62 St. Louis U. L.J. 121 (2017-2018)
Between Benefit and Abuse: Immigrant Investment Programs

handle is hein.journals/stlulj62 and id is 135 raw text is: 









   BETWEEN BENEFIT AND ABUSE: IMMIGRANT INVESTMENT
                               PROGRAMS



                               LEILA  ADIM*


                               INTRODUCTION

    During  the last thirty years, an increasing number  of  countries have
introduced Immigrant  Investment Programs  (IIPs) in order to attract foreign
capital and boost national economies.I Canada, St. Kitts and Nevis, the United
States, and Dominica initially implemented IIPs in the late 1980s/early 1990s;
in the rest of the world, IIPs have been adopted only recently.2 In particular,
except for Ireland and the United Kingdom,3  European  countries avoided the
introduction of similar programs for attracting foreign capital and, until the last
decade, admitted immigrant  investors on a discretional basis.' However, the
recession in 2008 induced many states of the European Union (EU) to change
their approach toward immigrant investors and to regard IIPs as instruments for
emerging  from the crisis.' Nowadays, these programs exist in almost half of the
continent and  represent the  gateway  of entry for  many  wealthy  foreign
individuals, but what is their overall impact at the domestic and at the global
level?




* Faculty of Law, University of Barcelona (SPAIN), ladimadi8@alumnes.ub.edu.
    1. Judith Gold & Ahmed El-Ashram, A Passport of Convenience, FIN. & DEV., Dec. 2015,
at 48, 48-49.
    2. Xin Xu, Ahmed El-Ashram & Judith Gold, Too Much of a Good Thing? Prudent
Management ofInflows Under Economic Citizenship Programs 4 (Int'l Monetary Fund, Working
Paper  WP/15/93, May   2015), https://www.imf.org/extemal/pubs/ft/wp/2015/wpl593.pdf
[https://perma.cc/MKR7-LV4U].
    3. Id.
    4. SERGIO CARRERA,  How  MUCH  DOES  EU  CITIZENSHIP COST? THE  MALTESE
CITIZENSHIP-FOR-SALE AFFAIR: A BREAKTHROUGH FOR SINCERE COOPERATION IN CITIZENSHIP
OF THE  UNION?  I (CEPS  Paper in Liberty & Sec. in Eur., No. 64, April 2014),
https://www.ceps.eu/system/files/LSE%20No%2064%20Price%20of/`20EU%20Citizenship%20
fmal2.pdf [https://perma.cc/PH5D-N6DH] (recognizing that EU Member States' discretion over
nationality laws has been reshaped).
    5. MADELEINE SUMPTION & KATE HOOPER, MIGRATION POLICY INST., SELLING VISAS AND
CITIZENSHIP: POLICY QUESTIONS FROM THE GLOBAL BOOM IN INVESTOR IMMIGRATION 3 (2014);
Owen  Parker, Commercializing Citizenship in Crisis EU: The Case of Immigrant Investor
Programmes, 55 J. COMMON MKT. STUD. 332, 332 (2017).


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