Nothing to Hide? Transparency Requirements, Accountability, and Privacy in Investment Migration

Forthcoming in ‘Investment Migration in Europe and the World’, edited by Dimitry Kochenov, Madeleine Sumpton & Martijn van den Brink—Hart Publishing— https://directory.doabooks.org/handle/20.500.12854/93502—please consult the volume for page numbers and editorial changes

18 Pages Posted: 13 Dec 2022

See all articles by Jacquelyn D Veraldi

Jacquelyn D Veraldi

University of Groningen

Oskar Josef Gstrein

University of Groningen - Campus Fryslân; Europa-Institut, Saarland University

Date Written: November 22, 2022

Abstract

Various measures have been proposed to address risks associated with Citizenship by Investment (CBI) and Residence by Investment (RBI) programmes. Some of these measures relate to increased transparency, which in turn raises questions related to privacy. Specifically, measures include the publication of the identity of those who acquire a legal status via a specific CBI or RBI programme. In this chapter, we consider whether CBI and RBI programmes require greater transparency and how measures to establish it could look like. Our findings are based on the analysis of ongoing policy developments with a focus on the European situation, review of literature, as well as consideration of relevant governance and legal frameworks, especially those relating to data protection and privacy. We observe that, while greater transparency seems necessary to facilitate accountability and thereby mitigate risks associated with these programmes, publication of the identities of those who naturalise may ultimately be a ‘bad compromise’, unfit to achieve the overarching purpose. In essence, it is not individuals who have to demonstrate that they have ‘nothing to hide’, but governments. As such, disclosure can not constitute an appropriate substitute for the implementation of effective due diligence and oversight mechanisms, which are essential to safeguarding the rule of law.

Keywords: Investment Migration, Privacy, Data Protection, Transparency, Citizenship by Investment, Residence by Investment

Suggested Citation

Veraldi, Jacquelyn D and Gstrein, Oskar Josef, Nothing to Hide? Transparency Requirements, Accountability, and Privacy in Investment Migration (November 22, 2022). Forthcoming in ‘Investment Migration in Europe and the World’, edited by Dimitry Kochenov, Madeleine Sumpton & Martijn van den Brink—Hart Publishing— https://directory.doabooks.org/handle/20.500.12854/93502—please consult the volume for page numbers and editorial changes, Available at SSRN: https://ssrn.com/abstract=4283884 or http://dx.doi.org/10.2139/ssrn.4283884

Jacquelyn D Veraldi (Contact Author)

University of Groningen ( email )

P.O. Box 800
9700 AH Groningen, Groningen 9700 AV
Netherlands

Oskar Josef Gstrein

University of Groningen - Campus Fryslân ( email )

P.O. Box 800
9700 AH Groningen, Groningen 9700 AV
Netherlands

HOME PAGE: http://www.rug.nl/staff/o.j.gstrein/

Europa-Institut, Saarland University ( email )

Campus, Gebäude B2.1
Saarbrücken, 66123
Germany

HOME PAGE: http://europainstitut.de

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