Over €119 million generated through sale of citizenship scheme

€119,875,100 has been generated through the Individual Investment Programme, Malta’s ‘golden passport’ programme, justice minister Owen Bonnici revealed.

Bonnici – whose portfolio was recently extended to include Identity Malta – was responding to a parliamentary question by Opposition MP Claudio Grech.

“Were it up to the Opposition, who had ferociously criticised this programme, Malta would have lost all this income,” Bonnici said. “This programme has proven to be successful.”

In response to another PQ by Grech, Bonnici said that the government estimates that it will earn around €80 million from the IIP by the end of 2016.

“Income estimates for future years depend on the programme’s success. The government is committed to working in favour of it and we hope that the Opposition does the same.”

The IIP sells citizenship for €650,000 together with mandatory investment requirements of €350,000 in property and €150,000 in financial instruments.