Published at: 19/11/2020 11:30 am
Malta is planning to introduce a new, "Granting of citizenship for Exceptional Services Regulations" scheme instead of the famous Maltese Individual Investor Programme, the original citizenship by investment program.
The beautiful, Mediterranean island nation of Malta developed the most EU conform passport scheme for investors after several successful residency by investment programs.
Long and harsh political debates preceded the final introduction of the IIP. Still, from 2014, the Maltese government enacted the naturalisation solution for the wealthy candidates from third countries and capped the maximum amount of successful primary applicants in 1800.
The Malta Individual Investor Programme Agency (MIIPA) is responsible for the processing of the 2,076 applications, but the independent government entity approved only 1,480. Moreover, they refused 403 applications in advanced or initial stages.
The program, during its four years, generated over 1,5 billion euros capital inflow into the National Social Fund.
Following the recent changes in the European regulatory environment regarding the Member States naturalisation processes, the Maltese government decided to develop a new residency and fast-track citizenship scheme.
The new Maltese solution will be a residency by investment program, which allows the residents to become citizens after one or three years. The qualifying criteria will be a second investment to obtain the most valuable Maltese citizenship through a fast-track process.
Discus Holdings Ltd's headquarters is in Valetta, the charming historic capital of Malta. We were among the first official agents of the citizenship and residency programmes, and we are here to answer your questions about the Maltese immigration structures. For further information, set up a consultation with our local experts here!
Under the new residency by investment system proposals, the investors must become Maltese resident first to qualify for the naturalisation. Those applicants who invest 750,000 euros or more can become citizens after one year. Meanwhile, the smaller 600,000 euros amount of investment will grant the right for the residents to apply for the Maltese citizenship after three years. Moreover, after each dependent, the primary applicant must pay 50,000 euros. The minimum amount of investment in residential real estate increased to 700,000. In the case of rented properties, the minimum annual rental fee is 18,000 euros. The final cost is a mandatory philanthropic donation of 10,000 euros.
Please, note that the new scheme has a limit of 1,500 applications.