Brexit hits passport scheme

The UK’s decision to exit the EU is having a negative impact on Malta’s individual investor scheme, with several local agents reporting a sudden dwindling of interest from potential passport buyers, The Sunday Times of Malta is informed.

It is a known secret that many of the buyers are not interested in setting up home in Malta but are using the scheme to acquire freedom of movement in the EU. This means the UK’s imminent withdrawal from the bloc is denting the attractiveness of Malta’s scheme.

“The UK was a very important selling point for Maltese passport buyers. Most of the Russian and former citizens of the Soviet Union were buying passports to go and live in the UK or send their children there. If this is lost, it may be the beginning of the end of the Individual Investment Programme,” one agent told The Sunday Times.

“Since the UK decision, we have received many queries about the scheme. Some applicants have also told us they are no longer interested in proceeding with their application,” another agent said.

The author: Michel DEURINCK

Michel Deurinck, born in Brussels in 1950, started his career in the Belgian civil service, dedicating over 30 years to public service. Upon retirement, he pursued his passion for journalism. Transitioning into this new field, he quickly gained recognition for his insightful reporting on politics and culture. Deurinck's balanced and thoughtful approach to journalism has made him a respected figure in Belgian media.

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