In spite of sharp criticism by the Nationalist opposition, Prime Minister Joseph Muscat was in London this morning to pitch Malta’s citizenship plans at an event organised for high-value businessmen.

Less than 24 hours before, opposition leader Simon Busuttil said in parliament that a Nationalist government would not exclude withdrawing the citizenship granted under the scheme.

There was no mention of that by Dr Muscat, when he spoke at the Malta Individual Investor Programme – A New Citizenship-by-Investment Option in Europe.

He pointed out that Malta is in the EU, with reciprocal access to the European market, and sharing the common currency of most of Europe. “Soon,” he said, “Malta will be proud to be in the driving seat of the European Presidency and our stunning capital city Valletta will be the European Capital of Culture. Next year we will celebrate our 50th anniversary as an independent nation and our 10th year as a member of the European Union.”

With measures already taken, and others in the offing, they were setting the economy on the road to prosperity, he said.

But they needed to do more. “My government this week has presented before Parliament the second reading of amendments to the Citizenship Act that are aimed at continuing the growth and transformation of our economy. Our focus is on the attraction of extremely highly talented and networked people from around the world by offering them the possibility of sharing the Maltese and European journey that we as a nation will make in the future.”

“What does citizenship mean to us? What does Maltese citizenship entail?” he asked.

“Citizenship is not a transaction. In my opinion, Maltese citizenship is an ongoing exchange between the Maltese people and their country. It is the relationship of building together a nation that through our collective efforts makes something unique and special.

“It is this contribution of active citizenship that makes a nation greater than the sum of its parts. As a nation, we know that quite separately from the individual lives that each of us live, there (are) components of our culture that require our collective efforts to succeed.

“Despite being such a small nation, our pride in our work, our willingness to support charities and volunteer our time in NGOs shows me that for us as nation, citizenship is not a transaction but a relationship.

“This relationship is a collective one. It means being able to rely on each other in difficult times and being there to celebrate the good times together. It means making individual sacrifices for the greater good, and knowing that no matter what happens there is a safety net – Maltese society that will always help you get back on your feet.

“And collectively, and perhaps what defines us above all else as parents and as citizens, is the determination to leave behind us a better life and a better country than the one that we inherited.”

To achieve the improvements the government is committed to achieving there is a choice. “Should we burden our taxpayers with more taxes? Should we borrow today so that our children pay tomorrow? Or should we attract the best talent that the world has to offer? The answer for me as Prime Minister is obvious.”

Malta’s ability to attract the investment not only financially but in knowledge, expertise and networks will open a new approach that will complement existing programmes such as the global residents programme, but it will go beyond this.

Dr Muscat said the offer and acceptance of Maltese citizenship reflects the most substantial investment of the most precious and limited commodity that any of us has – time. “The time that new Maltese citizens will share with their new-found home will allow us to build together a stronger and more prosperous nation. Our gift to each other will be the willingness to share our paths.”

With no substantial natural resources so far, talent is Malta’s gold. People are Malta’s treasure and the Individual Investor Programme (IIP) is aimed squarely at importing more of what is most truly precious to Malta.

“We know that it will help us consolidate and build upon what we have and at the same time open new opportunities to us and future generations. My government recognises that more than any other resource, this is the one thing that we cannot have enough of, and we realise that all things being equal, this talent will be pivotal in the success of our nation.”

They were late in entering this global framework to attract talent. Too much time has been wasted in the past in tinkering with existing programmes in the hope that somehow, eventually, the answer would present itself.

“My government,” the Prime Minister said, “is ready to innovate and is committed to delivery. With the Malta Individual Investor Programme, we will bring our Citizenship laws into the 21st century, placing us at the forefront globally of citizenship by investment programmes. We will lead in Europe by offering the most straightforward access to High Net Worth Individuals who seek a better way of life.”

They would be strict in their scrutiny. “In recognising that there is significant international interest in investment migration,” Dr Muscat said, “my government has established and will execute the most rigorous Due Diligence of any programme worldwide. And aside from the independent due diligence agents that have a worldwide reputation, as a state we have additional tools that will leave no stone unturned in the scrutiny of any applicant prior to admission.

“We will resource our newly created agency, Identity Malta, with professionals whose commitment to efficiency and service is backed by procedural knowledge, experience and expertise.

“Malta has an international reputation that we are proud of. But we cannot rest on our laurels. We will continue not only to protect it but also develop it. My government has been given the clearest mandate in many decades to bring new ideas and innovations for the good of the country and we will not shy away from this task. Our people have told us that the status quo was not acceptable and have charged me and my government with taking our country into the 21st century.

“We will continue to support our thriving and stable financial services industry since they will be an essential component in the investment mix of our future growth. Our practitioners are amongst the best in the world and will offer to successful applicants the best advice and access to local, European and Global markets that can be found.

“We will work relentlessly and whole-heartedly with a commitment to attract investment and talent to Malta. The time is right for us to take this bold step forward to ensure that a lasting legacy is created for future generations. We are confident that this is the right thing to do for Malta. We will attract the right people to create more prosperity for Maltese society.”

The Prime Minister said the process of application will be thorough and not everyone will manage to successfully apply, “but for those that do, the enduring relationship of citizenship by investment will be their reward”.