Experts have contradictory opinions about the citizenship by investment program. Some say by this program money of a dubious origin or even the funds that were earlier stolen from the banking system could enter the country. The authorities assure this will not happen as a number of filters will be used to examine those who will apply for Moldovan nationality and to check their financial resources, IPN reports.
Economic expert Veaceslav Negruta said this program is associated with the fiscal amnesty bill as it was introduced in Parliament in the same period and was signed by the same group of MPs. Therefore, there are suspicions that the money stolen from the banking system will be reintroduced into the country. The Government initiated this program by the model of Malta. The granting of nationality in exchange for buying state securities is the only element that makes the program initiated in Moldova different. “This is a lending formula. In five years, the state budget, with money paid as taxes, will repay money with interest to the citizens who will meanwhile obtain Moldovan passports,” Veaceslav Negruta stated in the program “Emphasis on today” on TVR Moldova channel.
According to him, Brussels warns about the Maltese and Cypriot models. “In this case, Moldova will attract many of those who now look where to secure their funds of a doubtful origin,” stated the expert, noting that based on the other models the states use the money as investments in the economy.
Economic expert Viorel Garbu said the Republic of Moldova has a massive excess of liquidity and does not need to invest in the economy. The official foreign exchange reserves of the National Bank came to US$ 3 billion and at least US$1 billion is in excess here. The expert wondered why the Government does not design projects to use the money existing in the national economy. “If the internal structural problems that characterize the way in which the national economy works do not change, what use will be of the money coming from abroad?” he asked.
Secretary of state at the Ministry of Economy and Infrastructure Vitalie Iurcu said the foreigners who will apply for Moldovan nationality will have two options – to make a non-refundable contribution of €100,000 to the Sustainable Development Fund of Moldova or to invest in the strategic development areas set by the Government. “There were identified two areas: the real estate and state securities. In this case, the investment should represent €250,000 and should be maintained during five years,” he stated. Another possibility is to found an enterprise on Moldova’s territory and to create jobs. The suspicions about the legalization of money of a doubtful origin by this program are irrelevant as the foreigners who will apply for nationality will be examined both by international companies and by state institutions.
On July 11, there was signed a contract for the provision of public services for the designing, implementation and international promotion of the citizenship by investment program with the consortium MIC Holding LLC and Henley&Partners Government Services Ltd, which won the tender contest held by state institutions.
