Revenue from the citizenship scheme this year is expected to be below expectations, according to revised estimates published in the Budget.

The original estimate was put at €59.6 million but the latest figure for 2014, published on Monday, is actually down by €8.8 million at €50.8 million.

It was noted that “revenue from guarantee fees and the International Investor Programme [citizenship scheme] is expected to be lower than projected”. However, it was pointed out that an increase in revenue from the Investment Registration Scheme would compensate for the shortfall.

In its first year, the IIP was a success in spite of all the hindrances the government faced

Questions sent to the Finance Ministry to explain the downward revision and the precise amount in relation to the citizenship scheme were not answered by the time of writing.

In his Budget speech, Finance Minister Edward Scicluna said that, in its first year, the IIP was a “success” in spite of all the “hindrances” the government faced.

The next step would be to present the legal instruments to set up the National Social and Development Fund to which 70 per cent of contributions received by the agency overseeing the programme would be channelled, the minister said. These funds would be used in “the public interest” for the advancement of education, research, innovation, social purposes, employment initiatives, justice and the rule of law, the environment and public health.

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