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EU takes action against Malta, Cyprus for 'golden passports'

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BRUSSELS – The European Commission launched infringements procedures Tuesday against Cyprus and Malta over their “golden passport” programs, in which wealthy people can acquire EU citizenship in exchange for an investment.The EU's executive said the lucrative schemes are in violation of EU law and undermine the “essence of EU citizenship."Cyprus recently announced that it was ending its program amid allegations that a top state official and a veteran lawmaker were trying to bypass strict vetting rules.Cyprus says it will end its program from Nov.

1, though the Commission notes that the country plans to continue processing current applications.The Cypriot program was introduced in the wake of a 2013 financial crisis that brought the country.

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