The International Investor Programme – more commonly known as the citizenship scheme – will not be netting €30 million as Prime Minister Joseph Muscat has been saying ever since the scheme was launched.

According to the financial estimates of the Home Affairs Ministry, which were published along with the budget proposals Monday, will bring only €15 million to the country’s coffers next year.

A law currently being debated in Parliament will enable the government to sell Maltese citizenship to foreigners at a cost of €650,000 million.

Dr Muscat has been reported several times saying that Malta will rake in €30 million from the scheme, which has been strongly criticised by the Opposition. Now it seems that the government is not so sure, and has gone for a more conservative €15 million estimate.

In reply to a question on the matter, at a press conference this afternoon, Prime Minister Joseph Muscat said that besides  the revenue listed in the Budget, another €15 million will go towards the national development fund. This will be for social projects and others to which the civil society and NGOs can apply.

A new law must be passed for this to be set up.