Malta’s IIP (Individual Investor Program) will no longer accept applications for citizenship from nationals of Iran, Afghanistan and North Korea, according to the chairman of Identity Malta, Joe Vella Bonnici.
More than 700 IIP applications have been received during the first phase of the scheme, with the majority of applicants coming from Russia and neighboring countries.
Malta is actively trying to promote it IIP in China and Brazil in order to gain interest from those markets as well.
The Malta’s IIP grants citizenship to foreign investors who contribute €650,000 to the country’s National Development and Social Fund. Investor’s families are also granted citizenship upon the payment of an additional €25,000 per family member. Investors are also required to purchase real estate worth a minimum of €350,000.
The program intake is capped at 1,800 primary applicants, after which the program is set to end.
Source: timesofmalta.com