The July 31 deadline to apply for residency, the first step to Maltese citizenship, under the country’s current Individual Investor Programme has been extended to mid-August.
On July 14, Malta’s Individual Investor Programme Agency (MIIPA) has notified accredited agents that the July 31 deadline for residency applications under its Individual Investor Programme (IIP) has been extended until August 14.
Malta’s IIP residency application is the first step required in order to initiate the process of citizenship in the country under its current IIP, which is set to reach its cap of 1,800 applications.
Due to the overwhelming number of applications for residency received by the MIIPA, all with the aim of initiating the process for citizenship, the Agency decided to extend the deadline.
However, the upcoming deadline for citizenship applications, which has always been set for September 30th, continues to be maintained.
After this September deadline, applicants can only apply for Maltese citizenship under completely new (and more expensive) rules, which have been announced, but will be formally issued in the next few weeks.
The financial investment in securing citizenship in Malta via the current IIP (running until September 30) requires a total investment of €1,150,000 and a three-level investment strategy taking up to 14 months.
Under Malta’s new proposed programme guidelines, the minimum investment amount for property investment is set to be doubled, from €350,000 to €700,000, and further pre-application checks will be put in place.
The benefits of Malta citizenship are huge however, hence its popularity. The country offers the greatest freedom of movement of any programmes with visa-free access to 184 countries as well as the ability to live, work and study anywhere in the EU. Malta is also one of the strongest and most stable economies in the EU, delivering a high standard of living with high life expectancy and safety levels and offering one of the best universal free healthcare systems worldwide.
• To find out more about Malta’s current IIP and its requirements and how to apply before the deadline, read our Country Profile.