Update on the Malta Individual Investor Programme (IIP)
On 29th January 2014 in a Joint Press Statement the EU Commission and the Government of Malta announced changes to the Individual Investor Programme that had been introduced by Malta last year.
Under the scheme as originally published, individuals who satisfy the strict due diligence and vetting requirements and the requirement to invest a minimum of €1.15 million would be offered Maltese citizenship, which would carry with it the advantages of citizenship of an EU Member State.
In the face of criticism within the EU that the scheme ‘cheapened EU citizenship’, Malta has revised the scheme to take into account the concerns expressed by the EU. In addition to the requirements outlined above, the applicants are required to demonstrate a genuine link with Malta through proving their effective residence status before being granted Maltese citizenship. The requirement will be met by applicants spending at least one year resident in Malta immediately before the certificate of naturalisation is issued.
Initially Malta capped the number of successful applicants to 1,800 individuals, excluding their close relatives, and is now considering whether the cap should be raised.
The terms of the Malta Individual Investor Programme are basically:
• Non-refundable contribution to NDF (Main applicant €650,000+€7,500 due diligence cost. Unmarried child 18-25yrs €50,000 + €5,000 due diligence cost).
• Persons of the highest repute – 4 level due diligence process
• Investment in Bond/Shares in Malta to be kept for 5 years. This investments will need to be made in stocks sanctioned by the government as beneficial to the Island. Clean Source of Funds, Clean Bill of Health
• Property in Malta for at least 5 years:
o Either Investment in property >= €350,000; or
o Property rental contract >= €16,000 p.a.
• The total investment to be made by applicants for Citizenship by Investment would be of €1.15m (€650k+€150k+€350k).
• There is now a Residence Requirement, but we understand that in practice this will be met a short visit and the above property requirements.
Citizenship is granted after 12 months from date of property purchase or rental.
If you are interested in the Malta Individual Investor Programme please contact Peter Brigham at p.brigham@rosemont-mc.com for further information.
For further residence and immigration news for other jurisdictions see our briefing at:
http://www.rosemont-int.com/news/06-12-2013-residence-and-immigration-update-spain-portugal-malta-cyprus-hong-kong/