- 欧盟对黄金签证和投资入籍计划施加的压力表明，反洗钱审查力度正在加大；马耳他的该计划已被欧盟最高法院下令关闭，西班牙也正在终止其房地产黄金签证计划。
- 沙特阿拉伯私人资本论坛 (PCF) 2025 将召集投资者和政策制定者讨论跨境资本和监管问题——关注监管协调和尽职调查标准方面的信号。
- 根据欧盟指导，加强 KYC/资金来源检查和记录基于风险的理由正在成为基本期望。
- 密切关注政策动向，例如欧盟扩大高风险反洗钱名单以及与投资入籍计划相关的免签限制。
- 利用 2025 年审核合规工作流程、加强证据追踪并与新兴的最佳实践保持一致。
反洗钱压力和地缘政治风险正在重塑投资者流动格局。欧洲正在加强对黄金签证和投资入籍项目的审查，而沙特阿拉伯的《2025年公民参与框架》（PCF 2025）则着重强调监管协调和资本流动。对于法律顾问而言，此时正是提高尽职调查标准和制定面向未来的准入策略的关键时刻。
目录
2025年投资移民领域的反洗钱监管为何收紧？
在欧洲各地，各国政府正加大对投资移民途径的审查力度。欧盟最高法院已下令马耳他终止其投资入籍计划，强调此类计划在欧盟法律下面临法律和安全方面的障碍。西班牙曾是房地产黄金签证的主要发放国，如今宣布将终止其500,000万欧元的房产投资入籍途径，这反映出该国对投资成本和安全问题的担忧；2013年至2022年间，西班牙发放了近5,000份此类签证。
布鲁塞尔长期以来一直强调与投资计划相关的反洗钱风险。欧盟委员会的一份报告呼吁，在评估投资者申请时，应加强尽职调查，严格审查资金来源/财富，并将调查结果清晰地传达给相关机构。这种执法力度不仅限于欧盟内部：欧盟暂停了瓦努阿图的免签入境资格，原因是其投资入籍框架存在问题，这表明投资入籍计划可能会对人口流动产生重大影响。此外，欧盟还扩大了其洗钱高风险司法管辖区的名单，新增了包括摩纳哥在内的10个国家——这再次表明欧盟正在加强反洗钱监管。
来自沙特阿拉伯2025年人口与经济共同体（PCF）的信号
沙特阿拉伯2025年全球私募资本论坛将汇聚机构投资者、基金经理和政策制定者，共同探讨私募股权、风险投资、私募信贷以及跨境投资的监管促进因素。论坛主题预计将与投资者移民实践直接相关：
- 监管协调： 关于协调资本流动标准的对话可以预示着不同司法管辖区的尽职调查框架将如何趋同，从而影响与投资相关的居留途径。
- 资本流动性和风险： 跨境私募市场专家小组通常强调反洗钱/反恐融资的保障措施和信息披露规范。这些因素会影响东道国如何调整投资者筛选和入境后监管。
- 政策信号： PCF 上监管机构和主权基金的声明经常预示着影响市场准入的近期变化，进而影响投资者移民的准入标准。
从业者应监控 PCF 输出，以预测政策向更强大的文档和可互操作标准转变——这是跨司法管辖区投资组合的关键。
欧洲立场趋于强硬：黄金签证和英国投资入籍计划面临压力
多个数据点表明，2024-2025 年欧洲的形势将更加严峻：
- 根据欧盟最高法院的裁决，马耳他的投资入籍计划必须终止，该计划自 2015 年以来已创造了约 1.4 亿欧元的收入——这是一个鲜明的例子，说明收入方面的考虑最终让位于法治和安全方面的考量。
- 西班牙将取消通过房地产获得的黄金签证，这反映了住房市场和安全/反洗钱方面的敏感性；该计划在 2013 年至 2022 年间发放了近 5,000 个许可证。
- 欧盟对瓦努阿图免签制度采取的行动表明，当欧盟认为投资入籍审查不足以解决问题时，欧盟准备重新调整人员流动特权。
对于投资移民而言，最终结果并非全面关闭，而是采取一致的政策方向：加强反洗钱要求，并更加有选择性地批准移民申请，这与欧盟委员会关于资金来源核查和机构间信息流动的指导方针相一致。
接受率和尽职调查：对2025年的影响
2025 年，在那些会增加反洗钱风险或文件记录薄弱的项目方面，其审批通过率将面临压力。虽然目前尚无欧盟范围内的统一审批通过率数据集，但发展趋势已然明朗：加强尽职调查、扩大高风险司法管辖区的认定范围，以及对商业秘密/风险投资计划进行更严格的审查。律师应考虑以下因素：
- 提高资金/财富来源的文件门槛，特别是对于复杂的公司结构和另类资产，这与欧盟关于加强对投资者计划的审查的指导意见一致。
- 随着当局验证基于风险的理由，补充证据的要求会更加频繁，处理时间也会更长。
- 对来自欧盟名单和风险类型学中标记的高风险司法管辖区或行业的申请人给予更高的重视。
合规指南：了解你的客户 (KYC)、资金来源和基于风险的文件
利用2025年加强尽职调查程序。以下做法与欧盟加强对投资者公民身份/居留计划审查的重点相一致：
加强版反洗钱尽职调查清单（投资者迁移）
| 通过积极争取让商标与其相匹配的域名优先注册来维护 | “好”是什么样子的 |
|---|---|
| 申请人 KYC | 政府身份证、已验证的地址历史记录、制裁/PEP 筛查以及存档结果和匹配解决备忘录。 |
| 资金来源（SoF） | 银行对账单、销售合同、财务审计、税务申报、与投资交易相关的股息/奖金单。 |
| 财富来源（SoW） | 叙述加上显示长期积累的确凿文件（企业所有权记录、继承/遗嘱、流动性事件）。 |
| 企业地图 | 最终受益所有人图表、登记摘录以及中介机构的跨境链接分析。 |
| 负面媒体报道与诉讼 | 必要时提供记录误报清除和升级记录的第三方报告。 |
| 基于风险的原理 | 提交备忘录，解释风险评级、缓解控制措施以及为什么尽管存在已识别的风险，但案件仍达到阈值。 |
| 持续监控 | 定义触发因素（例如，制裁更新、公司控制变化）和年度更新协议。 |
如何应用：升级您的合规工作流程
- 绘制监管接触点图： 识别所有相关司法管辖区（资金来源地、公司实体、目的地项目）。标记任何位于高风险反洗钱名单上或需接受强化审查的司法管辖区。
- 定义风险分类： 校准风险评分和升级阈值，以反映欧盟委员会列举的投资者移民特定风险（例如，依赖中介机构、跨境不透明）。
- 加强 SoF/SoW 证据： 预先收集交易层面的证明和长期财富证明；确保银行信函和审计师证明与资金流入/流出相符。
- 加强第三方审核： 使用信誉良好的供应商提供制裁/政治公众人物/负面媒体信息；存档数据集和决策日志，以支持文件的可辩护性。
- 撰写基于风险的备忘录： 记录将事实与风险缓解措施和适用标准（投资者计划的强化尽职调查）联系起来的理由。
- 设置监控触发器： 设定刷新频率和事件驱动型审查（例如，重大业务变化、新的欧盟反洗钱清单）。
- 进行红队审查： 请独立律师像持怀疑态度的监管机构一样对文件进行压力测试；在提交前弥补漏洞。
监管动态监测：接下来需要关注什么
- PCF 2025 输出： 注意任何表明跨境资本反洗钱和信息披露规范趋同的公报或会议记录。
- 欧盟层面的指导意见和判例法： 跟踪委员会报告和法院判决，这些报告和判决塑造了 RBI/CBI 计划的界限和所需的尽职调查。
- 执法主导的交通出行变化： 密切关注免签制度或高风险国家名单的调整，就像瓦努阿图和欧盟扩大反洗钱名单那样。
底线： 2025年，投资移民领域的反洗钱标准将进一步提高。能够成功开展的项目，其文件必须清晰、确凿地展现资金来源，并提供合理的风险评估依据。如果您正计划通过投资移民——无论是在欧盟还是考虑亚美尼亚的居留和经商途径——现在就应该构建一套完善的合规体系，并使您的文件符合新兴标准。
联系我们的团队常见问题解答
沙特阿拉伯2025年私人资本论坛汇聚全球投资者、基金经理和政策制定者，共同探讨私人市场及相关法规。论坛重点关注跨境资本和监管协调，这或许预示着未来尽职调查的发展趋势，并可能延伸至投资者移民审查领域。
欧盟最高法院下令马耳他终止其投资入籍计划，这表明欧盟内部对这类计划的法律限制非常严格。自2015年以来，马耳他的该计划已创造了约1.4亿欧元的收入。
西班牙宣布将取消500,000万欧元的房地产黄金签证。2013年至2022年期间，西班牙共发放了近5,000份签证。
欧盟因担心瓦努阿图的投资入籍计划（CBI）而取消了其免签待遇，表明其有意根据反洗钱/反恐怖融资风险评估调整其人员流动特权。欧盟还在2025年扩大了其高风险反洗钱管辖区名单。
预计将加强 KYC 流程，并要求提供资金来源和财富来源证明（例如银行对账单、经审计的财务报表、销售合同、税务申报表），这与欧盟加强对投资者计划审查的重点相一致。
一览
- The EU’s Court of Justice ordered Malta to terminate its citizenship-by-investment program (Case C-181/23, April 2025), and Spain closed its entire golden visa framework via Organic Law 1/2025.
- The EU Anti-Money Laundering Authority (AMLA) became operational in July 2025, with direct supervision of cross-border institutions beginning in 2028.
- In January 2026, the EU added Russia, Bolivia, and the British Virgin Islands to its high-risk AML jurisdictions list while delisting six African nations.
- Enhanced KYC, source-of-funds verification, and documented risk-based rationales are now baseline expectations — not best practice — for investment migration applications.
- Armenia offers a business-driven residency model with streamlined registration, providing a compliant pathway for investors seeking stable jurisdictions with growing regulatory credibility.
Investor migration is being reshaped by anti-money-laundering (AML) pressure and geopolitical risk. Europe has dramatically tightened scrutiny of golden visas and citizenship-by-investment throughout 2025 and into 2026, while new regulatory architecture — including a fully operational EU AML Authority — signals that due diligence standards will only increase. For counsel and investors, the question is no longer whether compliance requirements will rise, but how to build acceptance strategies that meet these elevated standards.
Why AML in Investment Migration Tightened in 2025–2026
Across Europe, authorities escalated scrutiny of investor migration pathways throughout 2025. The EU Court of Justice ruled in Case C-181/23 (April 2025) that Malta’s citizenship-for-investment program violated EU law and the principle of sincere cooperation. Malta subsequently enacted Act XXI of 2025, formally terminating the program that had generated an estimated €1.4 billion since 2015.
Spain followed with Organic Law 1/2025, which took force on 3 April 2025 and left Articles 63–67 of Law 14/2013 “without content” — effectively closing the entire investor visa framework, not just the €500,000 real estate route. Existing holders received transitional protections, but no new applications are accepted.
The enforcement climate extends beyond program closures. The EU suspended visa-free access for Vanuatu (Regulation 2025/11, effective 3 February 2025) over concerns about its CBI framework’s vetting standards. In January 2026, the EU expanded its high-risk AML jurisdictions list through two delegated regulations, adding Russia (via autonomous review after FATF membership suspension), Bolivia, and the British Virgin Islands, while delisting Burkina Faso, Mali, Mozambique, Nigeria, South Africa, and Tanzania.
New EU Regulatory Architecture: AMLA and AMLD6
Two landmark pieces of legislation now reshape AML oversight across the EU and directly affect investment migration compliance:
欧盟反洗钱局（AMLA） — Regulation (EU) 2024/1620 established a centralized supervisory authority headquartered in Frankfurt. AMLA became operational on 1 July 2025. The EBA transferred its AML/CFT mandates and the EuReCA database to AMLA on 1 January 2026. A Strategic Priorities Document for 2026–2028 was published in February 2026. Direct supervision of cross-border financial institutions begins in 2028.
Sixth Anti-Money Laundering Directive (AMLD6) — Directive (EU) 2024/1640, adopted 31 May 2024, establishes the main transposition deadline of 10 July 2027, with interim milestones on 10 July 2025, 10 July 2026, and 10 July 2029. Member states must harmonize national AML supervision, beneficial ownership registries, and cross-border cooperation mechanisms.
For investment migration practitioners, these structures mean centralized oversight, shared intelligence databases, and increasingly uniform due diligence standards across EU member states — reducing the ability to arbitrage weaker national frameworks.
Saudi Arabia’s Private Capital Forum 2025: What Happened
Saudi Arabia’s Private Capital Forum (PCF) 2025, organized by the Saudi Venture Capital Company (SVC), convened on 22–23 October 2025 at the King Abdullah Financial District in Riyadh. The forum brought together over 500 investors and 50+ speakers to examine private equity, venture capital, and private credit within Saudi Arabia’s Vision 2030 framework.
While PCF 2025’s official agenda focused on Saudi private capital markets rather than AML or investment migration specifically, the forum’s emphasis on regulatory enablers for cross-border capital flows carries implications for investor migration practitioners:
- Capital mobility standards: Discussions on cross-border private market infrastructure signal how documentation and compliance standards may converge across Gulf and European jurisdictions.
- 监管趋同： Saudi Arabia’s own regulatory modernization creates parallels with EU frameworks, suggesting that investors operating across both regions should build compliance systems capable of satisfying multiple regulatory standards simultaneously.
- Institutional investor expectations: As sovereign wealth funds and institutional investors raise their own AML/KYC requirements for fund managers, those standards cascade to individual investors seeking residency through investment vehicles.
Europe’s Stance: Golden Visas and CBI Programs in 2026
The European policy trajectory is now clear — enhanced AML expectations and more selective approvals are the norm, not the exception:
- 马耳他： CBI terminated per CJEU C-181/23 and implementing Act XXI of 2025. The program that generated €1.4 billion since 2015 is permanently closed.
- 西班牙： Entire investor visa framework closed via Organic Law 1/2025 (effective 3 April 2025). Nearly 5,000 permits were issued between 2013 and 2022. Existing holders protected transitionally.
- 葡萄牙： Real estate route removed by Law 56/2023, already in force since 2023. Remaining routes include non-real-estate collective investment funds, company capitalization, job creation, and research contributions.
- 希腊： Raised investment thresholds rather than closing entirely.
- 匈牙利： Redesigned its program to a real-estate fund model with 10-year residency requirements.
- EU Parliament: In March–April 2025, proposed mechanisms to suspend visa-free access for countries offering golden passports without genuine links to the issuing state.
The EU Commission has signaled greater hostility toward CBI than RBI but has called for tighter harmonization and economic substance requirements for residency-by-investment programs across the bloc.
FATF 2025 Updates: What Changed for Due Diligence
In February 2025, FATF updated Recommendations 1, 10, and 15, refining risk management requirements, customer due diligence thresholds, and ongoing monitoring standards. Key changes affecting investment migration:
- The €/$15,000 occasional-transaction threshold for enhanced CDD was confirmed, meaning investment migration transactions — which far exceed this threshold — automatically trigger full enhanced due diligence.
- Stricter ongoing CDD for high-risk clients now requires continuous monitoring rather than one-off checks at application stage.
- Risk-based approach reforms emphasize financial inclusion alongside security — meaning legitimate investors with clean documentation should experience faster processing, while those with gaps face greater scrutiny.
Due Diligence Standards for Investment Migration in 2026
Modern investment migration due diligence operates across multiple layers — from agent pre-screening through government unit review to ongoing post-approval monitoring. The following checklist reflects current baseline expectations:
| 通过积极争取让商标与其相匹配的域名优先注册来维护 | 现行标准 |
|---|---|
| 申请人 KYC | Government ID verification, address history, sanctions/PEP screening with archived results and match-resolution memos |
| 资金来源 | Bank statements, sale contracts, audited financials, tax filings, dividend/bonus documentation linked to the specific investment transaction |
| 财富来源 | Narrative plus corroborating documents showing long-term accumulation — business ownership records, inheritance documentation, liquidity events |
| 企业地图 | Ultimate beneficial owner chart, registry extracts, cross-border link analysis for all intermediaries in the ownership chain |
| Adverse Media & Litigation | Third-party screening reports with documented false-positive clearance and escalation notes |
| 基于风险的原理 | File memo explaining risk rating, mitigating controls, and defensible reasoning for acceptance despite identified risk factors |
| 持续监控 | Defined triggers (sanctions updates, corporate control changes, adverse media alerts) with annual refresh protocols and event-driven reviews |
| 家庭成员 | Full DD applied to dependents aged 16+ (some programs require 12+). Separate SoF documentation if dependents hold independent assets |
Gatekeeper Liability: Why Service Providers Face Growing Risk
A significant shift in 2025–2026 enforcement is the targeting of “gatekeepers” — attorneys, wealth managers, accountants, and corporate service providers who facilitate investment migration. OFAC and EU enforcement agencies now pursue strict liability for professionals involved in complex corporate structures that obscure sanctioned persons or illicit fund flows.
This means investment migration advisors must maintain their own robust compliance infrastructure, not merely rely on the receiving program’s due diligence. Documentation of the advisor’s independent assessment — pre-screening before onboarding, verification before receiving funds, and confirmation before submission — is now a professional obligation with potential personal liability consequences.
Armenia’s Business-Driven Residency: A Compliant Alternative
As traditional golden visa routes close and AML scrutiny rises, Armenia’s business-driven residency model offers a compliant alternative for investors seeking stable jurisdictions. Unlike classic CBI programs that face EU legal challenges, Armenia’s pathway is tied to genuine economic activity — establishing or running a business in the country.
Key features of Armenia’s approach:
- Business registration in 1–3 days — one of the fastest company formation processes in the region, with no minimum share capital for LLCs.
- 暂住 (1 year, renewable annually) available for those operating a business in Armenia, processed through the Migration and Citizenship Service in 10–15 business days.
- Genuine business requirement rather than passive investment thresholds — aligning with the EU Commission’s preference for economic substance over capital parking.
- Growing regulatory credibility — Armenia is not on EU or FATF high-risk jurisdictions lists, and maintains bilateral tax treaties and information-sharing agreements.
For investors building multi-jurisdictional portfolios, Armenia’s combination of fast business setup, straightforward residency, and competitive tax framework provides a jurisdiction that satisfies modern AML expectations without the legal and reputational risks now associated with EU golden visa programs. Learn more about 亚美尼亚的居留许可选项 或探索 亚美尼亚商业注册.
Upgrading Your Compliance Workflow for 2026
Whether applying through an EU residency route, a Caribbean program, or Armenia’s business pathway, the compliance workflow should now follow these steps:
- 绘制监管接触点图： Identify all jurisdictions in play (fund origin, corporate entities, destination program). Flag any on high-risk AML lists or subject to enhanced scrutiny under the January 2026 EU delegated regulations.
- 定义风险分类： Calibrate scoring and escalation thresholds to reflect investor-migration-specific risks — reliance on intermediaries, cross-border opacity, and complex beneficial ownership structures.
- 加强 SoF/SoW 证据： Pre-collect transaction-level proofs and long-term wealth corroboration. Ensure bank letters and auditor attestations reconcile to actual inflows and outflows.
- 加强第三方审核： Use reputable providers for sanctions/PEP/adverse media screening. Archive full datasets and decision logs to support file defensibility during potential AMLA reviews.
- 撰写基于风险的备忘录： Document the rationale linking facts to risk mitigants and the governing standard. This document should be able to stand alone under regulatory scrutiny.
- 设置监控触发器： Set refresh cadence and event-driven reviews — material business changes, new EU AML listings, sanctions updates, and corporate control changes.
- 进行红队审查： Have independent counsel stress-test the file as if reviewed by a skeptical regulator. Remediate gaps before submission.
2026年及以后值得关注的
- AMLD6 transposition: Member states must transpose the directive by 10 July 2027 — watch for early implementers creating higher national standards before the deadline.
- AMLA direct supervision: Beginning 2028, AMLA will directly supervise cross-border financial institutions. Expect harmonized reporting requirements that affect how investment migration funds are processed.
- Further EU high-risk list changes: Additional delegated regulations may expand or contract the list throughout 2026.
- EU Commission RBI legislative proposal: The Commission has signaled interest in regulating residency-by-investment via TFEU migration and internal-market articles — timing uncertain but potentially within this legislative cycle.
- Caribbean CBI reforms: The Eastern Caribbean CBI Authority continues to evolve regulatory standards for the region’s programs.
底线： AML in investment migration has moved to a permanently higher bar. Programs and applications that succeed are those with clear, corroborated source-of-funds documentation and defensible risk-based rationales. If you are planning an investment-led pathway — whether in the EU or through Armenia’s residency-by-investment options 和 业务设置服务 — build a robust compliance framework now and align documentation to these elevated standards.
