Fund Accounts for Maltaโ€™s Golden Passport Sales for 2021 Still Not Published

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A fund that administers hundreds of millions of euros brought to Malta from the Golden Passport scheme has still not made its audited accounts for 2021 public.

The National Development and Social Fund was projected in 2015 with the aim of using a percentage of the funds that were brought into Malta from the Golden Passport programme, which grants foreigners citizenship in this country provided they make a financial investment in this territory, SchengenVisaInfo.com reports.

In this regard, a spokesperson for the funds stressed that the report and audited financial statements will be published once the final stages of review are concluded, which is set to happen soon.

โ€œThe annual report and audited financial statements are in the final stages of review and will be published once this process has been concluded,โ€โ€“ a Fund spokesperson pointed out, according to Times Malta pointed out.

The same noted that the fund attributed the delay in publication following the changes in auditor after the fundโ€™s internal policy dictates that it changes auditor every five years.

In addition, according to the last available financial statements that date back from 2020, the National Development and Social Fund received a total of โ‚ฌ27.8 million in revenue from this programme, taking the total amount of proceeds after its inception under โ‚ฌ600 million.

Maltaโ€™s Citizenship by Investment Scheme, knowns as the Golden Passport program, permits wealthy foreign investors to acquire citizenship in this territory if they meet specific requirements and make a financial investment of at least โ‚ฌ1 million.

A total of 1,532 requests for Maltaโ€™s Golden Passport scheme have been received by authorities in Malta, since 2014, based on the figures provided by the Minister for National Security, Byron Camilleri.

According to the Minister, citizens from North and South America, Asia, the Oceana, as well as the Gulf countries benefited the most from this scheme.

In addition, a report in Times Malta revealed that โ‚ฌ27.8 million in revenue from the Citizenship by Investment scheme were received by the National Development and Social fund.

Still, following reports of its involvement in unlawful affairs, the European Commission urged Malta to terminate its Golden Passport scheme, also calling all European countries that offer Golden Visa Programs,โ€“ similar to the Golden Passport scheme- that permit wealthy internationals to acquire residency in exchange for a financial investment to terminate them as soon as possible.

In addition, the European Commission previously confirmed that it would take Malta to the European Court of Justice after its involvement in illegal affairs.

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