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We truly embrace the value of open communication, particularly when discussing topics as fundamental as citizenship and residency rights.
Citizenship represents our core identity and our position within the global community. This explains our careful consideration of feedback regarding the previous program and our commitment to incorporating constructive input from all stakeholders. We approached this matter with complete objectivity, recognizing that citizenship deserves treatment free from partisan influences. No political agenda should overshadow this important discussion.
Numerous inquiries have been raised: Are we compromising our national heritage? Our unequivocal response is that national identity cannot be commodified. Instead, we are creating pathways for accomplished individuals to contribute to our nation's development through strategic investments.
Our comprehensive approach includes finalizing the current Individual Investor Programme, dissolving the Malta Individual Investor Programme Agency, modernizing all residency frameworks, and creating a dedicated authority to oversee citizenship pathways and update relevant legislation. It's worth noting that many nations provide comparable opportunities with significantly less rigorous oversight and verification procedures.
Questions have emerged about whether we should completely abandon citizenship-related initiatives due to concerns from European institutions. However, the authority to grant nationality remains an exclusive right of individual EU member nations. Safeguarding our national sovereignty aligns with principles embedded in EU legal frameworks.
The updated framework requires applicants to maintain residency in Malta for three years prior to citizenship application, with provisions for accelerated processing through substantial investments after just one year. Historical data demonstrates that many applicants have established successful businesses in Malta, with more than 70 companies launched by successful candidates to date. We aim to expand this entrepreneurial activity and have engaged the Chamber of Commerce to support this objective.
Prospective citizens must undergo a preliminary eligibility evaluation before formal application, involving comprehensive background screening. The new authority will enforce the most stringent global standards for due diligence and verification processes, collaborating extensively with domestic and international law enforcement agencies, financial regulators, and tax authorities.
An impartial oversight body, selected with Opposition consultation, will review all agency decisions and application procedures. Authorized representatives assisting applicants will be restricted to professionals with expertise in anti-money laundering and counter-terrorism financing regulations. Public disclosure of all new Maltese citizens will continue as established practice.
What drives this comprehensive reform? Primarily, these updated regulations will provide essential economic resources for Malta during periods of financial necessity.
While distinct from the IIP, Malta's strategy for attracting global investment has delivered tangible benefits nationwide through substantial financial commitments, including €50 million for social housing initiatives creating 500 new units across 22 locations, €10 million for modernizing 8 health centers and 54 clinics, €950,000 for enhancing Mater Dei Hospital's cardiology facilities, and €5 million for Puttinu Cares to develop housing for cancer patients and families in London. The previous program has strengthened Malta's financial reserves, proving invaluable during the current global health crisis.
The new framework will accommodate 1,500 families annually. Comparatively, the EU integrates 700,000 new citizens yearly, representing just 0.1% of total EU population growth. These individuals undergo rigorous screening, contrasting with the majority who face minimal or no background verification.
We approach this with a collaborative mindset, ready to engage in dialogue at both national and international levels with interested parties and stakeholders genuinely concerned about our nation's future.
We welcome detailed discussions on this critical topic to foster productive dialogue. We rely on well-informed perspectives and remain optimistic about achieving agreement on matters of such significance to Malta and Gozo's residents.
