The Government of Malta has officially announced the Individual Investor Program (IIP) will be extended and implemented with the new set of rules after reaching the 1,800 citizenship quota. This means that IIP will continue to be implemented in the future.
In a recent press release, the Maltese government confirmed that, once the quota of 1,800 applications is reached, it will launch a revised version of the program.
According to a report from the Office of the Regulator of the Individual Investor Program (ORiip) published in November 2019, the Malta citizenship investment program received 1,742 applications, of which 1,198 applications were approved. Therefore, according to the quota of 1,800 applications set by the Government of Malta, it is likely that IIP will soon achieve its targets this year.
At this rate, therefore, the MIIP may very well reach its quota already this year – “within months”, according to Muscat. If a few months ago there were questions about the continuity of the program, those have now been laid firmly to rest; it is clear that the MIIP will go on and, no, there will be no gap between the iterations.
As mentioned in the press release, while matters of citizenship are – and will remain – the exclusive competence of each EU member state, the Maltese government is always open to further improve the program to keep at the forefront of the investment migration industry. The Maltese prime minister, Robert Abela, has indicated that further reforms will be considered and the Maltese government has engaged in discussion with European institutions and stakeholders.
The MIIP has had an overwhelmingly positive impact on the Maltese economy, raising over EUR800M since 2014, and has been used to finance a variety of projects and, more recently, as a temporary measure, to fight the COVID19 effects on the Maltese economy.
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