Deutsche Wirtschaft – this might well be the most painfully embarrassing newspaper report of them all
The perfect Europeans are rich and homeless
German Economic News | Posted: 8:01:14, 00:20
The ideal European is rich and homeless. According to these criteria, a British law firm is currently looking for new citizens from Malta, and the measly sum of 650,000 euros can buy a passport without a residence requirement. This is being done to flush money into a cash-strapped, ailing island.
The British law firm Henley & Partners earns millions euros with a peculiar business. It was commissioned by the government of Malta, the island nation that wants to grow rich through making new citizens. This might mean up to 20,000 new ‘paper citizens’.
These people do not even need to be resident in Malta. A payment of 650,000 euros is sufficient to obtain an EU passport. They can also apply for passports for their family members by paying 25,000-50,000 euros for each one.
With the money it makes from this, Malta wants to set up a fund of one billion euros. The British lawyers receive approximately four percent of the revenue for their acquisition activity, or around 40 million euros.
Henley & Partners will carry out a risk assessment on every passport applicant. The decision on citizenship will be taken by an official government agency. If the application is rejected, then the British receive no money. Many therefore see a significant conflict of interest with the consulting firm, as the EU Observer reports.
“It is as if a teacher who corrects examination papers is told, ‘I’ll give you 26,000 euros for each student who passes,” says Jason Azzopardi, a member of parliament.
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To add to the embarrassment we had the barely English-speaking or coherent Marlene Mizzi and that fishwife Claudette Abela Baldacchino adding their two cents worth to the debate.
Marlene Mizzi was an advert for why you should NOT go to Malta to learn English as a foreign language. Claudette Abela Baldacchino was just a major embarrassment.
And their argument – we’re small, you’re picking on us just because we’re small – NOT, unlike other EU member states with residence schemes (which may or may not eventually give the right to apply for citizenship), we’re blatantly selling citizenship (not residence) and lumping the rest of the EU with unsavoury characters who buy our product.
Marlene Mizzi spoke in Maltese. That was the translator you heard speaking in English.
“It is as if a teacher who corrects examination papers is told, ‘I’ll give you 26,000 euros for each student who passes,” says Jason Azzopardi, a member of parliament.”
But what about the side commission that some labour member/s of parliament may receive per passport? Labour are only interested in power and money, made via corrupt practices.
Malta, a “cash-strapped, ailing island.”
Duhh!
Not only does Henley gets the 4% of the 650,000 + 50,000 + 25,000 “donation” to the development fund; it charges 7,000 Euros per head for due diligence to be run by its own company; plus 70,000 Euros as professional fees to the applicant for processing a case.
It also gets to keep the “donation” in its own bank account as the “escrow” agent until the application is approved and earn all the interest on it; or better still, abscond and leave it to the government to deal with the applicant.
It controls the whole scheme behind the scene by saying who gets to be listed as an “approved agent” to promote the scheme and will have to submit to their draconian rules to be in the game.
So what’s in it for Muscat’s government?
I dunno, serve tea?
He’s only paying back the rich bastards who funded his campaign. There’s no need for him to make profit, but to repay them for his electoral win.
Famous last words: Insomma, Hx$% kollox.