- April 17, 2017
- Posted by: CIP Journal
- Category: Citizenship
80% of Families and individuals applying for maltese citizenship, under individual investor program (IIP), chose to lease a property in Malta. Leasing or purchasing a property in Malta is one of the key requirements for IIP program where all applicants are required to have an address in Malta to qualify for citizenship.
IIP regulations require €350,000 for purchased property or €16,000 per year when leasing. Many IIP applicants choose to lease as it is a cheaper route. EU citizens also qualify for Maltese citizenship under IIP regulations.
In the Third Annual Report published by Malta Government, from the launch of IIP to June 2016, only 34 purchased a property (20%), 143 chose to lease (80%). In the case of purchased properties the most popular areas were Sliema and its immediate vicinities. Sliema and St Julians are the most popular areas for leasing.
Between July 2015 and June 2016 the value of the 27 purchased properties amounted to €28,322,519.93, averaging €1,048,982.22.
In the case of leased property the rental value for the duration of the 5-year contract is projected to be €13,412,036.95, averaging €125,346.14 per contract. On an annual basis this boils down to an average of €25,069.23 per lease.