A JOINT INVESTIGATION BY Maltese and British reporters has found alleged loopholes that allow wealthy individuals from the Middle East, Asia and elsewhere to acquire European Union passports with minimum effort, in exchange for cash. The investigation concerns the so-called “cash for passports” scheme, which was launched by the government of Malta in 2014.
The scheme allows foreign nationals with no family connection to the island country to acquire a Maltese passport, if they invest €600,000 ($720,000) in Malta and purchase a residential property worth at least €700,000. Alternatively, they can sign a five-year lease on a residential property and donate €10,000 to charity. They then need to live in Malta for three years before they can claim citizenship in the European Union nation. However, the residential period can be reduced to one year if they invest €750,000 instead of €600,000 in the island country.
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Dapo has spent too long at home in Lagos, Nigeria. Back in October, protests against the SARS police unit kept him from going to his office. “First, we were told to stay at home because of the coronavirus. Then this,” he says.
A wealthy Nigerian, Dapo, who is in his late 30s, does not want to make himself identifiable by giving his surname and age, lest it draw unwanted attention.
He has had a “backup plan” for getting out of Nigeria for some time, he says. “I have Maltese citizenship. I can leave for there any time.” With one small obstacle – a 14-day quarantine upon arrival – Dapo could be permanently in Malta any time he pleases. He is not planning to go imminently, but describes it as his “plan b’’.