KESTREL PRIVATE — IMAGE CAPTIONS AND CREDITS
After the EU's Golden Passports (Kestrel Private, 6 August 2026)

USE. All images below may be reproduced without charge in connection with reporting on
this report. No registration, no embargo on the images themselves. Please do not crop the
report cover so that the title or the publisher is lost, and please do not recolour the mark.

CREDIT LINE. "Kestrel Private" is sufficient for every asset on this page.


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    Caption: Andrew J. Taylor, Founder and Managing Partner of Kestrel Private and author
    of After the EU's Golden Passports.
    Credit: Kestrel Private.

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    Caption: After the EU's Golden Passports: What Ended, What Remains, and How a Lawful
    Structured Alternative Should Be Assessed. Kestrel Private, 6 August 2026. 519 pages,
    267 sources. The bird is a common kestrel, Falco tinnunculus, the firm's namesake.
    Credit: Kestrel Private.

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    Caption: As above, landscape card for social and article headers.
    Credit: Kestrel Private.

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    Caption: What each route committed, and what came back. Total capital committed,
    expenditure that does not return to the applicant, and capital retained in an asset the
    applicant continues to own, for the closed Maltese and Cypriot routes and for the
    reference case examined in the report.
    Credit: Kestrel Private. Figures from the report: the closed routes from §2.1 and §20.3,
    the reference case from chapters 10 and 12.
    Note: retained capital is retained, not guaranteed, protected or automatically
    recoverable. Please keep that qualification if the figures are quoted.

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    Caption: The narrowing of investor citizenship in Europe. Cyprus terminated its programme
    for new applications from 1 November 2020; Bulgaria's abolition took effect 5 April 2022;
    the Court of Justice ruled in Case C-181/23 on 29 April 2025; Malta's programme was
    confirmed discontinued on 23 July 2025.
    Credit: Kestrel Private. Sources: report chapter 2.

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    Caption: EU citizenship and a Greek investor residence permit are different legal statuses.
    Schengen movement is a consequence of the permit, not a status of its own.
    Credit: Kestrel Private. Sources: Articles 20-21 TFEU; Greece, Law 5038/2023, Article 100;
    Article 21 Convention Implementing the Schengen Agreement.

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    Caption: The arm that closed was the small one. Across the EU, 2011-2019, investor
    citizenship accounted for 8,769 people and EUR 7,497m; investor residence, for 123,374
    people and EUR 13,877m — so citizenship was 7% of the people and roughly a third, 35%,
    of the capital.
    Credit: Kestrel Private. Source: European Parliamentary Research Service, Avenues for EU
    Action on Citizenship and Residence by Investment Schemes, PE 694.217, October 2021,
    Table 3. Bar length shows people admitted. The table's own notes record that estimates
    for several residence schemes could not be obtained, so the residence figures, and the
    total, are understated.

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    Caption: Two different kinds of capital commitment in the reference case: EUR 125,000 of
    contribution and fees that do not return, and EUR 250,000 placed in a qualifying asset the
    applicant continues to own.
    Credit: Kestrel Private. Figures from the report, chapters 10 and 12.
    Note: retained capital is retained, not guaranteed, protected or automatically recoverable,
    and it is encumbered for as long as the residence position depends on it. Please keep that
    qualification if the figures are quoted.

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    Caption: Kestrel Private.
    Credit: Kestrel Private.


ACCURACY. If a caption needs a figure not listed here, the findings sheet
(/media-kit/Kestrel-Findings-And-Quotes.pdf) gives nine findings each with the section of the
report that carries it. Media enquiries: media@kestrelprivate.com