- January 20, 2018
- Posted by: CIP Journal
- Category: Citizenship
So far, over 1,200 families have applied for the program, generating over €590 million in direct payments to the Government of Malta. Over €360 million have been deposited into the National Development and Social Fund which is run by a dedicated agency. More than €155 million have also been deposited into the consolidated fund, revealed by Identity Malta, during the open consultation survey.
The Malta Individual Investor Program is currently capped at 1,800 main applicants.
According to Malta Independent, The Government looks to extend the scheme, after the cap is reached. In its statement today, Identity Malta said the government had a mandate to extend the IIP scheme. It said it was seeking to consult the public with the aim of improving and strengthening the program.
In February 2014, the Government of Malta published Legal Notice 47 of 2014 which established the statutory regulations to enable the implementation of the Individual Investor Program of the Republic of Malta. The IIP program enables individuals together with spouse and dependents to apply to become Maltese citizens by naturalisation provided a financial contribution is made to Government.
Currently, the main obligatory components for prospective citizens under this Program are the following:
- At least a 12-month residency status in Malta;
- The purchase (minimum €350,000) or lease (minimum €16,000 per annum) of immovable property by way of residency;
- A contribution of €650,000 per main applicant PLUS a contribution per capita in respect of the spouse (€25,000) or other dependents (€25,000 – son/daughters under 18, €50,000 – unmarried sons/daughters between 18 and 26 and parents or parents-in-law above 55) accompanying the main applicant;
- The purchase of Malta Government Bonds or locally listed securities and equities amounting to not less than €150,000;
- Indefinite health insurance of the main applicant and all dependents.
IIP Statistics reveal, over 80% of applicants chose to lease housing, instead of buying property, when applying for IIP program to get citizenship. Over 50% of applicants are wealthy Russians, followed by applicants from Europe and Gulf Arab countries.
EU citizens are allowed to apply for Maltese citizenship under IIP program. Malta does not prohibit dual citizenship.
Currently, the processing of applications under this Program has three main stages, each with a stipulated time frame, as follows:
- Attainment of resident status: 12 months;
- Applying for and obtaining approval for citizenship: 4 months; and
- Fulfillment of obligations and taking the Oath of Allegiance: 4 months.
The Individual Investor Program is regarded as one of the leading and most rigorous ones globally, as each application must go through a four-tiered due diligence process.
- Maltese Citizenship Act (Cap 188) – www.justiceservices.gov.mt/DownloadDocument.aspx?app=lom&itemid=8702&l=1
- Subsidiary Legislation: 188.03 (Legal Notice 47of 2014 Individual Investor Program of the Republic of Malta Regulations) – www.justiceservices.gov.mt/DownloadDocument.aspx?app=lom&itemid=12141&l=1
- Malta IIP Official website – http://iip.gov.mt/