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Description

Over the past decades a growing number of countries have offered citizenship or residence in return for a donation or investment. Taking a multi-disciplinary approach to the study of this phenomenon, this open access collection examines its legal, political, and conceptual implications.

The volume consists of four parts. The first part documents recent trends in investment migration and seeks to understand its implications for our understanding of the concept of citizenship. The second part provides a legal and normative assessment of investment migration, from the perspective of both EU and international law. The third part presents case studies of investment migration practices in countries from around the world, including from jurisdictions that have so far remained under-researched. The fourth part deals with the specific EU legal-political context and also engages with the case launched by the European Commission against Malta.

The book assembles the leading experts in the field and offers a rigorous and balanced analysis of this sometimes controversial field.

The ebook editions of this book are available under a CC BY-NC-ND 4.0 licence on bloomsburycollections.com. Open access was funded by Central European University.

Table of Contents

Introduction: Advancing Investment Migration Scholarship
Dimitry V Kochenov, CEU Democracy Institute, Budapest, Hungary, and CEU Department of Legal Studies, Vienna, Austria, Madeleine Sumption, University of Oxford, UK, and Martijn van den Brink, Leiden University, the Netherlands

I.
INVESTOR MIGRATION: CONCEPTUALISATION AND CONTEXT
1. Citizenship by Investment and the Right to Change Nationality
William Thomas Worster

2. New Generation Skilled Migration Policies: Talent as Output, High Regard Guests and Citizens in Absentia
Francesca Strumia, City, University of London, UK

3. Residency by Investment and Citizenship by Investment: Just the Tip of the Iceberg? The Pervasiveness of Meritocratic Considerations in Immigration and Citizenship Law
Odile Ammann, University of Lausanne, Switzerland

4. Race and Merit in the Context of Residency and Citizenship by Investment
Sarah Ganty, Yale Law School, New Haven, USA; Universit é Catholique de Louvain, Belgium

II.
LEGAL REGULATION: EMPIRICAL AND NORMATIVE PERSPECTIVES ON INVESTOR MIGRATION


5. Nottebohm and 'Genuine Link': Anatomy of a Jurisprudential Illusion
Peter J Spiro, Temple Law School, Philadelphia, USA

6. State Autonomy versus 'Genuine Links': Nottebohm and Beyond
Matjaž Tratnik and Petra Weingerl, University of Maribor, Slovenia

7. What are the Risks of Investment Migration? Going Beyond the Status Quo
Kristin Surak, London School of Economics, UK

8. Legal Residence and Physical Presence: The Law and Practice of Naturalisation in EU Jurisdictions
Dimitry V Kochenov, CEU Democracy Institute, Budapest, Hungary, and CEU Department of Legal Studies, Vienna, Austria, and Martijn van den Brink, Leiden University, the Netherlands

9. Investor Citizenship Cartels, Residence by Investment Cartels and EU Competition Law
Gareth Davies, Vrije Universiteit Amsterdam, the Netherlands

10. Nothing to Hide? Transparency Requirements, Accountability and Privacy in Investment Migration
Jacquelyn D Veraldi, CEU Democracy Institute, Budapest, Hungary, and Oskar J Gstrein, Campus Fryslân, University of Groningen, the Netherlands

11. Can Investor Visas be Made to Work? Lessons from the United Kingdom and United States
Madeleine Sumption, University of Oxford, UK

III.
INVESTMENT MIGRATION REGULATION IN EUROPE AND THE WORLD


12. Wealth Influx, Wealth Exodus: Investment Migration from China to Portugal
Luuk van der Baaren, Copenhagen University, Denmark, and Hanwei Li, Yan'an University, China

13. Investment Residence in Greece: Analysing the Attractiveness and Challenges of the Golden Visa Programme
Niovi Vavoula, University of Luxembourg, and Vasiliki Apatzidou, Queen Mary, University of London

14. The Rise and Fall of Investment Immigration in Canada
Miriam Cohen, University of Montreal, Canada

15. 'Internal' Investment Migration: The Case of Investment Migration from Mainland China to Hong Kong
Qishi Fu, Investment migration practitioner, China

16. Will Virtual Become Real? Ten Years of the e-Residency Programme in Estonia
Vadim Poleshchuk, Political Advisor, European Parliament, Brussels, Belgium

17. Foreign Nationality Acquisition in Late Imperial China: Change of Personal Status as Pathway to Opportunities and Personal Security
Sau Kong Lee, Hong Kong University

IV.
INVESTMENT MIGRATION CONUNDRUMS IN THE EUROPEAN UNION


18. Golden Passports: European Commission and European Parliament Reports Built on Quicksand
Hans Ulrich Jessurun d'Oliveira, European University Institute, Florence, Italy, and UvA, University of Amsterdam, the Netherlands, Emeritus

19. Investor Citizenship under EU Law: Recent Trends and Constitutional Implications
Daniel Sarmiento, Complutense University, Madrid, Spain, and Guillermo Íñiguez, University of Oxford, UK

20. It's All about Blood, Baby! The EU's Attack against Investment Migration in the Context of EU Law, International Law and the War in Ukraine
Dimitry V Kochenov, CEU Democracy Institute, Budapest, Hungary, and CEU Department of Legal Studies, Vienna, Austria, and Elena Basheska, Central European University (CEU) Democracy Institute, Budapest, Hungary

Postscriptum: Commission v Malta (Citizenship for Sale): Who of the Two is Selling European Values?
JHH Weiler, NYU Law School, USA

Divertissement: Investment Citizenship: A Berlaymont Fantasia
Shah Guido, Senior European Commission official contributing incognito

Product details

Published 26 Jun 2025
Format Hardback
Edition 1st
Extent 456
ISBN 9781509955220
Imprint Hart Publishing
Dimensions 244 x 169 mm
Publisher Bloomsbury Publishing

About the contributors

Anthology Editor

Dimitry Kochenov

Dimitry Kochenov is Professor and Head of Rule of…

Anthology Editor

Madeleine Sumption

Madeleine Sumption is the Director of the Migratio…

Anthology Editor

Martijn van den Brink

Martijn van den Brink is Assistant Professor of La…

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