Why are the wealthy panting behind the Malta passport?

The European Union is looking into the rule of law in Malta, because many wealthy people want to obtain European citizenship and its benefits.

Author Adrian Lupith said in a report published by the Spanish newspaper "The Confedencial" that the situation in Malta has always been under the scrutiny of the European Commission since the murder of journalist Daphne Caruana Galizia in a car bomb in 2017.

But a few months ago, an investigation was conducted into the golden passports that this European country grants to the wealthy, which a parliamentary delegation described as a way to import criminals and launder money across the European Union.

The writer pointed out that the Maltese citizenship has become a large global market for the wealthy who are looking for low taxes, elite education or political reasons.

Therefore, a questioner asks: How much does it cost to obtain a Maltese golden passport? Can anyone have it? Unfortunately, with the money you can get it all, says the author.

The author indicated that the EU member state grants a passport or a golden visa to the person who pays money for it. This practice has been very common in the European Union in recent years, but last January, Brussels resolved to start ending these violations. .

Investment plans
According to a report published by the European Commission, this method is adopted to open doors for the distinguished, as the Maltese government submitted a plan in 2014 to attract the wealthy and their investments.

If you want to obtain a Maltese passport, you must contribute about 650 thousand euros to the National Development Fund, as well as buy 150 thousand shares worth at least 350 thousand euros, or rent equivalent to 16 thousand euros annually.

According to the author, anyone who wishes to obtain Maltese citizenship must have a residence permit for more than 12 months, knowing that he does not need to live there.

Since this process came into force, more than 8,300 investors in addition to more than 2,100 family members have acquired Maltese citizenship.

Although there was a decrease in the purchase of passports in 2018, this scheme contributed to the collection of Malta, equivalent to 1.38% of the GDP in that period.

Is it illegal?
Vera Jurova, the European Union Commissioner for Justice, Consumer and Equal Opportunities, explained that once a country offers its nationality for sale, it also sells the nationality of the European Union, which means that it practically sells something that it does not possess, not to mention that the European Commission does not have the power to prohibit this scheme and cannot act Anything.

The author pointed out that even if the European Union suffers from this problem, there is a shared responsibility, because once a person obtains citizenship or residency in a member state, he thus gains a series of rights that the entire community group has.

For this reason, Brussels proposes to create a group of experts charged with submitting a report with evidence at the end of each year that would help to create a system that fully complies with European standards.

The Maltese government did not disclose information about the countries to which those applying for golden passports belonged, but rather provided information by region, and European countries are the most common sources, followed by the Middle East, the Gulf and Asia.

The Organization for Economic Co-operation and Development also published in 2018 a report in which Malta was blacklisted among countries at risk of tax evasion, although its government states that it is studying the documents of each applicant, especially those at political risk.