Later this year, the Maltese government may introduce a revamped Individual Investor Programme (IIP) that would require applicants to spend more on property. IIP was launched in 2014 and capped at 1,800 main applicants. At this point, over 70 percent of the quote has been exhausted.
The scheme has already brought over €1.3 billion to the Maltese budget. Waiting for a new programme to start would translate into a loss of revenue that Malta would have otherwise raised.
In the previous financial year, the IIP attracted over €270 million contributing to multiple infrastructural projects. 30 percent went to the annual budget whereas 70 percent was channeled into the National Development and Social Fund.
Malta would be willing to start the new scheme right away, yet with tightened requirements. The Maltese officials believe that the €350,000 property purchase and €16,000/year rent thresholds were justified in 2013, yet the situation has changed.
We’ll keep you updated on the matter. In any case, we recommend that you apply for the Maltese investment citizenship before any changes come into force. For more information on the Maltese programme, please contact the Astons experts.
Astons is a leading global immigration advisory firm with offices in London, Beijing, Moscow, Dubai and Limassol (Republic of Cyprus) and offers residency & citizenship investment solutions worldwide including UK, Turkey, Vanuatu, EU & the Caribbean.
For further information or to discuss your personal circumstances in a private consultation, please contact Astons at [email protected] or call +44 207 292 2977