UK ministers are under growing pressure to intervene against Malta’s plans to sell EU passports for €650,000, allowing buyers immediate rights of residency in all member states.

Several EU states already give wealthy foreigners a fast-track to citizenship on the back of a bond or property investment. But the new scheme – due to be formally opened by the Maltese government later this month – is unique in offering an instant passport to approved applicants with no requirement to be resident in the country beforehand.

The plans have already prompted a backlash from UK and European politicians warning of a risk to national security, while immigration experts point out the threat to the UK’s own “investor visa” programme. This has been increasingly popular with the Chinese as well as Middle Eastern investors seeking a safe haven from the Arab Spring.