Does anyone have a good word to say about the sale-of-passports scheme?
Published:
October 31, 2013 at 12:41am
Here’s somebody else, tearing right into it. Link below.
13 Comments Comment
Leave a Comment
http://www.timesofmalta.com/articles/view/20131030/local/Investor-scheme-slated.492480#.UnDxhvk_tKN
U l-kotra qamet f’daqqa u ghajtejt “Jien Maltija
Il-passaport le nbieghu,
ghax ma rridx li Ciniz Jew xi Russu
Ghal ftit euro Issa isir hija
U l-kotra ghanniet f’daqqa – u semmghet ma’ l-irjieh
Id-demm ghaziz Ta’ Malta zgur qatt m’ghandu jimbiegh
U l-ombra ta’ Vassalli mill-qabar terga tqum,
U maghha ta’ Nerik ukoll dik ta’ Dimech
Ghax Malta tal- Maltin biss…U ghandha tibqa hekk !
Prosit.
Xi dwejjaq ta’ mentalità. Din il-poezija mimlija razzizmu, Norman Lowellizmu stupidu (“demm ghaziz”) u gharfien patetiku tal-istorja (Nerik Mizzi? Dak riedek b’passaport Taljan. U Manuel Dimech riedek b’passaport tal-Imperu Britanniku.)
From Malta’s perspective, I cannot exactly see where the investment bit comes into this scheme of sale of the Maltese passport at a cheap price, which is being branded “Individual Investor Program.”
In fact, I suspect that what the government means by adopting that name is that, at the price and the terms on which it is being offered, the Maltese passport represents an ‘investment’ to the buyer, just like acquiring a property or some shares.
For a government led by a Prime Minister whose only job ever in the private sector was that of selling investment products at Crystal Finance – a company controlled by a possible future deputy governor of the Central Bank and where one of the directors is the daughter of John Dalli – this does not come as a surprise.
Which suggests that the buyer will reap future dividends and interests from the ‘investment,’ while possibly benefiting from some capital appreciation as well. The only downsides are that for the time being, the passport is not transferable, and, unlike Crystal Finance’s bond investments, the capital is not guaranteed.
Of course, the crooks who will get hold of a Maltese passport bearing their name will see it as a refuge in turbulent times.
In the short term, it will boost their personal profile considering that it will be better to show an EU passport than a passport of some undemocratic dictatorial country. So the capital appreciation is immediate. Incidentally, would that be taxable under the capital gains law? Perhaps Edward Sigg Luna can look into it before the budget.
A cash outlay of euro 650,000 is, indeed, quite an ‘investment.’ Compare that, for instance, to Joseph Muscat’s own largest-ever investment – besides his car (on which he is due to pay himself the VAT back, and which at the moment is paying a nice dividend of Euro 7,000 p.a.) – which consisted of a handbag for his wife…
Which makes me wonder about those situations where ‘investors’ buy more than one passport for a whole family – with the added benefit of prices being reduced to as little as euro 25,000 – would those situations qualify as a “Collective Investment Scheme”?
An “Individual Investor Program” does sound in fact, at best like a scheme that needs regulatory approval by the MFSA, and at worst, like a Ponzi scheme.
Where exactly is Malta’s gain in this “investment” program?
It’s clear as daylight to anyone with a thinking brain. Joseph Muscat sees himself not merely as a prime minister, but as a name in the history books.
He wants to go down as the Salvatur of the 21st century.
So his strategy is increase government revenue, no matter how, so he can distribute even more freebies to the (largely undeserving) electorate.
It’s a dream, alas, that was kept alive during the PN’s tenure in government, by political leaders for whom the bottom line in politics is really the bottom line.
Eddie Fenech Adami was different. He spoke about civilisation, and freedom, and justice. Simon Busuttil also seems to be different.
Call me a Puritan, but I believe that politics should be about the common good, and that wealth is not equal to money.
Precisely. Wealth is there to be accumulated. Money is there to be spent.
This one “funny” comment on the commentary under the said article:
“Edmond Micallef
Bhal mal-PN dejjem jikritika li min hu favur il-politika tal-partit laburista u jittimbrah li hu laqghi tal-Labour, zgur li bl-istess argument, dan hu xi nazzjonalist imdejjaq li ma ghandux x’ghamel. Tant hu hekk, li allavolja hu mar il-Kanada, baqa’ jikritika lill-gvern Malti alavolja mhux kompitu tieghu jaghmel hekk. Espert miskin, dan iz-zmien kull min ghandu certifikat jew diploma jsir espert. Anke qabel l-elezzjoni kelna hafna esperti li xtaqu d-dizastri u bezghu lin-nies.
Hsara biss iridu issa tal-PN ghax ghandhom kilba kbira ghall-poter.”
NO COMMENT!
Government won’t even have access to birth certificates, passports and, incredible, police records.
Everything under the auspices and in strictest confidence handled by Henley and Partners.
Are they mad?
http://www.timesofmalta.com/articles/view/20131031/local/canadian-firm-files-court-application-for-cancellation-of-citizenship-scheme-concession.492731#.UnJiRnxwbcs
another interesting read.
This morning I heard the speech Simon Busuttil gave yesterday in parliament regarding the citizenship/passport scheme, and I must say that he’s finally coming into his own.
He shredded the proposed scheme to pieces, exposed the dubious reasons behind the rushing as the government absolutely refuses to discuss a proper investment, and ridiculed Manuel Mallia by commenting about his sneers when what Simon was doing was actually make everyone realise just how precious our citizenship is.
I really hope Simon continues to improve as much as he has in just a few months.
Spotted on ebay. Just 650,000 Euro: http://i.imgur.com/1sWkS1z.png
Oh, look, the Attorney General has spoken to Malta Today about the sale of Maltese citizenship.
I wonder whether they asked him about his advice to the Police Commissioner about criminal procedures against John Dalli?
http://www.maltatoday.com.mt/en/newsdetails/news/national/Government-raises-questions-over-Opposition-s-criticism-of-citizenship-scheme-20131031
nonexistent laws in the past week.