Expat alert: 'Buy' Maltese passport, become European citizen

Malta has announced it will start selling Maltese citizenship for EUR650,000 (Dh3,200,000).

The passport will grant the buyer freedom to move to, or reside in any of the countries of the Schengen visa zone.

The proposition became a fact when the Maltese Parliament voted in favour last Wednesday, announcing it would go into effect within a couple of weeks.

The purchaser is not required to reside in the country, or invest in the country. A minimum age of 18 is required and criminal records will be checked.

Furthermore, purchasers will be able to buy citizenship for their direct relatives for the price of EUR25,000 (Dh124,000).

Prime Minister Joseph Muscat was quoted as saying that the programme would attract wealthy individuals who could help change Malta's economy.

He predicted it would help bring in EUR30 million per year and help ease the countries deficit. However, fierce criticism has come in from the opposition Nationalist Party vowing to repeal the law and revoke all citizenships sold if their party returns to power.

With no specific requirements, the programme might be one of the most straightforward economic citizenship programmes of modern century, appealing to a wide public interested in the unlimited access to European countries.

Similar plans are currently under way in Spain, with a draft law offering Spanish residency to people willing to make an investment of EUR500,000 (Dh750,000) in the local property market.

However, the investment is not a guarantee to citizenship. After the investment is made the resident would be permitted to reside in Spain for one year.

After that a two-year residency is offered, which is renewable every two years. Furthermore, certain financial requirements must be met.

Economic citizenship programmes also exist outside Europe, such as in St Kitts and Nevis, and Dominica. Similar to Spain, the residency is not obtained by a simple purchase, as the investment is channeled to specific fields in need of a financial injection.

On the positive side, a passport of St Kitts and Nevis guarantees visa-free travel to over 130 countries including the United Kingdom, Schengen countries and Canada.

There are no language requirements and the applicant does not need to visit the country once.

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