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The commission has refrained from launching legal actions against EU states that sell residence permits, also known as "golden visa schemes", without requiring investors to stay in the country for a meaningful period, despite a European Parliament resolution urging such a move.
BRUSSELS, Oct 20 (Reuters) - The European Union's executive said on Tuesday it was launching legal action against Cyprus and Malta over their investor citizenship programmes, also known as "golden passport" schemes.
But even some of those remote workers are becoming increasingly aware of the housing crisis. Esmee, a 28-year-old from the Netherlands, lives in the coastal town of Costa da Caparica, across the Tagus, and pays 825 euros per month for her flat.
Portugal ranks as one of western Europe's poorest nations. But its capital was last year ranked the world's third least financially viable city, thanks to its punishing combination of low wages and high rents.
Malta's Finance Minister Edward Scicluna said on Tuesday the country was replacing its current scheme with a new programme that would introduce tighter vetting of applicants, who will have to be residents of the islands for a year before their applications can be considered.
The Cypriot and Maltese governments have two months to take action. Without meaningful changes, the commission could refer them to the bloc's Court of Justice and ultimately it can ask the court to impose penalties. ($1 = 0.8467 euros) (Reporting by John Chalmers and Francesco Guarascio; additional reporting by Chris Scicluna in Valletta; Editing by Alex Richardson)
The 30-year-old, who has two degrees in tourism, shares a flat with five others, pays 450 euros ($475) per month for a 13 square-metre mezzanine room, but makes as little as 800 euros a month during the low tourism season.
Cyprus said last week it was suspending its citizenship-for- investment programme, ditching a scheme the government had acknowledged was open to abuse after an investigation by Al Jazeera, a media outlet.
Some leave the city. Some stay with their parents. In the event you loved this article and you would love to receive more details with regards to golden visa program assure visit our web-site. The average age people leave the parental home in Portugal is 33.6, the highest in the European Union, according to data from the bloc's statistics office.
The European Commission said the decision was taken because the two member states granted nationality - and thereby EU citizenship - without requiring "a genuine link with the country", as passport holders were not obliged to reside there.
"Even for me - having an income from another country - it's a lot of money," Esmee said. "If housing stays this expensive or gets worse, (foreign) people earning a Portuguese income ... will start moving back to their own countries."
Since then, critics say those schemes have come back to bite the economy by ramping up competition for scarce housing - fuelling inflation and piling pressure particularly onto young, local, entry-level workers.
Rents in Lisbon have jumped 65% since 2015 and sale prices have sky-rocketed 137%, figures from Confidencial Imobiliario, which collects data on housing, show. Rents increased 37% last year alone, more than in Barcelona or Paris, according to another real estate data company, Casafari.
But a decade on, she still lives in a tiny, rented room - one of tens of thousands of young Portuguese hit by a housing crisis exacerbated by the arrival of richer foreigners lured in by incentives pushed by her own government.
Rights groups have pointed a finger at the "golden visas", which the government has promised to scrap. The programme has been giving foreigners residents' rights since 2012 in return for investments, attracting 6.8 billion euros primarily into real estate.
The commission has refrained from launching legal actions against EU states that sell residence permits, also known as "golden visa schemes", without requiring investors to stay in the country for a meaningful period, despite a European Parliament resolution urging such a move.
BRUSSELS, Oct 20 (Reuters) - The European Union's executive said on Tuesday it was launching legal action against Cyprus and Malta over their investor citizenship programmes, also known as "golden passport" schemes.
But even some of those remote workers are becoming increasingly aware of the housing crisis. Esmee, a 28-year-old from the Netherlands, lives in the coastal town of Costa da Caparica, across the Tagus, and pays 825 euros per month for her flat.
Portugal ranks as one of western Europe's poorest nations. But its capital was last year ranked the world's third least financially viable city, thanks to its punishing combination of low wages and high rents.
Malta's Finance Minister Edward Scicluna said on Tuesday the country was replacing its current scheme with a new programme that would introduce tighter vetting of applicants, who will have to be residents of the islands for a year before their applications can be considered.
The Cypriot and Maltese governments have two months to take action. Without meaningful changes, the commission could refer them to the bloc's Court of Justice and ultimately it can ask the court to impose penalties. ($1 = 0.8467 euros) (Reporting by John Chalmers and Francesco Guarascio; additional reporting by Chris Scicluna in Valletta; Editing by Alex Richardson)
The 30-year-old, who has two degrees in tourism, shares a flat with five others, pays 450 euros ($475) per month for a 13 square-metre mezzanine room, but makes as little as 800 euros a month during the low tourism season.
Cyprus said last week it was suspending its citizenship-for- investment programme, ditching a scheme the government had acknowledged was open to abuse after an investigation by Al Jazeera, a media outlet.
Some leave the city. Some stay with their parents. In the event you loved this article and you would love to receive more details with regards to golden visa program assure visit our web-site. The average age people leave the parental home in Portugal is 33.6, the highest in the European Union, according to data from the bloc's statistics office.
The European Commission said the decision was taken because the two member states granted nationality - and thereby EU citizenship - without requiring "a genuine link with the country", as passport holders were not obliged to reside there.
"Even for me - having an income from another country - it's a lot of money," Esmee said. "If housing stays this expensive or gets worse, (foreign) people earning a Portuguese income ... will start moving back to their own countries."
Since then, critics say those schemes have come back to bite the economy by ramping up competition for scarce housing - fuelling inflation and piling pressure particularly onto young, local, entry-level workers.
Rents in Lisbon have jumped 65% since 2015 and sale prices have sky-rocketed 137%, figures from Confidencial Imobiliario, which collects data on housing, show. Rents increased 37% last year alone, more than in Barcelona or Paris, according to another real estate data company, Casafari.
But a decade on, she still lives in a tiny, rented room - one of tens of thousands of young Portuguese hit by a housing crisis exacerbated by the arrival of richer foreigners lured in by incentives pushed by her own government.
Rights groups have pointed a finger at the "golden visas", which the government has promised to scrap. The programme has been giving foreigners residents' rights since 2012 in return for investments, attracting 6.8 billion euros primarily into real estate.
