According to reports in Malta's press, opposition to the scheme forced it to be placed on hold until the government and opposition can agree on how the measure is to be set up and managed.
As reported, the Individual Investor Programme, or IPP, was approved last Friday by Malta's Parliament, and government officials were looking forward to having the extra revenue it was expected to bring in. But the island country's Nationalist Party has expressed its deep unhappiness with the scheme, arguing that it lacked transparency, and polls consistently found significant opposition to the IPP among Maltese citizens.
The fact that applicants' identities would not be publicly disclosed was another concern, although within hours of the law being signed by Malta's president, George Abela, the government gave in on this point and agreed to publish the names of those buying citizenships.
In a report yesterday, the Times of Malta said the first meeting between government and opposition officials had taken place, with Malta Financial Services Authority chairman Joe Banister chairing the meeting.
However, the Times report noted that the opposition leader Simon Busuttil had vowed the day before that "no consensus can be reached unless the government drops outright sale [of citizenships] from the equation".
Under the proposed citizenship for cash scheme, investors who made a minimum contribution of €650,000 ($878,000, £545,500) and who passed background checks would be able to become citizens of the Mediterranean island country.
Spouses and minor children of these inidividuals could also become citizens, for an additional €25,000 each.
According to the Times of Malta, Malta Prime Minister Joseph Muscat is in Miami, where he is to be a keynote speaker at a conference where the Maltese citizenship scheme is being promoted.
