Significant Changes Coming to the Malta Citizenship Programme
11 June 2020
The Government of Malta announced they are closing in on the 1,800 quota for the Malta Individual Investor Programme (MIIP) - the world’s most prestigious and number one ranked Citizenship by Investment Programme.
The government will be reviewing the programme and will likely be making significant changes, including removing the requirement to purchase €150,000 in government bonds but raising the cost of the non-recoverable contribution.
Impact on Clients
There is little time left for clients to ponder whether they wish to move forward under the current regulations. The current programme is only available until July 31st, 2020. Clients have less than 50 days to secure their spot.
Clients who wish to move forward will need to do so in the coming weeks and likely save €150,000.
The first step is to complete and send back Latitude’s initial due diligence form along with copies of the passports for all family members who will be included in the application. This will allow us to run the necessary compliance checks to ensure the client has a high probability to be accepted and we are able to onboard them.
If the clients pass the initial due diligence, we will move to the Client Agreement and request the initial retainer. We will then start working on their residence application and request the biometric appointment with MIIPA. This appointment must be secured prior to July 31st.
Lastly, citizenship applications must be submitted by September 30th to secure a slot under the current citizenship regulations. If we initiate the process in the next week or two, we should have ample time
What if a client is not able to proceed at this time?
If any clients fail to make it in time under the current regulations, or purposely choose to wait, we will advise you of the new regulations the minute they are officially announced by the Government. As previously mentioned, the new regulations will likely see an increase in the non-refundable contribution of €150,000 to off-set the removal of the bond purchase requirement.