The TAX3 Committee's report recommends that EU countries phase out RBI and CBI Programs. It doesn't imply that they follow the recommendation. In fact, most member-states do not agree with the recommendation, nor does the Investment Migration Council, which responded to the report informing that these programs are a 20-billion industry that generates significant societal and economic benefits, including job creation and notable contributions to GDP. In this sense, we don’t believe that this recommendation will follow through. However, what will most likely happen is that member-states will properly ensure that enhanced customer due diligence on applicants for citizenship or residency through these schemes is duly carried out. This means that RBI and CBI programs all over Europe will ensure that the due diligence carried out on an applicant, both by banks and immigration entities, will become stricter in order to prevent the concerns the EU Parliament refers in its report (CRS circumvention and tax evasion).
