New articles in the foreign press have again drawn attention to Malta’s IIP scheme.

A report in The Financial Times said that the Maltese scheme “that allows wealthy investors to buy EU passports”, has drawn further criticism from MEPs over its “opaque” operation.

The article mentions that MEPs have urged the European Commission to take action after Members of the Maltese Parliament questioned how the rights to run the IIP scheme were granted to Henley and Partners.

It states that Maltese MPs said the government had failed to properly advertise the tender internationally.

MEP Roberta Metsola delivered a speech during a meeting of the Civil Liberties, Justice and Home Affairs Committee and the European Commission on Thursday.

“The sale of citizenship without any tangible connection or genuine link to a member state is something that is of concern. European citizenship confers certain rights that should simply never just be put up for sale,” she said.

“I have long been sceptical of cash-for-passports schemes which, to my mind, raise too many questions and create too many loopholes – particularly in terms of transparency and security – for them to be viable in the long-term.

“The lack of clarity surrounding the names of the people who purchase citizenship in such a manner only exacerbates these concerns. As we have seen with the Panama Papers leak, we cannot allow systems to be abused and we need to ensure that all the checks, balances and safeguards that are necessary exist.”

The article in the Financial Times said that both the Maltese government and Henley & Partners denied any wrongdoing.

“Malta’s programme has become a gateway for wealthy investors – mainly from politically unstable parts of the world – to secure a base in London. While relatively expensive, it promises a straightforward citizenship programme that then allows participants to operate throughout the 28-member bloc”, it said.

The article reports that London law firms have said that as many as three-quarters of their clients who are seeking investor passports use Malta or Cyprus.