Citizenship scheme is substitute for new taxes, minister says

Home Affairs Minister Manuel Mallia this evening defended the Individual Investor Programme, asking repeatedly on TimesTalk how the revenue would be substituted if the programme was dropped. The programme has raised controversy because it involves the sale of Maltese passports for €650,000. Dr Mallia said that according to the Budget projections, the programme was expected to yield €15m next year. The funds would be used for the people's better quality of life. If the programme was to stopped, where would the money come from? Did the PN want the government to introduce new taxes? Opposition spokesman Jason Azzopardi retorted that the Nationalist government had been able to cut taxes without selling a single passport. Carmel Cacopardo, representing Alternattiva Demokratika, said that while the programme would yield income, one had to be concerned about the harm caused to Malta's reputation by the negative international coverage. Malta could end up gaining from one hand and losing from the other, particularly in sectors such as financial services which depended on Malta enjoying a sound reputation. Dr Mallia said he did not think Malta's reputation was harmed by the overseas...