In September 2013, Malta's Government announced the launch of the Malta Individual Investor Program or MIIP. Under this first Malta Citizenship by Investment Programme upstanding members of the global society having sufficient evidence of clean source of wealth, would be eligible for Malta Citizenship on making contributions to and investments in Malta's economy.
Malta Individual Investor Program Legislation
The announcement of the new Malta Individual Investor Program attracted mixed reactions from the Maltese people that had only a few months earlier voted in a new government. An open even if at times vociferous debate ensued both in our Parliament as well as at the European Parliament. For four months, the proposed Malta Individual Investor Program rules were scrutinised from constitutional, international law as well as public sentiment perspectives.
The two sides of Malta's bicameral parliamentary system left and returned to the negotiating table a good number of times before compromise was reached in early 2014 on the addition of the approved investment as well as a property requirement. The last remaining political hurdle to be overcome was the dissent expressed by the European Parliament weeks earlier. Not enjoying any jurisdiction on matters of nationailty and citizenship and keen to put this matter behind it, the European Commission met with a Maltese delegation and, within the day, agreed out the terms of Europe's first, EU-approved Malta Individual Investor Program Programme.
Malta Individual Investor Program Criteria
- A non-refundable Contribution of €650K to the Malta Social & Development Fund, with additional lower contributions for dependent family members ;
- An Investment in Approved Bonds or Securities amounting to €150K for a minimum of 5 years;
- The Purchase of Residential Property in Malta (min. value of €350K) or the Rental (min. €16K per year for a min. of 5 years), &
- Evidence of a Genuine Link with Malta including Malta Resident status for a minimum of one year.
Malta Individual Investor Program Applications so far
Since the European Commission's approval last February, the firm has handled the first applications under the Malta Individual Investor Program. Chetcuti Cauchi was approved as accredited person with Identity Malta under Licence no. IIP 001. Identity Malta has been very supportive in our first applications and have demonstrated the seriousness and professionalism that was promised by our Government in their dealings with us as Accredited Persons as well as our esteemed clients who ventured to be the first candidates for Malta's Individual Investor Programme.
Those long-standing clients of my firm who have enjoyed Maltese residence status with us for a number of years will be proud citizens of Malta within 6 months of their application, given that they have fully satisfied all the onerous requirements of the Malta Individual Investor Program including residence. For those who have invested significantly in Malta over the years, moving their centre of life to Malta, family and all, and who have created jobs and contributed to a better Malta, the Maltese passport is an important recognition of their true love of Malta.
Alongside the Malta Global Residence Programme and the Malta Residency by Investment Program, the Malta Individual Investor Program promises to be another success, joining the portfolio of successes that Malta has under its belt in building what is a vibrant, sound and agile financial services centre, that is disproportionate to Malta's small size.
Malta Individual Investor Program Interview