The government is seeking the eventual phasing out of the cash-for-passports scheme as international pressure to scrap it continues to grow.
Sources informed Times of Malta that Prime Minister Robert Abela is considering putting a stop to the programme. This is because he was presented with an assortment of options to phase it out.
The Prime Minister could halt the programme outright, set a cut-off date within the next few years or even rework the scheme for the second time.
Profits from the programme, which targeted high net worth elite seeking easy and uninhibited access to the EU, went noticeably down. Professionals claimed that interest in the Maltese offering is on a steady decline, despite it having generated more than €800 million for Malta between 2014 and 2020.
Speaking to Times of Malta, agents said that sales are as lower as 40% when compared to two years ago. The invasion of Ukraine has made matters worse, as it lead to the suspension of Russian and Belarusian access. These made up around 30% of applicants in recent years.
The scheme has not been a stranger to controversy, as even Brussels believed that Malta was violating EU law by selling passports that allow the unrestricted access to the union. One source told Times of Malta that the government has already signalled to the European Commission that it is open to phasing out the scheme.
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