Malta has revised its ‘golden passport’ scheme after coming under pressure from the EU.
The country had been planning to sell its passports to any non-EU national investing at least €1.15 million in its Individual Investor Programme (IIP).
This condition will remain, but now Malta says applicants must now spend at least one year living in Malta in order to qualify. Previously, no residency requirement had been included in the controversial scheme.
EU MEPs were very critical of the initiative, believing that it cheapened EU citizenship. Once in possession of an EU passport, the holder is entitled to travel in most of the EU without passport checks.
Owning an EU member state's passport entitles the holder to EU citizenship, with all the rights guaranteed under EU law.
The EU Commission invited Malta in for talks. EU Justice Commissioner Viviane Reding had said applicants should have "a genuine link to the country" and not just the wherewithal to pay.
The number of passports the country hopes to issue is not yet clear.
Initially the programme was to be limited to 1,800 plus their close family members who would be charged less per passport. But Malta is now giving thought to the possibility of issuing more, although a precise number has not been announced.
According to Henley and Partners, which operates from Jersey, the scheme is aimed at “ultra-high net worth individuals and families worldwide”. Applicants, it says, will be subjected to strict vetting with “only highly respectable clients” admitted.
