As they battle with the consequences of the financial crisis, EU governments are always on the lookout for ways to attract inward investment. One popular idea is to offer residency rights and passports to rich entrepreneurs from states such as China and Russia, hoping they will invest in their newfound country.

Lots of EU governments do this these days. Greece offers a residence permit to foreigners who buy property valued at €250,000. A non-EU national who buys a €500,000 house in Portugal can gain Portuguese citizenship after six years. Britain has its own programme, albeit with strict conditions. A foreigner who invests ￡1m in a UK company today can apply for permanent residence five years from now. But that person must be resident in the UK for six months in each of those years.

One EU state – Malta – is now undercutting the passport market like no other. It has declared that it will sell a Maltese passport to anyone who pays €650,000. Applicants will be tested to ensure, among other things, that they are not terrorists or money launderers. But if that test is passed, the passport is handed over immediately. It appears that no prior residency or connection to the island is needed.