Around 30 wealthy Gulf residents have expressed their interest in signing up for a controversial Maltese scheme offering European citizenship in return for investment of about $1.3m, with seven applications already submitted to Maltese officials for approval, a Dubai-based lawyer told Arabian Business.

Under the Malta Individual Investor Program, which was announced and signed into law by the Maltese government in November last year, applicants must make a one-time, lump sum contribution amounting to at least €650,000 ($885,906) and, assuming they pass all necessary security checks and requirements, would be given a Maltese passport within a number of months.

Malta joined the European Union in 2004, therefore the citizenship would give successful applicants access to visa-free travel access to more than 145 countries including Canada, the United Kingdom, Switzerland, and free access to all 28 EU-Schengen countries.

“We received roughly 30 EoI [expressions of interest] currently at various stage of advancement. Seven applications have either already been submitted or are being prepared,” Yann Mrazek, managing partner of Dubai-based law firm M Associates of Law, which is offering the scheme, told Arabian Business.

“We anticipate the €650,000 for one application but I also anticipate for the country to request a real estate investment of no less than €350,000... So roughly a total of around €1m for due diligence and processing. It is not small change but... it looks like a good proposal,” he previously said in an interview earlier this year.

Applicants can also apply for their spouses and family to be part of the scheme, with an additional cost of €25,000 per spouse and child under 18 years old and €50,000 for children aged over 18 to 25 years old or parents aged over 55.

Newspaper reports in Malta confirmed that in addition to Gulf-based high net worth individuals, a former Formula 1 world champion, an international pop singer, a high profile Gulf royal family member, a South American footballer, an American press magnate, a Singaporean business tycoon and a Chinese billionaire are among those who already have either expressed interest or applied for the scheme.

The scheme has proved hugely controversial in Malta and faced opposition from some European Commission leaders.

“Citizenship is not something which is to be treated lightly... We oppose the selling of citizenship outright and think it is demeaning that a discrimination has been created between rich and normal people. There is a the legal problem that selling Maltese citizenship is also selling European citizenship,” Arnold Cassola, chairperson of Alternattiva Demokratika, the Maltese Green Party, told Arabian Business.

Despite objections from some European leaders, including EU Justice Commissioner Viviane Reding, earlier this year a concession was made where it was ruled that all applicants must spend at least 12 months in the country before their applications are approved.

“On 29 January 2014, representatives of the European Commission's services and of the Government of Malta met on the issue of the Individual Investor Programme of the Republic of Malta... with a view to clarify that this Programme will confer full rights, responsibilities and a full citizenship status,” the European Commission and the Maltese government said in a joint statement.