IIP Program proposed reforms:
The newly appointed PM of Malta, Mr Robert Abela has confirmed that despite the criticism of the Maltese Citizenship Program by opposition parties the IIP will remain in place while confirming that targeted changes will be made should such changes be merited.
Mr Abela is widely reported as stating ‘If changes are needed, such as the due diligence process, these will be made.’ adding that Malta will ‘…tighten the rules if need be.’ As part of that process a new independent regulator of the IIP will soon be appointed.
Mr Abela is reported as commenting that ‘…this scheme (IIP) has done a lot of good for the country and we should preserve it.’ The view seems to be supported by government figures that indicate that since the commencement of the program, contributions of €834 million have been made, plus real estate purchases of €144 million. The total revenue directly generated of about €1.25billion since the program started in 2014.
February 2020
Over the last seven years the Maltese economy has enjoyed growth ahead of countries elsewhere in Europe. The Minister of the Economy, Investment and Small Business, Mr Chris Cardona, announced the news that the Maltese economy had doubled over the period and the current rate of growth is three times the European average in 2019. The Minister continued that the government is working hard to maintain the strength of current rates of growth and increasing prosperity on the Island.
November 2019
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