As anticipated, applications for the Malta Individual Investor Programme are close to reach the quota imposed by the government, and currently the final applications are being accepted. The Malta Investor Programme Agency (MIIPA) has issued a notice whereby it has confirmed that the last applications for citizenship under the current Malta Individual Investor Programme Regulations will be accepted until the 30th September 2020. This is applicable to those who have already fulfilled the first step of the process, which is obtaining residence in Malta.
In the case of applicants who did not start the residency process yet, new residence applications will be accepted until the 31st July 2020. As to investors who obtain a residence card by July, but do not submit their citizenship application by the deadline stipulated above (30th September 2020), such applicants may be considered under the new regulations that are currently still in discussion, provided that they qualify.
Is this the end for the Malta Individual Investor Programme?
The economy of Malta has significantly benefitted from the Malta Individual Investor Programme and hence rumour has it that it is quite likely that this is not the end for the citizenship by investment programme in Malta. It is very probable that a new quota will be issued, however industry insiders speculate that a new quota might see changes in the contribution amount, bond purchases, and the residency requirement.
Acquiring citizenship in Malta, a country in the European Union, provides investors and their families with the flexibility and freedom of having a second home in Europe. This safety net becomes even more relevant particularly during these times, when so many countries have experienced such unforeseen turmoil. Throughout the COVID-19 pandemic Malta has proven to be one of the most successful and safe European countries.
Therefore, if you are interested in obtaining Maltese citizenship by investment, it is important to get in touch with us as soon as possible, so that we may guide you on how this may be actioned urgently to be able to manage the citizenship submission prior to the 30th September 2020.
Vertex Alliance is a leading advisory firm rooted in decades of experience in immigration, residence, relocation programs. Led by accredited agent Kenneth Camilleri, our team has assisted numerous families from across the globe with acquiring a second residency and/ or citizenship in Europe and with their tax planning.
References
Disclaimer
Whilst we endeavour to provide precise and timely information, there can be no assurance that such article is accurate as of the date it is received. The information provided herein is merely intended for general information purposes and cannot be construed as professional advice without seeking an appropriate consultation.
