The revised program which is set to replace the current Individual Investor Program (hereinafter 'IIP') is underway. During a briefing session held on Friday 3rd July 2020 the following proposed changes were discussed:
The current Individual Investor Program which was enacted in 2013 by means of Legal Notice 450 of 2013 will seize to exist and a new Program will come into force. Under the revised program one would be required to first obtain residence status and must be a resident of Malta for a minimum of 12 months before applying for citizenship.
During the initial 12 months of residence, one would be required to follow an eligibility assessment. The said assessment which would involve due diligence vetting amongst other factors will establish whether the individual is eligible to apply for citizenship upon the lapse of the said 12-month term or otherwise.
The citizenship application will be two-fold:
- One may either opt to apply for citizenship, subject to successfully completing the eligibility assessment, after 12 months of residence in which case one would be required to invest the amount of EUR 750,000; or
- Alternatively, one may choose to apply for citizenship after 36 months from obtaining residence. In the latter scenario one would be required to invest the amount of EUR 600,000.
Changes with regards to qualifications and general requirements will also take place. One of the general requirements in the current IIP is in relation to the undertaking to purchase or lease immoveable property in Malta. Currently if purchasing, the minimum value must be of EUR 350,000 and EUR 16,000 as a minimum annual rent if one chooses to lease. The proposed changes which may be incorporated in the new revised program involve a minimum of EUR 700,000 for purchase of property and a minimum of EUR 18,000 per annum for lease.
In the revised program the number of applicants will be capped at 400 successful applicants per year and the program itself will be capped at 1,500 applications in total.
It is important to note that the revised program is currently still in discussion phase and thus the above is subject to change.
Originally published July 8, 2020.
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