New Malta Individual Investor Programme (MIIP) Starting In September 2020
Based on the 3 July 2020 announcement by Alex Muscat, Parliamentary Secretary for Citizenship in Malta, the Malta Individual Investor Programme (MIIP) will include significant amendments from September. The amendments have already been approved by the Cabinet.
First and foremost, two new contribution options will be introduced to replace the current EUR 650,000 contribution requirement. The applicant can either choose to contribute EUR 600,000 and qualify for citizenship within three years after becoming residents or they can accelerate their qualifying period to only one year after the start of their residency in Malta by contributing EUR 750,000 at the beginning of their programme.
Secondly, the threshold for property investment will be increased from EUR 350,000 to EUR 700,000. For people who intend to rent a home instead of purchasing a property, the minimum annual rental fees will be increased from EUR 16,000 to EUR 18,000.
Meanwhile, the new MIIP will also bring in a new financial requirement under which applicants must donate EUR 10,000 to a registered charitable organization.
As the current MIIP is reaching its cap, MIIPA will continue accepting applications for citizenship under the Malta Individual Investor Programme Regulations until 30 September 2020. Applications for residence under this MIIP programme will continue to be accepted until 31 July 2020.
Should you be interested in citizenship by investment programs for any country, or require any assistance in making an application for yourself or your family, please do not hesitate to contact us for further information.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Discreet Law accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Discreet Law. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Discreet Law.