Partit Demokratiku has said it is in favour of a cash-for-passport scheme while blasting the existing system as being "shrouded in bad governance and a lack of transparency." 

In a statement calling on the government to take its foot off the pedal and "clean up" the Individual Investor Programme before opening it up to a second enrolment period, the PD said that the scheme's stated aim of creating a multiplier effect within the local economy was not being achieved.

Instead, the party said, the scheme had become synonymous with short-term gains, "shady" real estate deals and was jeopardising Malta's international reputation, with Henley and Partners enjoying a monopoly and working opaquely with "some PN opposition representatives". 

"Partit Demokratiku is in favour of a programme akin to the Individual Investment Scheme as long as its modus operandi follows best practice protocols, which include thorough due diligence and monitored safeguards," it added. 

READ: Selling passports is not about money, Prime Minister tells Dubai crowd

The party called on the scheme to be revised to remove Henley and Partners exclusivity and for suspect real estate deals to be investigated. 

"The IIP needs a fresh start. A cosmetic call for public consultation is not on," it said.

The PD statement suggests the party has softened its position towards cash-for-passport schemes. 

In 2016, the party had slammed the existing scheme as "unjust and elitist, where those with money are treated differently from those without" and said the scheme "must be revised so that all are treated equally." 

To receive a Maltese passport, IIP applicants must fork out €650,000 and provide a €150,000 investment in government stocks or bonds, as well as satisfy property requirements and pass Identity Malta due diligence procedures.