Malta to extend the IIP scheme after its great success, as it is nearing the cap of 1800 applicants.
Malta Today reported The Prime Minister said the government had a mandate to renew the scheme that could give it a fall back position if EU funding dried up.
Prime Minister Muscat also said, Malta became the first country in the EU, “and probably the world”, to create a legislative framework for crypto-currencies.
Xinhua reported Malta has generated 518 million euros since it started its citizenship by investment scheme, according to Prime Minister Joseph Muscat. As many as 1200 families have received Maltese citizenship through the IIP scheme.
In a recently released Henley 2018 passport index, Dr Kalin says “Malta, for example, offers the top-ranked investment migration program globally, and the country also scores very highly on the index, holding the world’s 9th most powerful passport and offering visa-free access to 169 countries,”
The Maltese Government has invited public for the open consultation until 28 Feb 2018with the revision of the program. The consultation page says:
The main objective of the updating and revision of the Programme is to ensure it remains at the forefront in reputation, attractiveness and rigorousness, and at the same time to address those administrative processes which require revisiting following the experience gained in their implementation.
The IIP programme is regarded as one of the leading and most rigorous ones globally as each application must go through a four-tiered due diligence process, says the Government in the consultation report.
The following questions are available to public..
1. Should the number of accepted applications under the Programme be capped at law or should it be left at the open discretion of Government?
2. Currently, the main obligatory components for prospective citizens under this Programme are the following:
a. At least a 12-month residency status in Malta;
b. The purchase (minimum €350,000) or lease (minimum €16,000 per annum) of immovable property by way of residency;
c. A contribution of €650,000 per main applicant PLUS a contribution per capita in respect of the spouse (€25,000) or other dependants (€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;
d. The purchase of Malta Government Bonds or locally listed securities and equities amounting to not less than €150,000;
e. Indefinite health insurance of the main applicant and all dependants.
Should there be changes in any form in any or all of the above components? If so, please specify in detail.
Should new components be introduced? If so, should these new components substitute any or all of the above components or should they be in addition to the above? Please specify in detail.
3. Should there be any changes as to who ought to be considered as the spouse or dependant of the main applicant? If so, please specify in detail.
4. Should the eligibility criteria of the main applicant and/or his spouse/dependants be reviewed? If so, in what way?
5. Currently, the processing of applications under this Programme has three main stages, each with a stipulated time frame, as follows:
a. Attainment of resident status: 12 months;
b. Applying for and obtaining approval for citizenship: 4 months; and
c. Fulfilment of obligations and taking the Oath of Allegiance: 4 months.
Should there be any changes to the current processing procedure as outlined above?
Should any or all of the above time frames be (i) increased or (ii) decreased or (iii) open for change in the case of proven special circumstances which may be considered as such?
6. Should there be provisions at law clearly enabling the Regulator of the Programme and/or the Head of the Agency to decide in special and unforeseen circumstances which type of documentary evidence should be provided or accepted to substantiate a specific declaration or assertion by the main applicant in lieu of a documentary evidence which is usually produced in normal circumstances by way of such proof?
7. Are there any other services which the Agency should offer to High Net Wealth individuals who can invest in Malta?
8. Do you have any additional comments or recommendations which you would like to put forward to enhance the Individual Investor Programme?