Update: The Prime Minister, Dr Joseph Muscat in a press conference earlier this evening at the Auberge de Castille announced details of the new individual investment programme, which he said will be capped at 1,800 applicants.

Dr Muscat said that prospective applicants would be required to make an investment of €1.15 million, this would include a contribution of €650,000, 70% of which would go into a national development and social fund run by a board of trustees, with the remainder going into the consolidated fund.

The Prime Minister added that such applicants, would be required to make a €350 ,000 property investment, or an annual rental of €16,000, both of which would be on five-year contracts, as well as a €150,000 investment in bonds or shares which were to be kept in Malta for five years.

“This total of €1.15m will create a bond with the country in a tangible manner,” Dr Muscat said.

The new programme is to be run by Identity Malta, which is a new Government agency, but Henley and Partners are to remain agents, together with other financial operators such as PWC and Deloitte. There would be no monopoly, the Prime Minister said.

The details of the programme had been agreed with the Chamber of Commerce, Finance Malta, the MHRA and the organisations representing estate agents, the PM said.

Earlier this afternoon, talks on the citizenship scheme were called off between the Government and the Opposition, when no agreement was reached.

The meeting was held between Prime Minister Joseph Muscat and Opposition leader Simon Busuttil. Dr Muscat said at the end of the failed meeting that unfortunately the talks had failed, adding that the Government does not want to discard what has been achieved so far on the individual investor programme.

It had been thought that an agreement could be reached between the Goverment and the Opposition on the scheme, following progress in previous talks.

The Opposition insist that the Individual Investor Programme should only grant citizenship on the basis of residence or investment in Malta, and not on an outright sale of citizenship, as is now proposed.

It had been hoped that through the meetings that were taking place Prime Minister and Dr Busuttil had hinted that talks were making good progress and consensus could be reached.

The Leader of the Opposition, Dr Busuttil, today presented a letter to the Prime Minister during the meeting saying that the Opposition could never accept the sale of citizenship on a matter of principle.

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