More than 100 foreigners have made financial commitments to the tune of €100 million to obtain Maltese citizenship.

The investment includes cash deposits, bonds, medical insurance and real estate, which form part of the conditions attached to the programme.

The information was released yesterday by Henley and Partners, the company that manages the scheme, in its first update since the citizenship programme was launched 12 weeks ago.

Of those who applied, more than 50 already received residence permits, placing them firmly on the route to achieving full citizenship, the company said. The first full citizenship application was submitted in the first week of June.

The scheme, officially known as the Individual Investor Programme, allows foreigners to obtain Maltese citizenship against an upfront cash payment, the purchase of property and an investment in government bonds. It includes a minimum residency requirement.

The IIP was at the centre of political controversy when it was initially released by the government last year. It was changed more than once after the Opposition objected to it in principle and insisted on the inclusion of a residency requirement.

In January, the controversy made it to the European Parliament where a debate on European citizenship concluded with a vote against Malta’s scheme. The government subsequently reached an agreement with the European Commission to include a minimum residency requirement.

Henley and Partners won the bid to manage the scheme, which, the government argued, had the potential of generating hundreds of millions of euros in investment over the next couple of years. Money from the scheme is expected to be funnelled into a national development and social fund.

Henley said the Malta citizenship programme had “achieved incredible success” in its first three months of operation.

According to Christian Kälin, Henley chairman, the citizenship scheme was developed to ensure its attractiveness to “the right kind of individuals” and attributed the early success to its “viability and security”.

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