Originally, the Maltese government planned to accept not more than 1,800 new citizens who submitted their applications through the Individual Investor Program of the Republic (IIP). However, during his speech at the 11th Global Residence and Citizenship Conference in Hong Kong, the Prime Minister of Malta, Hon. Dr. Joseph Muscat, announced that the program might undergo some changes – namely, the quota on approved applications is to be extended.
According to Muscat, the decision to introduce quota changes into the IIP had been made long before the limit was reached. As of October 2017, Malta has approved over 1,500 applications.
The Prime Minister also stated that the program will become “more exclusive” than the current one. He, however, didn’t go into specifics this time.
While we are waiting for an official announcement, let’s revise terms and conditions of the current program:
The main applicant must be at least 18 years of age, reside in Malta at least 12 months before applying for a citizenship, and also comply with other requirements of the program, such as:
There are at least 7 benefits of Maltese passport:
Since 2014, the Maltese real estate market has been demonstrating upwards growth. According to representatives of the Malta Central Bank, the citizenship by investment program gave a noticeable boost to the real estate sector. Malta also exempted first-time buyers from payment of a stamp duty for the purchase of immovable property.
Investing in Maltese real estate is beneficial on so many levels. The island is famous for its enabling business environment for foreign investors. What triggers investors to set their sights to Malta?
Cyprus’ CBI program is, at the moment, the closest alternative to Malta’s. Since 2014, over 2,000 high net worth individuals have become citizens of Cyprus. To qualify for the Cypriot CBI program, one should invest at least €2 million in real estate, business and government bonds. The investor can also combine several options, and invest €500k to government bonds and €1.5 million to real estate, for example.
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