Even during Christmastime I never expected a consensus on the citizenship issue. And I am normally slanted towards the optimistic in my views.

Indeed, I was almost beguiled by the meetings between the political leaders, especially when it appeared that both of them had ‘investment’ chiefly in mind, though in unequal measures.

Now that we know the upshot, it is left to economists, and I daresay economists alone, to evaluate the ‘investment’ content inside the €1,150,000 expected to be forked out by a non-EU applicant to qualify for our citizenship. It is only from its economic significance, in contrast to financial, that the revamped scheme makes sense to people like me: real investment, unlike the millions handled by our non-core banking sub-sector.

Buying or renting property (€350,000 and €16,000 per annum respectively) can be rightly regarded as of negligible economic gain, benefitting only the construction and estate agent industries, perhaps also injecting a minute economic contribution through the purchase of services.

Almost the same can be said of the €150,000 requirement to purchase shares or bonds, especially in the secondary market. Malta’s economy is never short of investible funds.

Which leaves the €650,000 upfront contribution, of which 70 per cent (€455,000) will go to a much-needed special development fund for social investment purposes and 30 per cent (€195,000) to help the country on the road towards a balanced sovereign Budget.

That is why the IIP’s revamped new version makes economic sense. For Malta, economics should always trump politics.

I am glad the government thinks likewise.