The recently-launched Individual Investor Programme is only aimed at producing “a quick buck” for the Government while devaluating Maltese citizenship, the Nationalist Party said yesterday, as it presented its alternative.
Addressing a press conference, PN deputy leader Mario de Marco made it clear that the Opposition was against the concept of “the sale of Maltese citizenship”.
However, he said the party was potentially in favour of other options which tied the limited granting of Maltese citizenship to serious foreign individuals wanting to invest in Malta.
Citizenship is not for sale
Dr de Marco accused the Government of ignoring the Opposition’s proposals, which it presented on its own initiative.
“It is clear that the Government wants to make a quick buck by offering instant Maltese citizenship for sale. This is wrong and will dent Malta’s reputation abroad. There are only a handful of countries in the world doing what Malta wants to do, and most of them are in the Caribbean,” he said.
According to the Bill published by the Government, a wealthy foreign individual will be able to buy Maltese citizenship with a down payment of €650,000. The ‘new’ Maltese citizens will then be offered the opportunity to purchase Maltese citizenship – and thus EU freedom of movement – for members of their family by paying another €25,000 for each additional member.
Dr de Marco said the PN made concrete proposals to the Government to amend its proposal by granting citizenship only to individuals making a substantial investment commitment in the country. Also, the PN believes citizenship should only be granted after a period of years during which the individual really shows commitment.
He said the PN also wants due diligence to be carried out by the Maltese government – not a foreign company – and that full transparency will be applied including the publication of those granted citizenship in the Government Gazette.
According to the Bill, individuals buying citizenship will remain unknown.
The handling of citizenship applications, which the Government is calculating will generate some €30 million in the first year, has already been assigned to a foreign company – Henley and Partners – which will be responsible for receiving applications, making due diligence and recommending whether citizenship should be granted or not.
Financial services providers last Thursday complained to the Government over the “conflicts of interest” this foreign company may have.
PN finance spokesman Tonio Fenech warned the Government that if not amended, the scheme is risking tarnishing Malta’s good reputation abroad, particularly in the financial services sector.
Meanwhile, PN home affairs spokesman Jason Azzopardi said the minister should not have final discretion on who is granted Maltese citizenship.
When the proposal was first published, Prime Minister Joseph Muscat denied that this was a ‘cash-for-citizenship’ scheme, insisting this would modernise Malta’s economy.
PN deputy leader Mario de Marco, centre, flanked by left, Tonio Fenech and Jason Azzopardi at yesterday’s press conference. Photo: Paul Spiteri Lucas