EU warns of Golden Visa programs

(VOVWORLD) - The European Commission on Wednesday warned that "golden visa" programs created by some EU states for foreign investors could allow organized crime groups to infiltrate the bloc and increase corruption and money laundering.

The warning came in the first report the Commission has produced on the multi-billion-dollar "golden visa" industry, which gives wealthy foreigners – often Chinese, Russians or Americans – residency or citizenship in exchange for investment.