Prime Minister Joseph Muscat says the program aims to bring in revenue to the country while attracting "high value" people who could potentially invest in the island.
He estimated the scheme would earn the government 30 million euros in its first year.
The visa will give applicants full voting rights in Malta as well as freedom to move across the European Union.
Malta Today reports that the names of those who buy Maltese citizenship will not be published.
The organisation reports that the government will remove an article from the Citizenship Act which obligates the government to disclose the names of naturalised citizens.
Malta is a member of the European Union, a member of the Schengen border-less travel area and has a visa waiver agreement with the United States.
The international group that will administer the scheme told the Maltese media that between 200 and 300 individuals were expected to apply every year.
"This will be an open and transparent programme," says Eric Major, chief executive of Henley and Partners.
The opposition Nationalist Party has strongly opposed the scheme, complaining that it is not linked to residence or investment.
Opposition leader Simon Busuttil warned in parliament that Malta could end up being compared to tax haven countries in the Caribbean.
Busuttil says his party has not ruled out a proposal to collect signatures to try to force a referendum on the scheme.
Share
