Prime Minister Joseph Muscat expressed satisfaction that the citizenship scheme was attracting the expected foreign investment to Malta.

In a brief address at a conference organised by wealth management company Blevin Franks, he said Malta would not be content with becoming another Singapore or Dubai, but was aiming higher.

"We want to be the envy of other countries," he said.

Dr Muscat said Malta had qualified professionals, enjoyed a European lifestyle and standards and was in a strategic location at the crossroads of the Mediterranean.

However, he remarked that "Malta has to walk together if it wants to walk far".

The Prime minister spoke about the "bold steps" being undertaken by the government to further promote wealth management, such as through initiatives like the IIP.

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