In April, the European Union’s (EU) top court, the European Court of Justice (ECJ), ruled that Malta’s so-called “golden passport” scheme — which grants citizenship to foreign nationals in exchange for investment — is illegal. In its judgment, the ECJ declared that granting EU citizenship solely based on financial contributions, to those without any genuine connection to the country, undermines the core principles of its citizenship. The court ordered the Maltese government to suspend the program immediately. Since 2014, it has offered EU citizenship to individuals who donated around €600,000 to a national development fund and invested in local real estate. This made it one of the only direct ways to purchase such a citizenship. Because Malta is an EU member state, recipients of Maltese citizenship were entitled to live, work, and travel freely across the entire region. The program has long drawn criticism, with opponents warning that its lack of transparency posed risks related to corruption, money laundering, and tax evasion. Other member countries, including Cyprus and Bulgaria, previously ran similar schemes but have since dismantled them. Malta remained the last EU state operating such a citizenship-by-investment program, which brought in over €1.4 billion in revenue for the country since 2015. Following the court’s decision, Malta is prohibited from granting new citizenships under the scheme and must terminate the program immediately or face financial penalties. The ruling is widely seen as a landmark decision that effectively signals the end of investor citizenship programs across the EU.