Well it is what you get for trying to stay in the EUSSR.
It will get shut — but not because it was ineffective, instead because it worked too well. It gave outsiders a legitimate fast-track into the communist fortress of Brussels, and that scared the bureaucrats. Surely no pretending it relates to “values” or “solidarity", it’s about increasing control. The program was (still is for the moment) simple: write a check, if you are not doing criminal activities, you get an EU passport. The leftist Eurocrats hated it because it let capital flow where it pleased, bypassing the endless gatekeeping and identity politics that dominate the European immigration racket. A self-made millionaire from Lagos or Shanghai (or Moscow, who cares!) could become as European as Mohammed from Paris (hahaha) and that broke their ideological narrative. They prefer to import terrorists and basic criminals on collapsing boats
Funnily the same EU that’s now crying about "commercialization of citizenship" has no issue when Portugal or Greece whore out long-term visas and residency to anyone with a few hundred grand for a downtown apartment. Those flows are controlled, slow, and taxed HARD. Malta gave people actual leverage — mobility, security, and access without kissing the ring (and beneficially no forced taxation LOL). That’s what got them in trouble.
It is no more than a political hit job, a small country used its sovereignty to punch above its weight, and the empire came knocking.
Power hates independence. And when you find a tool that actually gives you some — expect them to come for it.