Labour welcomes consensus on IIP

Labour welcomed the 'agreement" reached on the Individual Investor Programme (IIP) adding that the government showed that it was prepared to listen.

Yesterday, Prime Minister Joseph Muscat announced that the revamped citizenship scheme will require wealthy foreigners to invest at least €1.15 million in order to obtain a Maltese passport. Applicants must also invest in property and government bonds and shares before being granted citizenship.

Moreover, the scheme will no longer be led by the private company Henley and Partners whose contract will be revised. The programme will be capped at 1,800 successful applications and once this number is reached, the programme will be withdrawn. 

"The consensus reached on the new programme confirms the Prime Minister's good judgment and Opposition leader Simon Busuttil's isolation and negativity."

In reaction to the changes announced yesterday, the opposition said that Muscat was "ploughing ahead" with the programme in complete disregard to the objections raised by the PN and the people.

PN leader Simon Busuttil insisted that the scheme should be scrapped because it remained one of a sale of passports.

In a statement issued today, Labour pointed out that the changes carried out in the IIP were not cosmetic "but they will greatly benefit the country."

"The opposition is isolating itself further by failing to make the final step forward to ensure that the programme is endorsed by all. Instead it chose to stray aside, away from government, the social partners and the people," Labour said.

It reiterated the government's willingness to take the country forward and work together with everyone, including the opposition.