On the 3rd June 2020, the Malta Individual Investor Programme Agency (MIIPA) announced that the Malta Individual Investor Programme (MIIP) is reaching its cap. The program was introduced in 2014 by the virtue of Legal Notice 47, establishing a limit of 1800 citizenship applications. The quota does not reflect the number of individuals who are eligible apply, but it represents the number of families who can apply for naturalization.
The MIIP process is split into two stages: the first stage of residence application, requires the personal presence of the principal’s applicant in Malta for collection of biometric data; followed by the second stage, where a very detailed application file is being compiled and submitted to the MIIPA by accredited agents on behalf of the applicants.
The applicants are informed that complete citizenship applications should reach MIIPA by 30th September 2020. The latter is conditional to submission of the 1st stage residence application prior 31st July 2020.
Malta International Airport will be open for flights from a number of destinations as of 1st July 2020 and all travel restrictions are to be lifted on 15th July 2020, making it possible to reserve a space in the remaining quota of the program.
Applicants who have obtained residence cards but are not be able to submit their complete applications until the deadline will be considered under the rules of the second individual investor program, should they meet qualifying requirements. Details of the new program are still to be announced.
MIIP is known for its rigorous due diligence process, allowing only individuals of impeccable reputation and background to be naturalized as Maltese nationals. Apart from numerous benefits for the applicants, such as visa free travel to over 184 countries and ability to settle and reside in the European Union, the program contributed to the economy of Malta. Funds collected in National Development and Social Fund through contributions under MIIP are being deployed towards projects of national importance and public interest.