The revised program which is set to replace Malta’s Individual Investor Program (IIP) is currently underway and is set to enter into force sometime in October 2020. Some of the changes which have been made public (which however may change given that the law has not been enacted yet) are the following:
1) Under the revised program, an applicant shall be compelled to be a resident of Malta for a minimum of 12 months before applying for citizenship.
2) During the residence period, the applicant shall be required to follow an eligibility assessment, during which, amongst other factors, a strict due diligence vetting shall be carried out. The said assessment shall determine whether the applicant is eligible to apply for citizenship upon the lapse of the said 12-month term.
3) If an applicant is considered to be eligible, s/he shall have two investment options:
4) Currently, an applicant must have a ‘qualifying property’ in Malta which can be bought or leased. It is being proposed that should the applicant chooses the property purchase option, the minimum amount which s/he should spend should be increased from three hundred and fifty thousand euro (€350,000) to seven hundred thousand euros (€ 700,000), while should the applicant go for the leasing option, s/he must pay eighteen thousand euro (€18,000) as a minimum annual rent (€2,000 increase from the previous program)
5) An obligatory contribution of at least ten thousand euro (€10,000) is to be made by the applicant to a registered and regulated philanthropic organisation
6) The number of applicants shall be capped at 400 successful applicants per year and the program itself will be capped at 1,500 applications in total.
Why choose KSi Malta?
KSi Malta is a trusted accredited agent which can help all prospective applicants in this regard. Our invaluable experience can guide clients every step along the process, from the initial application for residence to the eventual submission of all needed documents for the issuance of the passport.
If you are interested to know more, we are here to help! Get in touch now with our immigration experts:
Ms Kristine Attard – Director of Tax and Immigration at KSi Malta - firstname.lastname@example.org
Dr John Caruana – Legal Advisor and Immigration Services - email@example.comGo Back
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