Malta IIP Agency Issues Deadline for Applications to Be Considered Before New RegulationsJune 5, 2020
In a letter circulated to agents of the Malta Individual Investor Programme (MIIP) yesterday, the MIIP Agency states, in effect, that – as the program is fast-approaching its 1,800 application cap – prospective investors must submit their applications prior to October 1st this year in order to be considered under current regulations.
Kindly be informed that the Malta Individual Investor Programme is reaching its cap.
MIIPA will continue accepting applications for citizenship under the Malta Individual Investor Programme Regulations until the 30th of September 2020.
Complete applications for residence will continue to be accepted until the 31st of July 2020. 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, if they qualify.
The Maltese government has confirmed, on several occasions, their commitment to extending the program upon expiry, although – in all likelihood – with amended terms and conditions.
Industry observers have speculated as to which elements of the program’s requirements may change in the second MIIP, notably as they relate to the minimum amounts for contributions, bond purchases, and the maintaining of a home in the country.
While it remains to be seen whether the new rules will be ready in time to prevent a gap between the first and second versions of the MIIP, program officials have indicated that revised regulations are expected within weeks.
“It’s positive that the authorities have provided clarity over this transitory period between one programme and another,” says Luke Frendo, a Maltese lawyer specializing in the MIIP. “Now we also look forward to the publication of the new programme, which I’m confident will build on the success of the existing one.”
IMI understands that two key considerations for the government during the deliberative process have been to maintain the industry-benchmark standards of due diligence but also that any amendments to investment requirements not render the program less competitive.
Want to know more about the Malta IIP? To see recent articles, statistics, official links, FAQs, and more, visit its Program Page. To see which firms can assist with applications to the program, visit the Residence & Citizenship by Investment Company Directory.
Image via: Malta.gov