Malta Individual Investor Programme (MIIP) Has Reached Its Cap
As most people are aware, when enacted back in 2014 the Malta Individual Investor Programme (hereinafter ‘MIIP’) which grants Citizenship by Investment in Malta, stated that the number of successful main applicants, shall not exceed one thousand and eight hundred (1,800) for the whole duration of the Programme. This week the Malta Individual Investor Programme Agency has advised that this cap is close to being reached.
MIIP Application Process
The MIIP application process is split into two stages. The first stage is the application for residence wherein the applicant obtains a Maltese e-residence card. The second stage is the full citizenship application wherein the applicant submits the main application together with all supporting documentation.
Important Application Dates
The Malta Individual Investor Programme Agency confirmed that complete applications for residence will continue to be accepted by the Agency up to the 31st of July 2020 and full citizenship applications until the 30th September 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.
It is important to note that due to the current travel restrictions it will be difficult for applicants to proceed with coming to Malta and applying for their residence card. Moreover, the individual travelling would need to be residing in one of the 19 countries from where the travel ban has been lifted, for a period of four weeks. This has in fact been very disappointing for clients who are interested in this Programme and most of which are non-EU nationals.
We have been informed that there are concrete plans for the second Individual Investor Programme, which programme will be different from the first. How different, we do not know as yet.
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