Media reports have even gone as far as saying that Malta has resorted to this tactic to fill its empty coffers. This is in stark contrast to what Prime Minister Joseph said in parliament last week when quoting the EU’s projections on Malta’s GDP growth, as well as the Finance Minister’s declaration on reducing the deficit 2.1%.

The approval of the IIP was reported worldwide, from the US, to Australia to Russia, Africa and Shanghai. The news has been splashed on the front pages of top news sites, including Reuters, The Telegraph, Der Spiegel, The Washington Post, The New York Times, Euronews, Corriere della Sera and CBS News.

Such stories have also attractive hostile comments from the readers, particularly in the UK, where the EU is mostly looked at with suspicion. And the usual Maltese commentators are also battling it out on the comment boards of these foreign news websites.

Italian news website La Notizia reports: “Casse vuote, Malta mette in vendita pure la cittadinanza. Servono 650 mila euro per diventare maltesi.” (Empty coffers. Malta is even selling its citizenship. You only need €650,000 to become Maltese.)

The website reports that the government intends to make €30 million a year from the scheme, and one can also acquire a Maltese passport for one’s parents for €25,000. “With the scheme, Malta’s coffers, which are strained by a heavy deficit, can start breathing again.”

The Chilean news website 24horas’ headline reads “Malta selling citizenship to get out of crisis.” LaPresse.it and l’Unita’s reports are on exactly the same lines.

Some say that a Maltese passport comes at a price of €650,000 with few strings attached, others say that Malta is selling citizenship to the rich while poor migrants drown off its shores. Others report that a Maltese passport comes with full EU benefits and US Visa perks – something which has raised eyebrows and could cost Malta its visa waiver with the US.

Facebook campaign against IIP

The Nationalist Party seems to be mulling a petition to force an abrogative referendum on the issue. But in the meantime many have taken to a Facebook campaing against the Individual Investor Programme. A number of pages have sprung up on the social networking site over the past few days. One of them calls on President George Abela not to sign the Bill to amend the Citizenship Act. The page, which was created by former PN treasurer Peter Darmanin, has so far attracted some 1,500 members.