Valletta, Malta: Malta's parliament has approved selling citizenship of the Mediterranean island for €650,000 ($939,000) for each non-European Union applicant.

Prime Minister Joseph Muscat said the program was meant to bring in revenue to the country while attracting "high value" people who could potentially invest in the island.

Members of Malta's opposition Nationalist Party's youth section protest against a controversial parliamentary bill to amend the Citizenship Act. Credit:Reuters

He estimated the scheme would earn the government €30 million ($43 million) in its first year - meaning that about 45 people would be sold citizenship, which would also give them work and residency rights in the rest of the 28-member bloc.

Malta is a member of the European Union, a member of the Schengen border-less travel area and has a visa waiver agreement with the United States.