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Malta to sell European citizenship

European Union member Malta is set to begin selling citizenship for a mere $865,000 a pop.

Malta cityEnlarge
Zejtun City Center in Malta. (Wikimedia commons)

European Union member Malta has decided to begin selling citizenship — for a mere $865,000 — to all comers, in an effort to bring in revenue and attract wealthy new residents. 

Maltese Prime Minister Joseph Muscat said that the new scheme was intended to encourage investment. It is expected to bring Malta some 30 million euros (about $40 million) in the first year, equating to about 45 citizenship sales, according to The Telegraph.

More from GlobalPost: Malta defies EU, rejects African migrants 

The island country is a member of the European Union and also lies within the Schengen borderless travel area. The European Commission has concluded that member states have full sovereignty over the choice to sell nationality, wrote Malta Today. 

Who's eligible? Anyone over the age of 18. You don't need to make an investment or own property in Malta to be considered. 

Malta is located in the Mediterranean Sea and has an area slightly twice the size of Washington DC, with a population of 411,277 — for now. Its economy is dependent on limestone, manufacturing and especially tourism, with over 1.44 million vistors dropping in in 2012. 

Which other nations sell citizenship? The Caribbean islands of St Kitts and Nevis will allow you in for a mere $250,000. A few people are granted Austrian citizenship by means of investment or "rendering exceptional services on behalf of the Republic," although it's definitely not as easy a path as that offered by Malta. 

Here's a video of showing Malta's natural beauty. Let's see if it makes the sale.

http://www.globalpost.com/dispatch/news/regions/europe/131113/malta-sell-citizenship-the-public