The government has still to set up an agency to administer millions of euros from the cash-for-citizenship programme, even though the framework legislation has been in place since January.

Government sources told Times of Malta that, so far, Identity Malta, the agency handling the programme, had already passed on to the government about €12 million in revenue from the scheme. However, work on setting up the agency was delayed and the Ministry of Finance was temporarily administering the money.

When setting up the scheme, technically known as the Individual Investment Programme, the government said that the majority of proceeds would be directed to a national development and social fund to be used for specific projects of national importance.

The law states that the fund has to be administered by an agency with a board of governors and a CEO.

Read more in Times of Malta.

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