National Development and Social Fund revenue exceeds €200 million

The National Development and Social Fund (NDSF) has reported that, as of 30 April 2017, it total revenue recorded by the fund stood at €216,760,949.

The NDSF is a government agency that was established for the purpose of managing and administering 70% of the proceeds from the Individual Investor Programme (IIP) which started in 2014.

This would place the total revenue generated by the scheme at €309,658,498.

The NDSF noted that no withdrawals have been made from the fund so far, and that he funds “are held in a segregated account with the Central Bank of Malta.

Under the IIP rules, high net worth individuals can become Maltese citizens for €650,000, apart from a €115,000 investment in government bonds, and a €350,000 property (or €16,000 rental investment, annually for five years).

The scheme initially faced resistance by both the Opposition and European Commission, and has recently been at the centre of allegations of money laundering by individuals close Prime Minister Joseph Muscat.

Nationalist Party leader Simon Busuttil has since said that, if elected, he would “clean-up” the scheme and retain it.

Over the course of the current election campaign Prime Minister Joseph Muscat has frequently mentioned the fact that 70% of the funds generated by the scheme have been set aside to be used for big infrastructural projects.