Malta may shut down its golden passport programme

The Maltese authorities are considering phasing out the cash-for-passports scheme, amid shrinking revenue and growing international pressure. 
According to senior government sources, Prime Minister Robert Abela is looking into the possibility of ending the practice of selling citizenship to wealthy foreigners. The possible options include scuttling the program completely within the next few years or modifying the scheme. 
Commonly known as the Individual Investor Programme (IIP), Malta’s golden passport scheme benefits high-income individuals seeking to gain unrestricted access to the EU. Between 2014 and 2020, the programme brought in more than €800 million in revenue.
However, recent years have seen a clear downward trend in investor interest, which has affected the profits.  
The exclusion of Russians and Belarusians from the scheme, who accounted for 30% of applicants, has added to the decline.
In recent years, intense debates have been held on Malta’s passport sales, and the European Commission has called on the country’s government to terminate its golden passport scheme. 
Brussels accuses Malta of violating EU law by offering passports granting visa-free access to the Union in exchange for money.  
Source: Times of Malta