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Another country ends Golden Passport program as EU pressure rises

Web Desk 12:32 AM | 18 Mar, 2023
Another country ends Golden Passport program as EU pressure rises
Source: Photo by Porapak Apichodilok

TIRANA - The residency through investment scheme seems to be dying across the world as Albania has also suspended its Golden Passport scheme. 

The move, apparently on the pressure mounted by the European Union, would impact many but seems to be inevitable. During the European Union (EU)-Albania Stabilization and Association Council meeting, Albania’s premier confirmed that the scheme would not become effective in the near future.

“Regarding the golden passports, we have made it clear that we have suspended the process until the position is clarified at the European level. We did not invent this. We took it from EU countries that have implemented it successfully,” said Edi Rama.

The premier announced the move during a joint press conference with the Vice President of the European Commission, Josep Borrell, as well as the European Commissioner for Neighbourhood and Enlargement, Oliver Varhely and mentioned the fact that there is a case in the European Court.

Nonetheless, Rama elaborated that it would not be brought to the table without seeing how the case ends in the European Court, adding that if the Court decides against this scheme, it is a closed issue, but if it determines in the government’s favour, each country will make its own choice, Schengenvisainfo reported.

The scheme was envisioned to give wealthy foreign billionaires free passports, subject to the condition that they bought apartments in the Durres Port and meet certain conditions; however, it seems to have been shut finally.

The European Union is currently pressing all countries that offer Citizenship by Investment and Residency by Investment Programs to shut the programs as they are against the bloc’s law and allow persons involved in illicit affairs to benefit from these programs.

The Golden Visa scheme has although attracted billions of dollars for multiple countries, yet its effectiveness is marred by disputes. Recently, Portugal also announced that it was shutting its Golden Visa scheme despite the fact that it helped country attract investors in large numbers. Besides other factors, the rents in the country had sky rocketed making it difficult for locals to survive, ultimately compelling the authorities to close the program altogether.    

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 23, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 23, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.1 286.15
Euro EUR 302.5 305.5
UK Pound Sterling GBP 343.5 347
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 75.4 76.2
Australian Dollar AUD 187 189.4
Bahrain Dinar BHD 749.55 757.55
Canadian Dollar CAD 205 207.2
China Yuan CNY 40.91 41.31
Danish Krone DKK 40.77 41.17
Hong Kong Dollar HKD 35.92 36.27
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 2.06 2.11
Kuwaiti Dinar KWD 919.22 928.22
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 176.66 178.66
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 731.97 739.97
Qatari Riyal ‎QAR 77.43 78.13
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 305.12 307.62
Thai Bhat THB 8.19 8.34

Today's gold rates in Pakistan – 23 March 2023

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 203,800 on Thursday. The price of 10 grams of 24k gold was recorded at Rs174,730.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 203,800 PKR 2,350
Karachi PKR 203,800 PKR 2,350
Islamabad PKR 203,800 PKR 2,350
Peshawar PKR 203,800 PKR 2,350
Quetta PKR 203,800 PKR 2,350
Sialkot PKR 203,800 PKR 2,350
Attock PKR 203,800 PKR 2,350
Gujranwala PKR 203,800 PKR 2,350
Jehlum PKR 203,800 PKR 2,350
Multan PKR 203,800 PKR 2,350
Bahawalpur PKR 203,800 PKR 2,350
Gujrat PKR 203,800 PKR 2,350
Nawabshah PKR 203,800 PKR 2,350
Chakwal PKR 203,800 PKR 2,350
Hyderabad PKR 203,800 PKR 2,350
Nowshehra PKR 203,800 PKR 2,350
Sargodha PKR 203,800 PKR 2,350
Faisalabad PKR 203,800 PKR 2,350
Mirpur PKR 203,800 PKR 2,350

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