A revamped permanent residency scheme will be unveiled at the end of the month, Prime Minister Joseph Muscat said this morning.

The Government is also in the process of finalising the first draft of a citizenship and visa agency that will, among others, provide a fast track approach for foreign investors.

Dr Muscat said it was unacceptable that foreigners who came to invest money and create jobs had to wait in long queues to obtain a visa or residence permit.

He was speaking while visiting RS2 software in Mosta where he unveiled a smart processing system. The company employs more than 100 people and has offices in other countries. It was floated on the Malta Stock Exchange in 2008.

Dr Muscat's comment may have been prompted by the company's chief executive, Radi El Haj, who expects to receive his Maltese ID card next week after years of working in Malta.

The Prime Minister said his Government will not take credit for the success of private companies. "We are not a paternalistic government.  We are here only to facilitate. We want to remove barriers to business."

He said the country's regulation system was "very good" and this was the merit of previous governments. "But we lack the personal touch when investors come here, especially when they decide to move their family here."

ksansone@timesofmalta.com