This is about European competition: nothing more, nothing less

Malta gave competing EU member states a good run for their money… and our competitors are not at all happy about having been outflanked

Joseph Muscat on Fox TV, when he said Malta was
Joseph Muscat on Fox TV, when he said Malta was "cashing in" on new investors

I have never been terribly impressed with the quality of MEPs at the European Parliament. No, not the handful of MEPs elected to represent Malta... and who, with maybe one or two exceptions, seem permanently incapable of ever thinking outside the narrow confines of 'trying to trip up the other side'... and not those of other countries either; who from a distance seem to resemble a motley crew of comedians, mavericks, rabid extremists, ultra-nationalists and retired porn stars... with perhaps a few career politicians thrown in for the sake of appearances.

As institutions go, few would deny that the European Parliament attracts loonies much like a piece of rotting meat attracts maggots and flies. The reason, I suspect, is that when the chips are down it doesn't actually wield very much power; and most European populations have long seen though the charade, and tend to use EP elections for purposes other than electing their own representatives to Brussels and Strasbourg every five years.

Examples of such purposes would include 'sending out a message' to the government at home; or simply registering a vote of no-confidence in the structures of the EU as a whole (which explains why Eurosceptic parties such as UKIP tend to consistently do well in EP elections).

And the events of this week are likely to further consolidate the EP's growing reputation as a glorified confederacy of European dunces. Even as I write this article, the two MEPs representing the Nationalist Party are boasting all over the local press about how they have successfully humiliated our country at EU level... by forcing the EP to take a (largely inconsequential) vote on Malta's controversial citizenship-for-sale scheme.

Yes, I am aware many of you find the idea of selling citizenship distasteful. I'm not too crazy about it myself, for reasons I have outlined in another article. But the simple fact of the matter is that Malta is not the first country to view its own citizenship as a cash-cow... and as international criticism becomes more vocal, it is becoming increasingly clear that the real objections from other EU member states do not concern the principle of the matter at all. Only the mechanics, for reasons I shall come to in a moment.

Meanwhile, the scheme as it was initially (and clumsily) proposed has since been taken back to the drawing board. Practically all the Nationalist Opposition's original demands have now been taken on board: the anonymity clause has been removed; citizenship has now been linked with residential property acquisition and local investment... exactly as the PN has all along (quite rightly) demanded. Yet of course their objections have not been withdrawn... which need not surprise us, seeing as the underlying motive for wishing to capsize the scheme never had much to do with 'principles' to begin with.

Which brings me to this week's debate. To be blunt, the European parliament has simply no business to be discussing the issue at all. The acquisition of citizenship in any EU member state is very much a matter of national, and not EU competence. It is outside the EP's jurisdiction, and if you don't believe me, you may want to take the word of the European Commission instead.

This is what a Commission spokesman told the same EP last month: "This is a national matter. The Commission has no competence in this area and thus there is nothing for us to say."

And this is what was reported in this newspaper last Monday: "The UK believes that decisions about who is a citizen of Malta are a matter for the Government of Malta, British High Commissioner Rob Luke said in a right of reply to The Times of Malta..."

At which point you may well be wondering... hang on, why did the British High Commissioner even get himself involved? If it is not within the EP's competence to decide on Malta's citizenship rules... how much less is it within the competence of the government of the United Kingdom?

The answer to this question is, to my mind, the key to understanding what is really going on in Brussels this week. This is how the Financial Times - arguably the only international paper to have covered this issue properly - described the situation a couple of weeks ago (and it was in response to this allegation that the High Commissioner felt he had to comment).

"UK ministers are under growing pressure to intervene against plans by the island of Malta to sell EU passports for €650,000, allowing buyers immediate rights of residency in all member states... The plans have already prompted a backlash from UK and European politicians warning of a risk to national security, while immigration experts point out the threat to the UK's own 'investor visa' programme." (my emphasis)  

Got that? So, cutting through the enormous amount of bullshit that has piled up around this issue - i.e., all the talk of 'patriotism' and 'embarrassment to the country', etc. - what we are essentially left with is a very simple issue of competition between various EU member states, each trying to attract investment by fabulously wealthy, non-EU foreigners. And it seems that Malta's passport sale has thrown a spanner into the works of Britain's recently unveiled plan (which, if you ask me, is even messier and tackier than our own) to simply auction off 'investment visas' to the highest bidder... visas which will in time transform into permanent EU residency permits, complete with all the same entitlements and benefits as our own passports.

So according to the FT (which I might add is usually a rather credible news source) the UK is pressuring the EU to bully tiny little Malta into withdrawing its scheme altogether... not because of any moral objection, but simply because they can't actually compete with it themselves. It is a naked, undisguised attempt to quash the competition, in a move which many local businessmen will no doubt recognise as part of the typically mercenary, cutthroat environment in which they themselves operate every day.

And Britain is not the only EU member state to be playing this game... and to be rather pissed off at Malta for having swept the investment carpet from right under its feet. Austria likewise has a similar scheme which our own passport sale evidently threatens. And lo and behold: out pops Austrian MEP Hannes Swoboda, hastily donning the hat of President of European Socialists, to argue that Malta's passport scheme 'undermines European values'.

What he meant, of course, was that Malta's scheme might be more successful than his own country's equivalent scheme, and might therefore divert a few tens of millions of euros away from Austria and towards Malta instead. And being bigger, stronger, and better represented in the European parliament than tiny little Malta, Austria will pull no punches in its efforts to crush the puny upstarts once and for all.

And there you have it. Stuff all your fanciful notions of Malta having 'embarrassed herself' by selling citizenship. The truth is that Malta gave competing EU member states a good run for their money... and our competitors are not at all happy about having been outflanked. Which I fully understand, by the way. It is quite natural for Britain and Austria - and maybe other countries too - to try to damage Malta's commercial interests in order to protect their own. Not a nice thing to do, I know... but hey! This is the ugly, vicious and dangerous territory where commercial and political interests converge... so I suppose you can expect daggers and betrayals all round.

But what I (perhaps naively) do NOT expect is for Maltese MEPs to themselves enthusiastically lead the cavalry charge in defence of our competitors, and against their own country's interests. Which is precisely what Casa and Metsola have done - unwittingly, I would like to think - by seeking to engineer an EP condemnation that would in fact work directly to other countries' commercial advantage, at the expense of our own.

I for one would like to know why they are doing this. Why are the two Maltese MEPs representing the Nationalist Party actively doing Britain's (and Austria's) dirty work for them, instead of objecting to efforts by competing nations to drive us out of the market altogether?

I think we all know the answer to that one - I alluded to it myself in the first paragraph of this article - but I'd like to hear it from these two MEPs all the same. Wouldn't you?

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Jimmy MEPs represent the people, so step down from your throne and learn.
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FXT - for all that you aspire to a higher standard of English as well as, presumably, an intellect to accompany it, you remain sadly, sadly deficient in both. The first is self-evident from a perusal of your indignant, sputtering diatribe but the huge, huge failure of comprehension on your part is your dismal inability to understand that MEPs are not, repeat NOT, there to represent the countries from which they came. That is the job of local parliamentarians. MEPS exist to represent Europe, no more and no less. They align themselves with sectors within the Parliament but their job is to safeguard the welfare of Europe. You, and umpteen others like you, are utterly incapable of understanding that Malta does not send MEPS to Europe to represent Malta as they would in a Maltese Parliament but to add their voice to a EUROPEAN Parliament that represents Europe's interests. This is a concept so totally alien to your sclerotic, parochial mindset that it is probably quite beyond you to understand. Do, however, seek out some basic reading material on this subject and try hard to update your thinking a little .. would you ?
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joseph mercieca
During the European parliament debate on the IIP, the editor of MT I am sure gleefully compared the proceedings to a “Bloodbath”. The use of the word in that context reveals that the editor’s mastery of the English language to put it mildly is deficient. This is a malaise affecting all English newspapers on the island. More proof of the floundering of our once high standard of English. A word that would have fitted perfectly was MUDBATH. Thanks to Metsola and Casa and their insistence of mentioning only Malta, our island has been dragged through a gutter overflowing with mud and other unsavoury viscous material. I am sure Simon Busttil and his cohorts consider the outcome as a revenge the March trashing at the Polls. If they believe they achieved anything it was with the aid of foreigner. In March 2013 when the joust was on a level playing field they were not trounced but suffered a historical humiliation. In a battle there are the winners and the losers. In this case Malta was the loser. It was contemptible seeing Maltese MEPs who represent the Maltese nation malign it. It also illustrates what a deformed democracy the EU embraces when it lets member states gang on the tiniest member of the Union. I wonder if such would have been the case if Merkel’s Germany was concerned or Cameron’s Britain or other member states at that. One might reason this would not happen to them because they are the giants of the Union. It would not happen to them because notwithstanding the huge delegations they have THEY DO NOT HAVE FIFTH COLUMNISTS IN THEIR MIDST. Thanks to this caper Joseph Muscat is not angry but more resolute to see the project through. They Labour Party is used to extra parliamentary adversaries like the British Government, the church of Sir Michael Gonzi, the International media. Compared to them the Party can eat Mrs Reeding and the European Commission for breakfast. Let us see her pass a law interfering with the citizenship rules of France or Italy. Yea sure and Bob’s your uncle. Remember when Joseph Muscat pleaded with Gonzi to stop the hike on the utilities tariffs. Gonzi said that he was going to vote in favour with gusto. He had a majority of 0.75 of s seat. Do you think that Joseph Muscat with a majority of 9 seats will desist from passing the IIP. He has a formidable majority in Parliament and the support social partners. Should he scrap everything because of a bunch of misinformed MEPs the majority of who do not give a hoot about Malta just as long as they are on the Euro gravy train? Of course not. And let us face it what really worries Simon is the billion Euros 70% of which will go to strength the welfare state and enhance the quality of life of the people. It is not going in the pockets of an exclusive oligarchy of ministers their cohorts and their family as was the case in the last 25 years. Simon knows that as things stand he will be an old man to really fancy his chances of being PM. Thank God I will be long gone by that. PS Dear Editor I bet you will not publish.
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I agree with the title, this is the very essence of competition.
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What irritates me is the fact that for a number of years, non-EU nationals with no investment in Malta, got married to a Maltese national. After paying a sum of money to the Maltese national they had the right to live in Malta. After five years living in Malta apparently a married life, they applied for citizenship and became Maltese and applied for their marriage to be annulled (case law can be provided on this matter). There are hundreds of such cases with no investments. Once they became Maltese more family members came over to live in Malta and no government moved a finger to stop this abuse. Apparently, the PN government had amended the law that it made it a crime if one marries for convenience...but how many were actually taken to Court and had their citizenship withdrawn? NONE!! Is it now that it has become a problem in selling citizenship? I wonder if the PN would say if Donald Trump decides to invest in Malta and become a Maltese citizen? I do not give a damn what the EU states as it was ready to vote against an issue wihuch pertains to our national jurisdiction but they were quite reluctant to lift a finger when it came to illegal immigration.
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The only suckers here are you and your kind, Kultivator, 'ghaliex kien Joe Muscat li ddecida wahdu li ma jpoggix madwar il-mejda u jiehu d-decisjonijiet mal-kbar' . Kien Muscat li ddecida li jabbuza mill-fatt li hu biss membru wiehed ta' assocjazzjoni kbira u li jqahhab lilna u l-kumplament ta din l-assocjazzjoni biex jaghmel il-liri' - u fl-injoranza u l-egoizmu tieghu haseb li, peress li, hawnhekk, jaghmel x'jaghmel, int u bhalek ser iccapcpulu dejjem, l-Ewropej ser jaghmlu l-istess
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Dear Mr Galizia, indeed it doesn't. Once Malta starts selling its citizenship thru the IIP scheme, terms like national identity, patriotism and values, in other words, anything which makes us proud to be Maltese and European will become just hollow terms. This is a question of moral values and, in fact, it is like denying our own rich culture, language and history i.e. our own very roots. Even though you do not see it that way, others do and it is a shocking and shameful situation for a lot of Maltese, helplessly, watching Malta being publicly humiliated. This strait street mentality that everything and everyone has a price shouldn't be synonymous with the word Maltese.
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The Great Eddie used to tell us that this was going to be an 'Ewropa ta' madwar il-mejda fejn niehdu d-decisjonijiet mal-kbar'. For the suckers who believed him, here is your answer.
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Dear Raphael - have you noticed that the less cogent the argument and the less able the arguer to express himself, the more he tends to agree with you ?
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@not amused : The IIP has nothing to do with national identity,patriotism and values.The rest of the EU countries are sorry just because they did not come up with such a scheme themselves.Citizenship has nothing to do with identity.A Maltese passport does not give a Maltese identity.What makes us Maltese ? Our language,our culture and our history.Passports do not give you identity.They just help for a person to go from a country to another.My parents do not own a passport,they're still Maltese citizens and they still have a Maltese identity. The EP are reacting the way they are because of sour grapes and not to save our integrity. What Metsola and Casa did was degrading,disgusting,treasonous and downright dirty.Ask them what patriotism and national identity mean to them ? I am sure a lot of Maltese would be eager to know.
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A lot of Council members should not even have spoken against the scheme if they had a conflict of interest. Shame on the Maltese PN MEPs, history will rememmber them, for trying to humiliate their own country.
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The issue is twofold. Whilst I agree that there is an element of competition in these schemes, you cannot ignore the second motivation for the uproar: national security. In Muscat's over eagerness to quickly find a new source of income, some genius decided to throw some Machiavelli into the equation. All the schemes to date do compete with each other (just as tourist attractions compete) but they are inward focused. You will bid for a UK Visa at the proposed auction to live in the Uk. Similarly you will invest in Austria to live in Austria. They are competing fairly and thus tolerated. Malta decided to break ranks and offer a "product" that sells the other countries' social security systems. There is no mincing of words, people buying Maltese passports do not want to live in Malta but want to live elsewhere, perhaps because they could not get in by other means or because it was too costly. Whatever the reason, Malta is being flogged publicly for breaking ranks and competing unfairly (and arguably immorally). Yes it trumps other countries schemes but it is selling what is not its own to give or offer. International law is based on the inviolable principle that all countries are sovereign but they should not impinge on other countries sovereignty. So although granting citizenship is a national prerogative, granting it with the obvious intention of circumventing other countries' national prerogatives (due to the freedom of movement/establishment carrot) runs foul of this principle. Similarly European freedoms are a give and take affair - your people get to use them if we can use them on the same terms. By outright selling them to outsiders Malta is not using them on the same terms. The indignation that we are seeing is not at the fact that Malta is competing but at the fact that Malta ignored all written and unwritten rules out of the window to "get a piece of the action". And that is worrying. Post-public flogging, what this has done is set the wheels in motion for the EU to draw a line in the sand and set out in writing what it thought was a given that national rules for granting citizenship are not an EU competence but if they abuse of the EU Treaty then they will be prohibited and the perpetrators punished. Muscat and his ilk have been pushing the envelope in Malta for the past year conveniently ignoring any unwritten rules on ethics (with puerile arguments such as that it is not written). This is a warning shot at EU level that, though this may be tolerated by the Maltese who probably know no better, they need to learn the rules of how to govern a western country and play by them.
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Raphael - Whilst I agree with FT's insight that there is an element of competition between schemes, there is the sec
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I really cannot understand how people talk about our ‘sovereignty’, ‘patriotism’, ‘national pride’, ‘values’ and yet not realize that we are intending to unashamedly degrade our citizenship to a prostitute role, albeit an expensive one, to balance our financial excesses. Has partisan politics blinded us so much that we have become immune to any twinge of humiliation of what’s happening to our national indentity. The EP is not scolding us as an act of interference but to draw our attention to save what’s left of our integrity
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Well done Raphael for a good and fair article. There are many reasons for some MEPs as member state representatives to oppose this citizenship scheme and mislabel it. There are those countries who fear that our well devised scheme will win over potential grantees from their own schemes. There are the local agit prop PN acolytes who cannot fathom they are no longer in power and as they did in the 70's and 80's are willing to sacrifice national interests and the well-being of the workers because their greed can no longer be nurtured. There are some genuine left wing people who cannot accept that money can buy you a passport when thousands of irregular immigrants are being left in the lurch. Finally behind the scene there are those Brussels bureaucrats and fats cats who dream of usurping national sovereignty to create a federal state which they can control.
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Well done Raphael for a good and fair article. There are many reasons for some MEPs as member state representatives to oppose this citizenship scheme and mislabel it. There are those countries who fear that our well devised scheme will win over potential grantees from their own schemes. There are the local agit prop PN acolytes who cannot fathom they are no longer in power and as they did in the 70's and 80's are willing to sacrifice national interests and the well-being of the workers because their greed can no longer be nurtured. There are some genuine left wing people who cannot accept that money can buy you a passport when thousands of irregular immigrants are being left in the lurch. Finally behind the scene there are those Brussels bureaucrats and fats cats who dream of usurping national sovereignty to create a federal state which they can control.
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On this one, I am with you 1,000%. Very well understood situation and expose' of the matter. One small (huge?) divergence perhaps on this line "unwittingly, I would like to think". Try to think wittingly as I am sure you do, and the answer will flow out very smoothly. MEP voting will come round and citizens will express their pleasure or displeasure then. Double crossers should be hung from their hairpiece.
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Dear Mr Vassallo, questioning the competences of the MEPs is no excuse for the distorted principles of this scheme and neither is making references to the equally controversial schemes of other EU states as an endorsement for ours. It is glaringly obvious that the EP urgently needs to provide a framework for such schemes to stop the pimp like opportunism of some EU governments to cash in on the golden passport handouts. Malta's role in this issue may have been overplayed but by introducing our own scheme of cashing on immigration loopholes so shortly after our own PM making a huge fuss on irregular immigration and burden sharing - even threatening to ignore international law - Malta has again earned the scorn of our European peers.
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Abdullah alhrbi
Precisely Raphael, so competition is not to the liking of the bigger players particularly when peripheral Malta beats them to it. The reason why we can't have a civilised debate about national policy Mark M is because some do bat for everyone else's team but their own.
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@ms00461 - I would be worried if Malta didnt take this advantage to make quick money not the other way round. Ghaliex jiddispjacik jekk Malta taghmel quick money. Kellu bzonn il-gvern li kellna qabel ghamel il-flus daqshekk malajr. My beloved Joseph think how I can benefit but your beloved nationalists always thought how they can benefit. Thats the whole point
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Congratulations for defending your own country's interest, so different from what some other journalists and bloggers are doing- backing the PN's dirty and anti-national work !What a shame that we have in Malta a political party which has SOLD ITS SOUL to foreign countries' interest !
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@ Raphael Vassallo The link that you have posted in response to my comment belongs to an organisation that, not just as an accountant but a person with common sense, I strongly urge you to keep away from. The information it contains with respect to Austria and Malta is simply incorrect. Surely the less than perfect English was sufficient indication of this? Do you know anything about this organisation Raphael? Is this how, as a journalist, you check the reliability of the sources of your information? With respect to Austria, the following is an extract of how things are done there written by someone who unlike you knows what he is talking about. I have inserted a comment here and there to highlight differences with Malta. “There are four types of significant contributions you can make in order to qualify for citizenship in Austria in a fast track manner: Cultural. This category includes a famous actor, actress, poet, or other person who portrays Austria in a positive light and brings the country substantial benefits in the form of publicity, tourism, etc. It also includes individuals who make a substantial financial contribution to an Austrian cultural icon. Sports. This category encompasses famous football (soccer) players, skiers, etc., who star on Austrian teams, thereby leading to added prestige to Austria. Science. This category includes famous scientists and researchers or professors. Economic. This category covers persons who make a significant acquire, form, or bring a company to Austria, or form a joint venture with an Austrian company, thereby contributing to a substantial number of new jobs, increased exports, etc. An application for “instant" citizenship usually can be processed in 12-18 months, although occasionally it takes more time. This process, in virtually all cases, requires the assistance of a qualified intermediary, such as Jonathan. This is not only because of the political sensitivity of instant citizenship—applications must be handled with substantial “finesse” by the intermediary that you choose—but because every minister in the Austrian government must personally sign off on your application. Each of them must be convinced that your application is in the interest of the Austria. And it’s expensive—unless you're a famous opera star or one of the world's best soccer players, you'll need to come up with at least $3 million (including all fees) to qualify. What's more, the most clear-cut path to "instant" citizenship is by making a donation—not an investment. So once you spend the money, you won't get it back, unlike the Malta scheme, where after five years you can easily sell your property and your bonds at a profit and leave. (under Austrian law, the contribution is however tax deductible. Fortunately, the arrangement is structured so that you pay the bulk of the donation only after approval. All funds are kept in an escrow account, so your interests are at all times 100% protected. In short this is a scheme that is truly designed to bring the best of the best to Austria, can even not involve money, is NOT outsourced to a private firm(!!!) and has to be signed off by each minister in the government, to show that they are personally responsible for such a weighty decision as granting citizenship. It is why the Auistrians have shown such contempt for comparisons being made to their scheme by so many amateurs in Malta. Incidentally the same writer from where I have sourced my info has this to say about the Maltese scheme: http://www.nestmann.com/oops-malta-postpones-its-economic-citizenship-program To the many partisan Labour supporters here - this is not a partisan political issue. But I suppose even that is impossible to comprehend by many.
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Spot on! If you really want to know what the machinations of Casa and Metsola are all about, look up the similar tactics undertaken by the PN in the early seventies when Mintoof came to power. In a nutshell it is a case of 'if I don't get to play, I will spoil the game for everybody'.
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@Mark M The PN should have show their true belief in patriotism was when PN was heart and soul Malta would be exchanged with Eritrea and become part of Italy under Mussolini. Your rhetoric will surely impress no one as people living in glass houses should not throw stones.
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"Why are the two Maltese MEPs representing the Nationalist Party actively doing Britain's (and Austria's) dirty work for them, instead of objecting to efforts by competing nations to drive us out of the market altogether?" In my humble opinion what Dalli was charged for regarding the Smoking Directives , is happening now on this scheme. Time will tell what those two MEPs got out of it.
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@andaiden your beloved Joseph has not even told us what the criteria being scrutinised are. This is just a way of Malta making quick easy money.
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Well Said, A great saying the truth article, Its a shame when people elected to rappresent Maltese In the EU , work so actively against thier own country , this is not about Morality or Heritege,orsecurity, its all shamful Politics
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Casa and Metsola are a disgrace to this country. They are only doing harm to this country and hopefully they will be voted out from their position as MEP's in May.
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Mark M: 'why don’t countries like the UK and Austria simply offer citizenship too and beat little Malta at its own game?' They do. That's the whole point. Click on this link, and you will find that: "Austria is the 'only' country in Europe, officially offering citizenship program to foreign and non EU persons who invest a significant money , usually in millions of dollars in Austria. Austria offers business investors to obtain citizenship and an EU passport immediately without prior residence requirements on the basis of an investment in the country." http://best-citizenships.com/austria-citizenship.htm
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@Mark M - With people like you no wonder Europe is a club destined to fail. This article is spot on. No points more nor less. This is all about business and there is no patriotism in it. If Europe really worries for its citizenship, would worry for the 1000s of immigrants that enters Europe illegaly not for just 1800 wealthy individuals that will be scrutinized. Go on Jospeh. Bulldoze everyone and go on
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With journalists like these, no wonder civic pride is absent in Malta. No wonder our young grow up knowing nothing about our history or about what makes us Maltese. No wonder littering and eco-vandalism and disregard of cultural heritage are such huge problems. If the citizenship issue was just a question of ‘competition’, as this blogger puts it, then why don’t countries like the UK and Austria simply offer citizenship too and beat little Malta at its own game? Why do they stick to residency and confer citizenship only after several years of actually living in the country? This is because conferring citizenship is supposed to represent something special – more than just investment or cash. In fact in recent years the rules have been tightened dramatically in places like France, the UK and Belgium. And no, this is not just ‘bullshit’ as this blogger writes. Being Maltese may be bullshit to him – it is not bullshit to me. The blogger’s cynical mentality, so prevalent in Malta, is what allowed this scheme to be launched in the first place in its initial form – a straightforward cash sale to an uncapped number of applicants, later amended to include a ‘capping’ of 1800 (that can easily be several times that with ‘dependents’) and to require the purchase of ‘investments’ which can be easily sold after 5 years and which represent no commitment to the country. This cynical mentality is what allows us to see nothing wrong (nothing at all!!) (1) in selling our citizenship while denying it to poor immigrants, and complaining that other countries do not share the burden of giving them refuge. (2) Ignoring that the main selling point is not Maltese citizenship per se but the right to live and work in the EU, i.e. in other EU countries, and not being embarrassed about this (3) The huge damage in terms of reputation that this has caused Malta, not just among the time-wasters at the European Parliament, but where it counts, in the chancelleries of Europe and people on the street who read newspapers. (4) The very real risk that national governments will, unofficially, place Maltese passport holders under additional scrutiny (we all know this happens with certain countries such as Hungary, Romania, Bulgaria etc, especially in financial services, and if you don’t you are hopelessly naïve) or in the case of non-EU ones withdraw visa arrangements that have only recently been extended. All it takes is for one of these new citizens to be caught in some major scandal for Malta to suffer irreparable reputational damage, as with the ‘Erika’ shipping disaster several years back, when shortcomings in international shipping certification norms were, albeit unfairly, blamed on us. Competition? Really? I am a Maltese expat working in financial services in another EU state. Don’t make me laugh. In our industry reputation is everything and, like it or not, reputation is built upon perception, especially for small countries. Malta has shot itself in the foot for very short term monetary gain. The many stakeholders in Malta such as Finance Malta who are ‘supporting’ the amended scheme are only doing so in order to limit the damage, reduce the media exposure and put this thing in the past.
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Bingo!!