New details have been published about the changes that will be made to the Malta Individual Investor Programme (IIP). Since this is reaching its cap of 1,800 applications, a new residency programme will replace the IIP as we know it by the last quarter of 2020. MIIPA, the Agency managing the current programme will continue accepting applications for citizenship under the current regulations until 30th September, 2020.
From then onwards, Malta will handle a new residency plan that will accept 400 successful applications per year and a maximum of 1,500 applications for the entire new system which will have the possibility to lead to citizenship. This is the main change to be noted from the IIP as only individuals who first manage to obtain a Maltese residence permit will be entitled to apply for Maltese citizenship.
Fees and investment criteria will be revised as follows:
- Applicants who invest €750,000 or more can apply after a one-year residency period
- Applicants who invest €600,000 can apply after a three-year residency period
- Each dependent of the main applicant will have to pay a €50,000 fee
- The minimum value of purchased property is increasing to €700,000
- If property is leased, the minimum annual rent must exceed €18,000
- Applicants will be required to make a €10,000 philanthropic donation to one of Malta’s registered NGOs
Like the existing programme, 70% of the generated funds from such investment will go to the National Development and Social Fund.
N.B. Applications for residence under the current programme will continue to be accepted until the 31st of July 2020. Individuals who obtain a residence permit but do not submit a citizenship application by 30th of September 2020, may be considered under the new regulations that the Government is considering.