Malta’s Individual Investor Programme (IIP) has received over 400 applications since its launch early last year.

If all applicants are accepted this would result in €450 million in foreign direct investment, according to the firm administering the controversial citizenship scheme, Henley and Partners.

“This foreign direct investment comprises deposits, bonds and real estate among other elements, and equates to approximately €10 million per week,” the company said.

It said the first letters of citizenship “approval-in-principle” had been issued, and the first applicants would be issued with their certificates of naturalisation soon after their contribution, investment and residency requirements were fulfilled. Approval in principle means applicants have passed the rigorous due diligence process.

Over 40 nationalities are represented among the applicants so far. They would have already paid €10,000 as a deposit and would then need to pay the balance of €640,000. They would have four months in which to either rent or buy property and have to buy €150,000 worth of government stocks.

The programme, dubbed the cash-for-passports scheme, was highly contentious when it was launched, with the Opposition at the forefront of the criticism.

Following a motion in the European Parliament calling on Malta to amend the scheme, new rules were adopted saying Maltese citizens have to provide proof they have lived on the island for 12 months prior to acquiring a passport.