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European authorities have launched proceedings against Cyprus and Malta following the latest revelations of criminal abuse of citizenship-by-investment programs in the EU's two southernmost jurisdictions, and opened an inquiry into Bulgaria, which offers a similar scheme. The programs, which Bulgaria, Malta and Cyprus set up in 2005, 2007 and 2013 respectively, grant wealthy individuals national citizenship—a "golden passport"—in exchange for their pledge to make a significant investment into the local economy, allowing them to travel freely throughout the bloc and potentially conduct financial transactions with reduced scrutiny. Concerns that the schemes facilitate illicit finance reignited last week after an undercover...