Malta’s government unveiled a revised scheme to sell citizenship to foreigners,
Associated Press reported on Monday, December 23.
Earlier, an alien had been supposed to invest 650,000 euros in a special fund to buy a passport. Under the new legislation, in addition to 650,000 euros, fast-track Maltese citizenship-seekers must invest 350,000 euros in the local real estate market and purchase securities for another 150,000 euros within at least five years.
Prime Minister Joseph Muscat said the scheme is capped at 1,800 passports. The Maltese officials are intending to complete a diligence exercise, which would take between six months and two years. The names of those granted citizenship will be made public.
The opposition National Party of Malta is against the scheme. The Party is planning to oppose it in parliament next month. But the National Party lacks the numbers to block the bill.
Malta is an island country with population of about 450,000. Since 2004, Malta is the EU member state, and it joined the euro area in 2008.
