The Swiss Lawyer Behind The Rise Of 'Golden Passports'

2025-05-14 04:14:17

(MENAFN- Swissinfo) For a man whose standout career achievement has just been ruled unlawful by the EU's top court, Christian Kälin is defiant. This content was published on May 14, 2025 - 09:33 10 minutes Laura Dubois in Brussels and Josh Spero in London, Financial Times

“If Europe decides to go backwards, let them go backwards. But the rest of the world is going forward, and it's only one direction,” said Kälin, group chair of Henley & Partners, a London-based consultancy that devises and markets schemes selling passports and residency permits in more than 40 countries.

The European Court of Justice earlier this month struck down Malta's citizenship-by-investment programme, which allowed people to acquire a Maltese passport - and by extension EU citizenship - in exchange for a one-off investment of €600,000 (CHF563,000) and purchasing or renting a property. The ECJ said the scheme, developed with Henley, had made“the acquisition of nationality a mere commercial transaction”.

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It was a blow to Henley and the whole global investment immigration industry. The company takes credit for propelling the growth of paid-for passports, though the schemes have faced accusations of facilitating corruption and the flow of tainted cash.

Henley has defended the schemes, with Kälin arguing that the percentage of“people that turn out to be nefarious” is“minute”. The firm has also been accused of political manipulation in at least one country, a claim it has contested.

In the eight years to the end of 2023, Henley earned more than €55mn through the Maltese citizenship scheme, according to Maltese government figures. In Malta and St Kitts the business received a fee from the relevant government for each successful application, in addition to payments from applicants.

In an interview with the Financial Times, Kälin, a Swiss lawyer, called the ECJ's ruling a“political decision” but downplayed the effect on his business:“For the sector in Europe, it's of course not very good . . . Globally, it doesn't matter at all.”

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