Until now it was not possible to obtain an EEA passport without living there, however, recently the Maltese government enacted a new law which will allow anyone to obtain the Maltese citizenship by investment.
According to the new law, anyone who contributes 650,000EUR £546,000) towards the Malta National Development Fund will be able to obtain the passport. There are no residency and military requirements for this scheme. However, due diligence will be stringent.
This scheme is mainly targeted to high net worth individuals from BRIC (Brazil, Russia, China and India) and Arab countries but it is available to anyone who wants to carry a European Union passport. As a member of the European Union since 2004, Malta is a part of the Schengen zone in Europe and has also an agreement with the United States on visa free travel.
The new scheme will be open in the first quarter of 2014.
Source : New citizenship by investment programme will provide European Union passport