Passports for a lot of money – Cash-for-Passport programme
According to the news service Politico, Malta’s cash-for-passport programme, which has been in place since 2014 and allows wealthy people to become Maltese citizens for a large sum of money, has been sharply criticised. In doing so, they also become EU citizens. Kurt Farrugia, spokesman for Prime Minister Joseph Muscat, said that about 700 passports have been issued to non-EU citizens since the programme was launched. The “citizenship programme for the rich” has so far brought more than €200 million into the Maltese treasury. The question is whether this has really all gone to the state (editor’s note). Prime Minister Joseph Muscat’s spokesman Kurt Farrugia said almost 700 passports have been issued to non-EU nationals since the programme’s launch in 2014. This approach should therefore be viewed critically as it undermines the concept of EU citizenship and thus creates security risks and also opens backdoors for citizens of countries to circumvent sanctions against these countries.
Conditions for application:
€ 650,000 contribution to the national development programme
€ 150,000 investment in government bonds or shares.
€ 50,000 for child or wife.
€ 350,000 must be the value of a property owned for at least one year to be eligible to apply.
Rich families take advantage of the programme
It has become apparent that many families are taking advantage of the Cash-for-Passport programme. 203 applicants secured citizenship for their 500 children. According to Farrugia, applicants have to undergo a very detailed application process as this is to ensure the quality of the applicants. Farrugia stresses that 25% of applicants are rejected. Of course, applicants must not have a national or international criminal record or be currently wanted by the police. It is also noted that many other countries open the doors to the EU through VISA or other residence permits. Apart from Malta, only Cyprus and Austria are willing to open the doors of Europe for proper investment.
EU criticises “Cash-for-Passport” programme
The EU Parliament criticised the programme harshly when it was launched. No one should be able to buy EU citizenship. It is, after all, an extremely powerful instrument for increasing mobility. But since the EU has no influence on the immigration policies of its members, there was no choice but to recommend at least a residence clause, which was subsequently integrated. Henley and Partners, who drafted the naturalisation treaty, market this “product” through 137 agents, including consultancies such as EY, PWC, KPMG and DELOITTE. Although the EU has no power on this issue, these investment schemes are, however, monitored by the EU.Commission.