The government of Malta has just announced that it has closed its Malta Citizenship by Investment Program – also called the Individual Investor Program (IIP). The program which grants investors Malta citizenship in exchange for a minimum investment of €1,150,000 will undergo several reforms before re-opening.
The Malta Individual Investor Program Agency — which was dealing with the IIP — has also closed. Instead, a new agency called Komunità Malta will be responsible for handling all Malta citizenship-related matters from January 2021.
While Malta’s Citizenship by Investment new framework has not been established yet, the government has already announced a set of new regulations regarding the acquisition of Maltese citizenship:
- Individuals can only apply for citizenship after three years of residence or by exceptional circumstances, after one year (must make a higher investment)
- Individuals will only be allowed to apply for citizenship if they successfully pass a due diligence assessment test
- The new regulations will no longer have a concessionaire, in contrast to the previous program
- Name of the people who get Maltese citizenship will be published as well as the names of the people who are not granted citizenship, as a means of enhancing transparency
- The new agency will carry out continuous monitoring of applicants for the first five years after acquiring citizenship
The government has not announced when the Malta Citizenship by Investment program would reopen. Global Citizen Solutions will continue to monitor the situation and provide timely updates.
What other citizenship by investment programs can I apply for?
While the closing of the Malta Citizenship by Investment Program is very unfortunate, there are other worthy citizenship by investment programs that remain available.
There are several reputable Caribbean citizenship by investment programs offering passports to investors in exchange for affordable investments in a few months. The St Lucia Citizenship by Investment Program and the St Kitts and Nevis Citizenship by Investment Program are for example very popular options.
Whatever your needs are, Global Citizen Solutions can assist. We provide bespoke second residency and/or citizenship solutions to international families and have helped hundreds of expats secure legal residency abroad. Contact us today for more information about our programs.