OREANDA-NEWS. The Sunday Times of Malta reports that the authorities of Malta intend to introduce a new system of obtaining citizenship in exchange for investment. This was stated by Parliamentary Secretary for Citizenship and Communities Alex Muscat.

The country is currently operating the Malta Individual Investor Programme, adopted in 2014. In accordance with it, Maltese citizenship can be granted to investors who have contributed 650 thousand euros to the National Development and Social Fund, 350 thousand for the purchase of real estate (or 16 thousand per year for rent), and 150 thousand euros for some financial instruments. When the programme was launched, a limit on the number of its participants was adopted: 1.8 thousand people.

According to Muscat, more than 70 % of this allocation has been reached. “At this rate, the programme will have been exhausted within months,” he said. “Given that the scheme has raised over 1.3 billion euros in revenue, how long can the country afford to wait for the second programme to start?” Muscat asked.

The politician did not name the exact date for the introduction of the new scheme, but made it clear that this would happen this year.