Home Affairs Minister Manuel Mallia told Parliament last night the Government was ready to amend the Maltese Citizenship Act if such changes were deemed necessary.
In fact, he added, it had already lined up an amendment to appoint a monitoring board that would include the Leader of the Opposition.
In its frenzy to instil doubt, the Opposition had made no mention of the creation of a regulator after consultation with Simon Busuttil. The regulator would be responsible for monitoring the programme with the power to see all applications and the onus to prepare an annual report for tabling in the House.
Neither had there been any mention of the regulator not being subject to any pressure.
Winding up the debate on the Bill, Dr Mallia said that just 154 applicants to the Individual Investors Programme would rake in more than a €1 billion.
In its frenzy to instil doubt, the Opposition had made no mention of the creation of a regulator
The scheme had gone to the PN’s head because they could already sense its huge success. Many EU countries had adopted citizenship schemes against many forms of contributions.
Malta already had residence citizenship, whereby a foreigner of advanced age and proven capabilities could be accorded a certificate of naturalisation if he could prove more than four years’ residence, including the previous 12 months. The minister also had discretion to consider special circumstances.
Dr Mallia said a sum of €650,000 was an investment for Malta, not peanuts, as the Opposition had said.
The Government was seeking to attract high-worth investors, with Forbes agency saying that billionaires outside the US and Europe were increasing. But such people could not be attracted with impositions or restrictions.
The aim was to attract them with a good programme and then get them interested in making other investments.
The Nationalists, on the other hand, were anchored to the mentality that government revenue should continue to be made up of taxes.
The Government disagreed that the programme would give Malta a bad reputation. In fact, those who criticised it because they had vested interests in similar schemes in other countries would find Malta competitive. Dr Mallia said the Leader of the Opposition had said he was absolutely opposed to the concept of the programme but then said he was ready to discuss it.
How could one discuss a scheme with someone who was self-declared against its principle? The Opposition was expecting the Government to drag its feet because it could never decide.
The Citizenship Act had always given the minister the discretion to accept or refuse requests for citizenship.
The minister could also withdraw citizenship if the applicant became a threat to national security.
Part of the due diligence was to insist on a certificate of origin of the applicant’s funds.
The Opposition was on the verge of losing an opportunity to work with the Government on a programme that offered better things for Malta, concluded Dr Mallia.
The Maltese Citizenship Amendment Bill was given a second reading by 38 votes for and 29 against, after a division.
Joe Debono Grech (PL) and Mario Galea (PN) were absent due to parliamentary business overseas.