In light of the benefits that the Investment Migration programmes bring, which are vast and widely known within the industry, it is clear to see the reasons why a revised MIIP are underway.
The Malta IIP has positively impacted the Maltese economy, raising over €800M since 2014, and has been used to finance different projects. More recently, this has also served to palliate the economic impacts of the COVID19 pandemic.
While EU scrutiny is something familiar in the industry, and lately not only to Malta but also to Cyprus and Bulgaria - Citizenship is, and remains the competence of each EU member state. However, the Maltese Government is always open to improving the programme to keep being the Golden Standard of the Investment Migration industry.
In a recent article, published during the beginning of May and after the Government formally confirmed the continuity of the programme, we elaborated an educated guess on how the future of the programme would be.
When are the changes to the Malta IIP happening?
The MIIP Agency has notified all agents that the programme is reaching its cap, and has put deadlines in place.
The MIIP Agency will continue accepting applications for citizenship until the 30th of September 2020.
However, the applications for residence – the first step for the IIP process - will only be accepted until the 31st of July 2020.
So, for example, if the applicant obtains a residence card, but does not manage to submit a citizenship application by the 30th of September 2020, his application will fall under new regulations that the Government is considering, and the applicant would need to fulfil the new criteria.
These new changes, whichever they are, we expect that they will keep the IIP at the vanguard of the Investment Migration industry.
Investing in a second Citizenship or Residence by investing in the jurisdiction of choice, can certainly protect HNWI and their families, as well as give them independence, freedom and flexibility.
CSB Group Citizenship & Planning services headed by Andres who assists Private Clients, HNW and UHNW individuals and their families in deciding their best routes to achieve Financial Diversification, Freedom & Security through a Sound & Smart Investment in Europe or the Caribbean.
Originally published June 4, 2020
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