The first successful applicants for Maltese citizenship under the investment scheme are due to take their oath of allegiance and receive their passports.

The announcement was made yesterday by Chetcuti Cauchi Advocates, which has been receiving applications since the Individual Investor Programme (IIP) was rolled out last March.

The applicants have complied with all legal commitments and settled their financial contribution in full, the firm said.

The IIP allows non-EU nationals to acquire Maltese citizenship through a contribution of some €1.15 million in cash, bonds, investments and real estate, with an obligatory residency clause of one year. Applicants can also buy citizenship for their dependents at a fee of €25,000.

Though no official announcement has been made so far by the government, Identity Malta, which manages the programme, confirmed that a number of applications were close to completing the legal requirements to obtain naturalisation.

A Home Affairs Ministry spokeswoman said that further details would be divulged at a later stage.

Though neither the exact number of beneficiaries nor their nationalities were known, sources said they would not be individuals but an entire family.

In its statement, the law firm noted that most successful applications covered families. It said that a typical family, consisting of the main applicant, his or her spouse, two dependent parents over 55, an adult dependent child under 26 and two underage children, would mean a contribution of €775,000 to Malta’s coffers, apart from some €30,000 in due diligence fees.

By law, 70 per cent of the contributions received from this programme will go to a National Development and Social Fund.

This shall be used for the advancement of education, research, innovation, social purposes, justice and the rule of law, employment initiatives, the environment and public health.

The Opposition was a harsh critic of the scheme when it was first announced, forcing amendments that tightened residency and other requirements.