Twenty-three licences have already been issued for the government’s Individual Investor Programme, for 21 different entities.

These include four major auditing firms ­–PwC, Deloitte, KPMG and Grant Thornton, as well as some smaller ones. There are also a number of legal firms.

Over 100 companies have so far applied to be awarded licences to sell Maltese citizenship through the government’s programme.

A number of conditions have been imposed on applicants. They must be resident in Malta and hold professional indemnity cover of €1 million.

The applicant must also be in possession of a recognised professional qualification, which may range from banking and accountancy to insurance and trust practitioners.

Once licensed, the agents become “approved agents” if they present three successful applicants within the first 12 months, and will then enjoy this status for three years.

The upgraded status would have various advantages, including a reduced annual fee, but more importantly, the ability to set up their own overseas sub-agents.

To qualify for the programme, people must buy real estate worth at least €350,000 and hold it for at least five years, or rent a property for at least five years at an annual rent of at least €16,000.

They must also make a contribution to the National Development and Social Fund, and invest at least €150,000 for at least five years in stocks, bonds or special purpose vehicles to be identified by Identity Malta. They must have a global health insurance coverage for at least €50,000 for the main applicant and each of the dependants.

The concessionaire for the scheme is Henley and Partners.