Malta’s Individual Investor Program (IIP) has received several hundred applications from more than 40 countries and demand is set to remain strong throughout the year. The Malta IIP has already brought in more than €450 million in Foreign Direct Investment since its launch in early 2014, and the country is now starting to see added benefits, with applicants investing in Malta outside of the scheme.
Provisional letters of approval have started to be sent out to IIP applicants, the majority of whom are from Russia, China and South East Asia. Final certificates of naturalization will be issued once the contribution, investment and residency requirements are fulfilled.
The Malta IIP is aimed at high net-worth individuals worldwide. IIP applicants are required to pay €650,000 to Malta’s National Development and Social Fund, and either invests at least €350,000 in residential property, retaining it for a minimum of five years, or rent a property worth at least €16,000 a year.
The Maltese Prime Minister, Joseph Muscat, claims the scheme is ‘innovative’.
“The concept of citizenship is fast evolving, and we want to be at the forefront of this innovation. The Individual Investor Programme is the only citizenship-by-investment program which is sanctioned by the European Commission,” he said. “It can be explained in one word: talent. We want to enhance our competitiveness by increasing our talent pool and by increasing our global network. We believe that these are the new borders of a brave new world,” he added.
According to real estate insiders, the Malta IIP has led to a surge in demand from overseas investors to purchase property. About 46% of their clients in 2014 were foreign nationals, of which one third were related to the Malta IIP.
The Maltese IIP grants citizenship to foreign investors and their families who make a significant contribution to the economic development of Malta. The program intake is limited to 1,800 primary applicants, after which it is set to end.
Thanks to its warm weather and low crime rate, Malta has been named one of the world’s top retirement destinations in 2015, coming in seventh in International Living.com’s Annual Global Retirement Index.
Source: expatforum.com