Tiny EU nation of Malta to start selling citizenship with practically no strings attached

Malta, a European Union member, will be selling citizenship with practically no strings attached for 650,000 euros ($865,000).

The Maltese Parliament on Wednesday approved the amendment to the citizenship law. The revised law is expected to go into effect within a few weeks.

Opposition Nationalist Party lawmakers have vowed to repeal the law and revoke all citizenships granted under it if their party returns to power.

Prime Minister Joseph Muscat predicts that selling citizenship will bring 30 million euros into government coffers annually and help ease the country's deficit.

Anyone 18 or older will be able to become a citizen of Malta, which has a population of 418,000. Neither investment on the island nor residency is required.

Purchasers are entitled to buy Maltese passports for immediate relatives for 25,000 euros.