Investment Migration from the Standpoint of International and EU Law

Ćorić, Vesna and Florentino Fernandez Jankov, Fernanda and Knežević Bojović, Ana (2024) Investment Migration from the Standpoint of International and EU Law. The Review of International Affairs, 75 (1192). pp. 437-462. ISSN 0486-6096

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Abstract

Investment migration programmes are used by over eighty states globally and pose serioussecurity and criminalrisks. Their existence is additionally complex in the EU, as EU citizenship opens up its internal market and grants a set of political rights. Relying predominantly on the normative-legalmethod,the authors analyse the compatibility ofinvestmentmigrationwith international and EU law. The purpose of this analysis is twofold. First, it determines whether national autonomy in citizenship matters is subject to limitations by international and EUlawsince they impactthe legality of investment migration. Second, implications of the Nottebohm case are analysed to determine the relevance of the genuine link criterion for the international recognition of nationality. It was concluded thatthe genuine link criterion does not affectthe legality ofinvestmentmigration in international and EUlaw. Instead, legality is achieved if investment migration programmes comply with rules on combating corruption,money laundering, and tax evasion.While authors give due regard to the autonomy of EU law, the need to avoid the danger of the “vertical aspect” of international law fragmentation, i.e., incoherence between EUand international law, and to avoid the creation of an imbalanced legal environment is considered a priority.

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