No citizenships have yet been granted as a result of the cash-for-passports scheme but letters of approval have been issued, according to the Home Affairs Ministry.
The ministry yesterday declined to say how many applicants had reached the approval stage in a clarification over claims by a law firm that it had received the first citizenship approvals.
The ministry said the “letter of approval in principle” was one of several stages of the Individual Investor Programme. “Subsequent to this letter applicants are requested to fulfil the undertakings stipulated in the legal notice,” it said.
This means that before receiving their passport, approved applicants have to satisfy the obligations of the citizenship programme, including paying the rest of the €650,000 contribution, purchasing or renting property subject to the legal minimums, investing €150,000 in government stock and fulfilling the residency requirement.
Asked why the ministry had not announced these approvals, a spokeswoman said it was not the intention of Identity Malta, a government agency, to publish confidential information other than in channels “established at law”.
Law firm Chetcuti Cauchi yesterday reported on its website that it was presenting its clients with the approval letter in “what could be the first Maltese citizenship approvals”.
When contacted, managing partner Jean-Philippe Chetcuti said a number of clients were handed the approval letter over the past three weeks, following applications from Egypt, Russia, the US, France, the Middle East and Asia. He said the reasons clients chose Malta was its business-friendly environment for start-ups and international expansions. There was also political stability, the English language, high standards of education and health care and the long list of visa-free destinations.
Asked about investments made, he said one client had started to relocate part of his technology outsourcing business while others were entering joint ventures in the hospitality, life sciences, aviation, fund management and digital gaming sectors.
kurt.sansone@timesofmalta.com