Act Fast – Malta Individual Investor Programme Is Reaching Its Cap
The Maltese government has recently announced that the country’s citizenship by investment programme is about to reach its cap. The Malta Individual Investor Agency will be accepting applications for citizenship under this programme until the 30th of September 2020. Less time is allotted for applications for residence, which are going to be accepted only until the 31st of July 2020.
Malta first launched the IIP for foreign nationals willing to acquire the island’s citizenship in 2014, and since then the programme has been a huge success among wealthy people from all around the world. However, it will be exhausted within nearest months, once it has reached its 1,800 application cap. The current programme will afterwards be discontinued and, as stated by the government, will require a revision. This information was circulated among the agents of the Malta Individual Investor Programme (IIP) and appeared on the IIP website, “those individuals who obtain a residence card, but do not manage to submit a citizenship application by the 30th of September 2020, may be considered under new regulations that the Government is considering.”
The investment threshold of the renewed programme is expected to increase, and overall immigration conditions are forecasted to become more complicated. This prompts investors to apply for the Maltese citizenship within the shortest possible time.
Under the IIP requirements, an investor must obtain a residence permit first. Consequently, a full set of documents for due diligence and an application for citizenship are to be submitted after the residence permit registration has been completed.
To apply for residence, it is necessary to visit Malta in person to provide biometrics data. Malta is planning to resume airline services with 19 countries from the 1st of July. Thus, the time to file the residence application is swiftly running out.