06.07.20 – On 3rd July 2020, Citizenship Parliamentary Secretary Alex Muscat announced that the Individual Investor Programme (IIP) will end in September and that a new residency programme will be introduced to take its place.
Under the proposed scheme, applicants would be able to apply for Maltese citizenship in one of two ways. They would either have to invest €750,000 after residing in Malta for one year, or alternatively they would have to invest €600,000 after residing in Malta for three years.
The proposed scheme would also have the following investment requirements:
- Purchase of a property having a value of at least €700,00, or lease of a property with a rent of no less than €18,000 per annum;
- A mandatory €10,000 donation to a registered philanthropic organisation.
Applicants will also have to pay an additional €50,000 for each dependent.
The number of applicants who can acquire citizenship under this scheme will be capped at 400 per year, with a total maximum of 1,500 applicants.
For further information, please feel free to contact us by email on [email protected].