Hundreds of well-to-do non-Europeans are said to have already applied for a Maltese passport.
The passport entitles the holder to full EU citizenship with the right to live and work in any EU nation. Additionally, Maltese citizens can enter the US and 160 other countries without a visa.
Malta’s foreign minister said that 277 applications have been received, mostly through its embassies in Dubai, Istanbul, Moscow, Paris and Rome.
Up to 300 ‘high value’ people are expected to take up the offer.
Applicants are obliged to spend at least one year in Malta in order to qualify and must pay €650,000 into a new economic development fund, invest €150,000 in government bonds, and spent at least €350,000 on property to be kept a minimum of five years.
A further €25,000 must be paid for the spouse and young children, rising to €50,000 for adult offspring and the grandparents of each spouse.
The scheme is being administered by a firm in Jersey which will change client fees of €70,000 for the main application and additional costs for dependants.
Malta, which joined the EU in 2004, has been criticised by MEPs over the scheme which has been seen as cheapening EU citizenship. But Malta is not alone in offering a speedy citizenship process for ultra-rich investors.
Portugal and Spain both have ‘Golden Visa’ schemes. The UK offers an ‘investor visa’ to non-EU citizens who have £1 million in personal wealth to invest. They are obliged to spend at least 185 days every year in Britain.
