Malta IIP Applications
Citizens of former Soviet republics account for 59 percent of Individual Investor Program(IIP) applications for Maltese passports, according to a report to the Maltese parliament by the regulator of the program, Godwin Grima. Of these, 54.3 percent came from Russian citizens, with Grima noting: “Whilst Russia may be defined as a European country, it also forms part of the BRICS grouping of emerging economies where there is potential for growth and which may therefore have positive secondary impacts on Malta.
The report also revealed that 30 percent of the applicants were from Asia, and 9.8 percent from Gulf states.
Figures until the end of June indicate that 173 applications had been received, though latest figures reveal that there are 459 applications submitted for residence permits as part of the IIP requirement.
The report criticized Identity Malta – the administrators of the IIP scheme – for lack of clarity on the issue of the residency requirement of applicants, with no guidelines having been given on the definition of residency, and on how to ascertain ‘effective residence status’.
“It is important for Identity Malta to provide clear guidelines of what is to be considered as admissible proof of residence in Malta. This so that actual or potential applicants will know upfront the onus upon them to prove their residence requirements in Malta”, said Grima.
In light of competing citizenship and residency programs being introduced by neighboring EU nations, Grima said “Malta must ensure that it continues to develop its infrastructure in a manner that benefits any modern and growing economy as this competitiveness aspect will play an important part on the applicant’s choice of country of citizenship”
Source: TimesofMalta