New Citizenship Law turns advantage for foreigners in Moldova

Changes to the Citizenship Law will bring billions of lei to the state budget.

Money will be invested in the country's economy, and citizens will raise higher wages and more jobs. This statement has been made by Justice Minister Vladimir Cebotari, which estimates revenue of 25 billion lei could be sent to the state budget. The amount is almost equal to the revenue forecast in this year.

According to the law, anybody who will invest a hundred thousand euros or buy papers worth 250 thousand euros reserves the right to obtain Moldovan citizenship. Moldova Justice Ministry informs the idea came at the request of foreign businessmen. They aim to attract as much money as possible, which will be invested in the country's economy.

"There will be extra work, additional tax generators which will pay for state apparatus, pensions, allowances. We want to develop new products or at least enable one of important maps of manufacturing of IT products," says Justice Minister Vladimir Cebotari.

The minister also specifies the procedure for granting Moldovan citizenship would be simplified but it still includes the control mechanisms: the confirm of the money origin invested in Moldova. If people find themselves involved in money laundering and corruption, citizenship will be withdrawn.

Analysts criticize the opposition's reaction to this law. Valeriu Renita argues that all the initiatives taken by the government do not appeal to the opposition parties, but they do not come up with alternatives.

In general, three investment areas were established. They are sustainable development fund, procurement of real estate and securities. Quick citizenship programs exist in over 20 countries, including Spain, Portugal, Cyprus and Greece. In exchange for the acquisition of real estate, worth at least 500,000 euros in Spain, and 250,000 euros in Greece, the so-called "golden visas" are offered.

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