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Malta Sold Passports to Sanctioned Russians Through “Golden Visa” Program, Financial Times Reports
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At least seven Russian businessmen and officials who are subject to sanctions by the European Union, the United States, or Ukraine over Russia’s full-scale invasion of Ukraine have acquired Maltese passports through the country’s “golden visa” program, according to a Financial Times investigation on April 27.
These individuals are part of a broader group of 16 people who successfully purchased Maltese citizenship, despite facing sanctions or previous criminal convictions.
Financial Times highlights that Malta remains the last EU member state offering citizenship for investment—a practice that has triggered legal action from the European Commission, which argues that such schemes undermine “the essence and integrity of EU citizenship.” A ruling by the European Court of Justice is expected on Tuesday.
The “golden visa” program requires applicants to make a minimum investment of €600,000, purchase or rent real estate, donate €10,000 to charity, and maintain residence in Malta for three years. The residency requirement can be shortened to one year for individuals investing €750,000.
Among those who obtained Maltese citizenship is Albert Avdolyan, a Russian businessman sanctioned by the EU due to Russia’s war against Ukraine. Additionally, three individuals who later became subject to US sanctions related to the war, and three others sanctioned by Ukraine, also secured Maltese passports.
According to investigators, one of the sanctioned individuals, Yevgenia Vladimirovna Bernova, was accused by the US of fraudulently acquiring dual-use equipment that could support Russia’s military efforts.
Bernova has stated that she obtained Maltese citizenship following a “thorough and multi-level vetting process” and emphasized her “genuine ties” to Malta through legitimate business investments.
The Financial Times reports that at least one of the Maltese passports issued to a sanctioned individual was later revoked. Among the cases highlighted, Russian millionaire Pavel Melnikov obtained Maltese citizenship in 2015 and a Saint Kitts and Nevis passport in 2012 through a private firm. Melnikov’s Maltese citizenship was subsequently annulled after his conviction for tax and accounting fraud in Finland, a ruling he is contesting.
Transparency International’s Eka Rostomashvili noted a trend of individuals applying for citizenship shortly before facing sanctions or legal proceedings. She emphasized that Malta’s program grants these individuals full EU citizenship rights, enabling them to open bank accounts, establish businesses within the bloc, and travel visa-free to numerous countries.
In response to mounting criticism, Cyprus and Bulgaria have discontinued their citizenship-for-investment programs under pressure from Brussels. However, Malta maintains its scheme, asserting that it has strengthened due diligence processes and banned new applications from Russian and Belarusian nationals.
Meanwhile, other EU countries, such as Portugal, Spain, and Hungary, continue to offer residency permits for investment but not citizenship. Separately, US President Donald Trump announced plans earlier this year to introduce a “$5 million golden card” program, offering a new pathway for investors into the United States.
The European Commission maintains that investment-based citizenship programs pose significant risks, including corruption, money laundering, and tax evasion, and continue to push for their termination across the bloc.
Earlier, Bloomberg reported that despite Western sanctions, Russian oligarchs, including Vagit Alekperov, Alexey Mordashov, and Gennady Timchenko, received over $11 billion in dividends by capitalizing on Russia’s war economy.
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