After the EU's Golden Passports
The report as 38 separate plain-text files — 20 chapters, 17 appendices and the foreword. Each is citable on its own and carries a pointer back to the full document. The complete report is also available as PDF, a single Markdown file and plain text.
For ordinary private clients, the European Union's retail investor-citizenship market has ended. Cyprus terminated its investment programme for new applications from 1 November 2020, and Bulgaria abolished its…
For ordinary private clients, the European Union's retail investor-citizenship market has ended.
Chapter 1 records the conclusion: for ordinary private clients, the European Union's retail investor-citizenship market has ended. This chapter sets out how that happened — programme by programme, instrument by…
Chapter 2 records how the European Union's investor-citizenship era ended. This chapter examines the demand that has outlived it — what international families were actually seeking when they bought the former…
The structure examined in this report assembles rights that the former EU investor-citizenship model delivered in a single grant. Assessing it honestly requires taking those rights apart first. This chapter…
This chapter sets out the architecture of the reference structure: what each component is, why more than one jurisdiction is involved, how the components interact, what remains legally separate, and in what…
The citizenship component has one purpose: an additional nationality, held alongside the client's existing nationality or nationalities. It is not a European instrument, not a residence permit, and not a source…
This chapter sets out the legal architecture of the residence component: the Greek investor residence permit, in its €250,000 change-of-use category, as it stands as at 2 August 2026. The property as an asset…
The qualifying property is both the legal condition of the Greek residence permit and the largest single deployment of the client's capital. Those two functions are assessed by different disciplines, and this…
The reference structure closes with an optional layer: a European company with accounting and registered-office arrangements, personal and corporate bank-account applications, and an assessment of Greek tax…
This chapter builds the report's public reference case (an illustrative single-applicant position of approximately €375,000) from the bottom up. It states what is known, bands what can only be estimated, and…
Chapter 10 built the single-applicant reference case from the bottom up; this chapter re-runs that model for the family shapes most commonly assessed. Two fee architectures govern the result: the contribution…
The reference structure deploys capital in two fundamentally different ways: money that is spent, and money that is invested in an asset the client continues to own. This chapter separates the two, prices the…
The reference structure is lawful. Lawful is not the same as suitable. This chapter sets out the tests Kestrel Private's assessment must apply before any component is instructed: who the structure serves, for…
This chapter states, in one place, what can go wrong. It is the report's risk register in prose; Appendix K reproduces it in tabular form for an engagement file.
The Financial Action Task Force (FATF) and the OECD published their joint report, *Misuse of Citizenship and Residency by Investment Programmes*, in November 2023. Two of its findings frame this chapter, and…
The two components of the reference structure define the family in different ways, under different instruments, tested at different moments. A person eligible under one component is not necessarily eligible…
This chapter sets out the reference structure's implementation as a sequence of working steps: what happens at each step, who acts, which documents are in play, what is known about duration, and what can stall…
The reference structure is implemented by a chain of professionals in at least three jurisdictions and decided, at every point that matters, by two governments and the client's chosen bank. This chapter records…
Save for its final section, this chapter adds no new facts. It consolidates, in one place, the attribution work done throughout the report: which instrument creates each right, on what conditions, and where the…
This chapter states conclusions only. Every assertion in it rests on material established earlier in the report and is cross-referenced to the chapter that carries the underlying analysis and sources. No figure…
This appendix is the working form of the attribution discipline applied throughout the report: every right a client might expect from the reference structure is attributed to exactly one legal instrument, with…
This appendix is the working form of the comparison made in the body of the report. It sets the two components of the reference structure — the citizenship component examined in Chapter 6 and the European…
This appendix reproduces, in working form, the bottom-up cost model built in Chapter 10 for the report's illustrative single-applicant reference case of approximately €375,000 — a planning reference the model…
This appendix re-runs the cost model of Chapter 10 for each of the family shapes assessed in Chapter 11, using one line structure throughout so that the shapes may be read against one another. It introduces no…
This appendix is the working form of Chapter 8 and §17.7. It introduces no new material: every line restates a condition, cost or test already established and cited in the body, and carries the section it…
This appendix is the working form of Chapter 15. It introduces no requirement that the chapter does not establish, and every line carries the section it derives from, so that any item can be traced back to the…
This appendix restates Chapter 16 as a working checklist. It sets out, for each class of family member, the documents the two components of the reference structure call for, who issues them, how long they…
This appendix is the working form of the banking material established in §9.4, §9.5 and §9.16 and in Chapter 15; it introduces no requirement, figure or expectation that is not already stated and sourced there,…
This appendix is the working form of the suitability assessment set out in Chapter 13, with the decline grounds of §13.14 and the confirmations of §20.6 set out as a checklist. It introduces no criterion that…
This appendix is the working form of Chapter 17. It restates the implementation sequence as three instruments a professional can use directly: a stage-by-stage timeline (Table J.1), a statement of which…
This appendix restates Chapter 14 in register form, for an engagement file. It introduces no risk that is not already established in the body of the report, and every row carries the section from which it…
This appendix is the report's working glossary. It defines, in alphabetical order, every term the report uses with a precise meaning, states the distinction each term is drawing, and — where a term is commonly…
Every legal, regulatory and fiscal statement in this report rests on a source in this list. Sources are grouped by subject and, within each group, primary instruments appear before official portals and…
This appendix records how the report was researched and checked, and — as importantly — what could not be established. A reader who intends to rely on any statement in this report should read this appendix…
These disclosures apply to the whole of this report and to every figure, table, scenario and statement in it. They are not a formality appended to a sales document; they describe the actual limits of what this…
Kestrel Private is the private-client residence and citizenship advisory practice of 8T20 Capital (Pty) Ltd, a South African company incorporated on 30 September 2019 (registration 2019/482395/07) and operating…
This appendix carries the sourced detail behind §19.10. It answers the question a family actually asks — what can we do, and on what condition — at the level of the instrument that creates each capability, so…
After the EU's Golden Passports: What Ended, What Remains, and How a Lawful Structured Alternative Should Be Assessed. Andrew J. Taylor, Kestrel Private, 6 August 2026. DOI 10.5281/zenodo.21825733.