Malta's citizenship scheme, known as the Individual Investor Programme (IIP), has received over 400 applications since its launch early last year, Henley and Partners said in a statement. 

This will result in a foreign direct investment of over €450 million from people of more than 40 nationalities.

"This foreign direct investment comprises deposits, bonds, and real estate among other elements, and equates to approximately €10 million per week," Henley, who operate the scheme, said. 

The first letters of citizenship approval-in-principle have been issued, and the first applicants will be issued with their certificates of naturalisation soon after their contribution, investment and residency requirements are fulfilled.

Andrew J. Taylor, Vice-Chairman of Henley & Partners, said:"Our firm understands the finest details of the IIP because we designed and created it with the Government of Malta. We are proud to work with the majority of families applying for citizenship through the program, who choose Henley & Partners because we are best positioned to ensure applicants adhere to all government regulations and follow all steps needed for a successful application."