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Moldovan Parliament approved the introduction of a moratorium on accepting new applications for citizenship for investments; the moratorium will last for 4 months

Moldovan Parliament approved the introduction of a moratorium on accepting new applications for citizenship for investments; the moratorium will last for 4 months

MPs passed the corresponding bill in two readings at once. According to the provisions of the document, before the expiration of the deadline, the government has the right to decide to extend this moratorium for a period not exceeding 2 months. All applications for Moldovan citizenship for investment submitted before the date of entry into force of the new law will be considered in the manner prescribed by the government. At the same time, the term of agreements of accredited agents signed for 2019 is extended for a period equal to the term of the moratorium. As the Minister of Economy and Infrastructure Vadim Brinzan noted, the moratorium was proposed to be introduced after a thorough analysis, given that there are a number of problems related to transparency, application procedures, including a short time limit for examining the applications. Vadim Brinzan said that the moratorium will give more time to adopt a political decision on the fate of the Moldovan citizenship program for investments, as well as to process all 34 existing applications, so that if the program is canceled, the government does not pay 3-4 million euros to the consortium promoting the program. The minister noted that if all the existing applications for the program are processed and satisfied, the country will receive about 4.6 million euros of investments, and if the program is canceled now, the government will have to pay a fine totaling 3-4 million euros. Answering the deputies' questions, Vadim Brinzan said that the first 2 foreigners who received Moldovan citizenship under this program in return for investments were from Australia and India, and they are investors in the field of IT. At the same time, the remaining foreigners submitted 34 applications, which are now being considered, mainly from Asia and the Middle East. Earlier, the country's president, Igor Dodon, noted that the Moldovan citizenship program in exchange for investments would be temporarily suspended, and the parliament would amend the legislation to “freeze” the process of granting citizenship of the Republic of Moldova on account of investments until all the details regarding questionable companies involved in implementing this program are studied. “There are international companies with a good name, but there are several small companies, including Moldovan ones, with dubious owners. Therefore, we stop the program for a while. Already submitted applications will be considered. We will adopt a decision later whether to go further with this program or not. But for the time being, the program will be suspended,"-said the head of state. Officially the program “Moldova. Citizenship through Investments ”was launched in early November 2018 in Dubai at the 12th World Conference on Residence and Citizenship. The event was held by Henley & Partners, which, in cooperation with the consortium partner, Moldovan Investment Company, won a previously public tender to assist the Moldovan government in developing, implementing and internationally promoting the “Moldova. Citizenship through Investment” program. // 01.08.2019 - InfoMarket.

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