The Honourable Alex Muscat, M.P., Parliamentary Secretary for Citizenship and Communities on the 30th June 2020 presented a bill introducing changes to the Maltese Citizenship Act and proposing a new residence program leading to Maltese citizenship.
The new program, if approved by the Parliament, will completely replace Malta Individual Investor Programme, which as it was announced earlier reached its cap of 1800.
Features of the New Program
- Enhanced due diligence process will shift from citizenship to residence stage;
- Quota of 1500 applications with maximum number of approvals a year – 400;
- Abolition of requirement to invest in Malta Government Bonds;
- Two contributions options: contribution of €750,000 for the process requiring 12 months residency, or a contribution of €600,000 – with a condition of at least 36 months of ;
- Contribution for all dependents will be set at €50,000;
- Annual rent requirement is expected to be set at €18,000 per annum, instead of current €16,000;
- Should beneficiaries opt for purchase of qualifying property, it is expected that the minimum price will increase from current €350,000 to €700,000;
- Philanthropic donation of minimum €10,000 is expected to become mandatory for every application.
- A new and independent agency will be set up to operate the program and oversee its compliance with the regulations.
Malta Individual Investor Programme Agency (MIIPA) will be accepting complete application until the end of September 2020. Any new applicant should commence the residence stage of the programme by the end of July 2020.
MIIP applications may only be submitted to the Malta Individual Investor Programme Agency through the services of an accredited person. As an accredited agent, Corrieri Cilia may assist you and your family in pursuing your IIP application in Malta