KAL KENNARD, MANAGING PARTNER
Anticipation is building about Malta’s amended Individual Investor Program (IIP) referred to by some in the industry as Malta IIP 2.0.
The Malta Citizenship by Investment Programme was the first EU approved citizenship programme offering alternative citizenship options to families wishing to relocate their personal or business affairs to an EU country. Launched by the Government of Malta in 2014, the applications were capped at 1,800 applications.
As of this month, having raised 1.4 billion EUR to date, the old program rules no longer apply and no applications will be accepted under the old IIP.
Amended legislation is now being presented to the European parliament, which will likely result in new rules as follows
- Anticipated start date 1st November 2020
- Increase in government donation fro EUR 350,000 to EUR 750,000
- a EUR 10,000 charitable donation
- 1 year of residency required in Malta prior to citizenship application
- Applicants have to pay additional €50,000 for each dependent.
- MIIPA agency will be shutdown and new agency will be introduced to handle the cases.
- Names of new citizens will be published every year in gazette (no changes)
The one year of residency we understand will allow for business travel and requires that you maintain a home, purchased for a minimum of EUR 700,000, or leased, in Malta. The cost of residency and citizenship in total will be in the region of EUR 900,000 and the process is expected to still take 12 to 18 months to complete.
Up to 400 citizenship applications will be approved per year and the new scheme will be capped at a maximum of 1,500 successful applicants.
Why do investor immigrants choose to become citizens of Malta?
- Republic island in the central Mediterranean
- Political and economic stability
- 2nd safest country worldwide (World Risk Report 2018)
- European Union’s fastest-growing economy
- Commonwealth member state
- Member of the EU since 2004
- Part of the Schengen Area since 2007.
What are the benefits of citizenship in Malta?
- Base your business in the European Union’s fastest-growing economy
- Citizenship in a well-respected, economically and politically stable EU country
- Visa-free travel to 183 countries including the US, Canada and Australia
- Right to own a second home in Malta
- Protect the family legacy by passing on citizenship to future generations. Even if they are born outside of Malta they can attain citizenship by descent
- Opt to live, work, study and set up business in all the 27 EU states along with Iceland, Norway, Switzerland and Liechtenstein
- Gain settling rights in many European countries
If you’d like to speak to us, please either send us a webchat (click the icon bottom right of this page), email or book in for a video consultation easily in our partner calendar. We speak to clients everyday via private video conferencing and find this to be the most efficient use of your time to ascertain the best program for you and your family so I highly encourage you to take advantage of it since your first consultation is free of charge.