Malta revives plan to sell citizenship in EU nation, raising investment to about $1.6 million

The Maltese government has revised its plans to sell citizenship in the EU country, raising the threshold of investment without introducing a residency requirement.

Prime Minister Joseph Muscat told reporters Monday the new requirements include a total investment of 1.15 million euros ($1.57 million). The investment comprises the original 650,000 euros to buy a passport plus a 350,000-euro property investment and another 150,000 euros in bonds or shares for at least five years. The scheme will be capped at 1,800 passports.

The opposition said it will oppose the scheme when the legal notice is presented next month in parliament, the last hurdle to implementation. But they lack the numbers to block it.

The government revised the plan after a public outcry, but failed to reach any accord with the opposition.