The government of the small Mediterranean island of Malta recently announced proposals to start selling citizenship of its nation to foreigners for €650,000 (about $888,000). But faced with rising criticism both in Malta and other European Union countries, the Maltese government has temporarily halted the law's implementation and will review its requirements. The European Parliament is to hold a debate on the scheme on 15 January 2014. "The citizenship scheme as adopted by the Maltese Parliament in recent weeks seems to be a clear abuse of EU citizenship and Schengen rules, said European People's Party chairman Joseph Daul. "Even if the Maltese give in to reason, and drop this scheme, it remains important that the European Parliament debates this issue."
@highlight
Malta planning scheme to offer citizenship for €650,000 to wealthy foreigners
@highlight
Maltese PM predicts scheme will bring in more than €30M annually
@highlight
Applicants have to go through 4-tier due diligence vetting process
@highlight
Rising criticism leads Malta to review and possibly amend plan
Instead, if the application is successful and the applicant is wealthy enough to spare the large sum, he or she will get a  @placeholder passport -- and therefore EU citizenship -- immediately.