A national development fund tasked with administering money from the sale of passports to wealthy foreigners is still without a board of governors.

The fund forms part of the Individual Investor Programme, known as the cash-for-passport scheme, and was formally set up last January, a year after the controversial scheme got clearance from the European Commission.

The legal notice setting up the fund as a government agency lays down the administrative structure that includes a five-member board of governors, an advisory committee and a chief executive. A spokesman for the European Affairs Ministry confirmed that no such appointments had yet been made but said the board of governors and the advisory committee will be appointed by July.

“The appointment of the CEO will take place in due course thereafter.” Preparatory work was under way to set up the agency, including its organisational structure and the identification of premises, the spokesman added. The fund will be expected to administer some €1 billion the government believes will be generated through the passport scheme.