Speaking to the Times of Malta, Parliamentary Secretary for Citizenship, Alex Muscat, indicated the administration of which he is a part hopes to have the program’s second iteration ready by the time the first reaches its 1,800-application quota, an event he said was only months away.
Speaking to the Malta Times, Parliamentary Citizenship Secretary Alex Muscat said he personally advocates immediate reboot to avoid a revenue gap. The government is considering a scenario in which the new program will be launched later this year, he said, because more than 70% of the 1,800 applications have been approved and at this rate, the program MIIP will be exhausted in the far future.
In particular, it is possible that some improvements to the Malta citizenship buying program were introduced and expanded the program to support the investment process of global investors.
To obtain a Malta passport, investors will make a non-refundable contribution to the government of EUR 650,000, purchase real estate worth at least EUR 350,000 or rent real estate valued from EUR 16,000 , buy government bonds worth 150,000 EUR.
These rates, according to Muscat, may be appropriate in 2013, but Malta's real estate market has exploded recently; The housing price index of the country today is 40% higher than the 2013 level. Therefore, restarting the program is necessary.
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