-investments","tag-law","tag-moldova","tag-tofilat"],"content_social_share":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 6<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p><strong>Dubai, November 5<sup>th<\/sup> <\/strong>\u2013 The Citizenship by Investment Program in the Republic of Moldova was officially launched at the 12<sup>th<\/sup> annual Global Residence and Citizenship Conference in Dubai. Since the very first moment when the legislative initiative was registered in the Parliament (December 2016), the law of citizenship by investment gained support, along with a lot of criticism. The government presented the program as an opportunity to attract new investments, whereas the opposition and some experts argued that granting citizenship to foreign investors involves major risks to the state security and could affect the liberalized visa regime with the EU, as <a href=\"https:\/\/www.zdg.md\/editia-print\/social\/legea-cetateniei-prin-investitie-sansa-unica-pentru-r-moldova-sau-riscuri-majore-pentru-siguranta-si-securitatea-statului\">reported<\/a> by Ziarul de Gard\u0103.<\/p>\n<h3>The law adoption outlines<\/h3>\n<p>The law of citizenship by investment was adopted and promulgated in record time without waiting the results of the anti-corruption expertise report published by the National Anticorruption Centre (NAC). One week after the final voting of the bill, the results of NAC report stated that \u201cthe promoted interests through the law of citizenship by investment are detrimental to the public interest, and imply major risks to the safety and security of the citizens and the state of the Republic of Moldova, , in the context of the emigration crisis in EU and the global terrorism threat.\u201d<\/p>\n<p>In March 2018, the Ministry of Economy and Infrastructure (MEI) has published a decision to amend the Regulation on Acquisition of Citizenship by Investment. According to the Transparency International Moldova <a href=\"http:\/\/www.transparency.md\/wp-content\/uploads\/2018\/04\/Observator_8F.pdf\">experts<\/a>,\u00a0 the changes to the selection procedure of candidates for granting citizenship were made without public debates and a preliminary notification. The procedure was simplified by omitting the governmental institutions from the examination process.<\/p>\n<p>A series of law amendments came next, enabling the persons who would obtain the Moldovan citizenship by investment to be exempted from the obligation to know the provisions of the Constitution of the Republic of Moldova and to speak the Romanian language. Moreover, the name and other personal data of the candidates would be kept in secret, only the applicant file number being published.<\/p>\n<p>The ex-president of the Parliamentary Commission for national security, defence and public order, Roman Bo\u0163an, <a href=\"https:\/\/www.zdg.md\/editia-print\/social\/legea-cetateniei-prin-investitie-sansa-unica-pentru-r-moldova-sau-riscuri-majore-pentru-siguranta-si-securitatea-statului\">qualified<\/a> the amendments as doubtful. \u201cIt\u2019s strange that the names of the candidates for granting the Moldovan citizenship by investment is concealed. It is plausible that such investments could come from fraud, and premises of decriminalizing illegal assets could be created,\u201d declared Bo\u0163an.<\/p>\n<p>Vlad \u0162urcanu, a political commentator and a former presidential adviser, <a href=\"https:\/\/www.zdg.md\/editia-print\/social\/legea-cetateniei-prin-investitie-sansa-unica-pentru-r-moldova-sau-riscuri-majore-pentru-siguranta-si-securitatea-statului\">mentioned<\/a> that the relationship Moldova \u2013 EU could be negatively affected in the light of a non-transparent citizenship granting process. Furthermore, such problematic future citizens could create crises which would be very hard to be managed by the Moldovan institutions.<\/p>\n<p>In July 2018, MEI <a href=\"https:\/\/mei.gov.md\/ro\/content\/chiril-gaburici-semnam-contractul-de-implementare-programului-de-dobandire-cetateniei-prin [6] http:\/\/www.mihc.ae\/\">signed<\/a> a partnership contract with the Moldovan Investment Company (MIC) Holding and with Henley &amp; Partners Government Services Ltd. The stated scope of the contract was the development, implementation and international promotion of the Citizenship by Investment Program. The official MIC Holding <a href=\"http:\/\/www.mihc.ae\/\">website<\/a>\u00a0presents neither the name of the founding persons or companies nor the contact address of the holding.<\/p>\n<div id=\"attachment_446220\" style=\"width: 566px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-446220\" class=\"wp-image-446220\" src=\"http:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/mei.gov_.md_.jpg\" alt=\"\" width=\"556\" height=\"347\" srcset=\"https:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/mei.gov_.md_.jpg 480w, https:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/mei.gov_.md_-300x188.jpg 300w, https:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/mei.gov_.md_-400x250.jpg 400w\" sizes=\"(max-width: 556px) 100vw, 556px\" \/><p id=\"caption-attachment-446220\" class=\"wp-caption-text\">MEI signing the partnership contract with the MIC Holding| Source: mei.gov.md<\/p><\/div>\n<p>The Henley &amp; Partners Government Services Ltd appears in an investigation article written by The Guardian that presents the company as doing business with \u2018golden\u2019 passports.\u00a0 \u201cFor a few hundred thousand dollars, the right passport, from the right place, can get its owner into almost any country,\u201d is stated in the <a href=\"https:\/\/www.theguardian.com\/world\/2018\/oct\/16\/the-passport-king-who-markets-citizenship-for-cash\">article<\/a>. The company was <a href=\"https:\/\/daphnecaruanagalizia.com\/2013\/10\/henley-partners-the-presentation-they-are-making-to-russians-even-before-the-maltese-parliament-has-voted-on-the-sale-of-passports-bill\/\">involved<\/a> in the Maltese program of citizenship by investments and was <a href=\"https:\/\/www.theguardian.com\/world\/2018\/jun\/01\/murdered-maltese-reporter-faced-threat-of-libel-action-in-uk\">accused<\/a> of intimidating the investigative journalist Daphne Caruana Galizia. The journalist examined the scheme of offering the Maltese citizenship but was <a href=\"https:\/\/www.occrp.org\/en\/thedaphneproject\/murdered-maltese-journalist-was-investigating-islands-golden-visas\">assassinated<\/a> in October 2017.<\/p>\n<h3>The Henley &amp; Partners\u2019 perspective<\/h3>\n<p>In an <a href=\"http:\/\/newsmaker.md\/rus\/novosti\/eto-ne-russkie-oligarhi-s-ogromnymi-dengami-henley-partners-nm-o-programme-moldavs-40267\">interview<\/a> for Newsmaker, the president of Henley &amp; Partners, <strong>Christian K\u00e4lin<\/strong> and the Group Public Relations Director at Henley &amp; Partners, Paddy Blewer talked about the candidate selection process of Moldovan citizenship granting and the benefits of the program.<\/p>\n<p>First, it is important to mention that the Henley &amp; Partners company, as a part of the MIC Holding, is responsible for the consultancy and the strategy implementation for the Moldovan Citizenship by Investment Program.<\/p>\n<p>When asked about the possible applicants for the Citizenship by Investment Program, Christian K\u00e4lin clarified that they would be wealthy people that want to enlarge their possibilities of traveling and moving around the world.<\/p>\n[aesop_character img=&#8221;http:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/Kalin.jpg&#8221; name=&#8221;Christian K\u00e4lin&#8221; caption=&#8221;the president of Henley &amp; Partners&#8221; align=&#8221;left&#8221; force_circle=&#8221;off&#8221;]\n<blockquote><p>\u201cIt is not about a Russian oligarch with lots of money and relationships in the political world. It is more about an UAE citizen who is not sure he wants to stay in his country in the next 15 years or an American citizen that can\u2019t enter an Arabic country using his American passport and needs the second citizenship for security reasons.\u201d<\/p><\/blockquote>\n<p>According to K\u00e4lin, the applicants would be interested in being protected and moving around, not tax evasion. He admitted that among the beneficiaries of the program could be not well-intended people: \u201cIt\u2019s like in the bank. There are thousands of clients and among them there could be 5,7,10 delinquents. Still, that\u2019s not a reason for the bank to cease its activity.\u201d<\/p>\n<p>\u201cThe most important benefit for a country that implements a program of citizenship by investment is the possibility to attract new investments,\u201d as Paddy Blewer stated. In the case of the Republic of Moldova there is a possibility, at the moment, to invest in the Public Investment Fund. The law of citizenship by investment stipulates for now only the opportunity of real estate investments, according to Christian K\u00e4lin. He also added that the real estate sector is a key one in the economy of any country and that most programs of granting citizenship in return for investment provide such a component. \u201cReal estate investments have a considerable positive effect on the economy of a country. They increase the number of transactions and develop the construction industry. The real estate sector has many intersections with other sectors of the economy. Thus, it will be a driver of job creation,\u201d said K\u00e4lin.<\/p>\n<p>According to the officials\u2019 <a href=\"https:\/\/www.moldova.org\/oportunitati-de-atragere-investitiilor-turism-si-tic-atentia-expertilor-la-moldova-business-week-2018\/\">declarations<\/a> at the Moldova Business Week of this year, the industries that should have priority when it comes to investments in Moldova are the tourism and information technologies sectors. Also, the automotive and manufacturing industries <a href=\"https:\/\/www.moldova.org\/industria-usoara-si-automotive-sectoare-strategice-care-au-inregistrat-cresteri-semnificative-ultimii-ani-si-care-sunt-pregatite-sa-absoarba-investitiile-straine\/\">need the government\u2019s support<\/a> in order to be developed as the country\u2019s strategical sectors.<\/p>\n<h3>The expert\u2019s perspective<\/h3>\n<p>The expert and activist<strong> Sergiu Tofilat <\/strong>explained for Moldova.org several important aspects regarding the law of citizenship by investment. First, \u201csome European countries are trying to attract investment by selling citizenship. Such programs are interesting for wealthy people who want to be able to travel visa-free in the EU and the US, who would like to easily open bank accounts in western banks,\u201d said Tofilat. He highlighted the serious issues in verifying the source of the \u2018invested\u2019 money for acquiring citizenship, but also national security issues when different criminals or terrorists get foreign citizenship.<\/p>\n<p>In case of the Republic of Moldova, \u201cthere are problems related to politically subordinate justice, labour shortages, the lack of predictability of public policies as when the government changes the law, and this affects the business environment that can\u2019t plan its activity for at least 3-5 years,\u201d as Tofilat mentioned. Taking into consideration these circumstances, \u201cthe Citizenship by Investment program raises suspicions of money laundering, especially since nothing of the stolen billion has been recovered,\u201d stated Tofilat. He indicated that the program in question must be analysed together with the so-called tax amnesty law, which allows the legalization of any dirty money for a 6% tax. \u201cAs a result, the beneficiaries of the bank fraud can decriminalize their money through certain foreign citizens who will receive citizenship by granting loans to the Moldovan Government, after which the new Moldovan citizens will benefit from the tax amnesty,\u201d explained Tofilat.<\/p>\n[aesop_character img=&#8221;http:\/\/www.moldova.org\/en\/wp-content\/uploads\/sites\/2\/2018\/12\/tofilat.jpg&#8221; name=&#8221;Sergiu Tofilat&#8221; caption=&#8221;energy and financial-banking analyst, producer of WatchDog at TV8&#8243; align=&#8221;left&#8221; force_circle=&#8221;off&#8221;]\n\n<blockquote><p>\u201cThe authorities stated that the objective of the citizenship program is to attract foreign investments in Moldova. It is absurd to believe that foreign investors queue up for investing their money in Moldova and that getting citizenship is the biggest obstacle for them.\u201d<\/p><\/blockquote>\n\n<p>According to the Tofilat\u2019s opinion, \u201ca special attention should be paid to the dangerous similarities of the Moldovan program with the programs in Hungary and Malta.\u201d Just as in the case of Hungary, the names of those who will receive the citizenship of the Republic of Moldova will be classified under the pretext of protecting their personal data.<\/p>\n<p>An international inquiry from September 2018 revealed that especially Russian officials are interested in receiving the Hungarian citizenship for being able to travel without any visa and to leave Russia in case they need it. \u00a0\u201cIt\u2019s the case of Russian deputies, heads of state-owned enterprises, and even Serghei <a href=\"https:\/\/www.novayagazeta.ru\/articles\/2018\/09\/10\/77762-vidnye-lyudi\">Naryshkin&#8217;s family<\/a>, the head of the Russian espionage service, who received the citizenship of Hungary. 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