Malta CBI Programme set to be relaunched in September
With the current Malta Individual Investor Programme reaching its cap in the coming months, a revised Citizenship by Investment Programme is set to be launched this September.
Last week, Parliamentary Secretary for Citizenship, Alex Muscat, announced the different conditions under which the revised Programme will operate.
One of the main changes is in terms of the process itself. In the current iteration, applicants must obtain a residency card, following which they are able to submit their application for citizenship. Under the new programme, successful beneficiaries must hold a valid residence permit for a period of 12 or 36 months. The current flat EUR650,000 contribution requirement will be replaced by a EUR600,000 contribution, qualifying applicants for the submission of their citizenship application after 36 months; or EUR750,000, allowing submission after 12 months. A contribution of EUR50,000 per additional dependent to the application has also been standardised.
Following receipt of a residence permit, applicants will be expected to submit what is being termed an application for eligibility. Through this process, candidates will receive preliminary clearance, confirming that, in principle, their citizenship application should be processed successfully.
Once the stipulated residency period has been fulfilled, complete citizenship applications must be compiled and submitted. This should then result in the successful receipt of an oath invitation, following which the naturalization process will occur.
The price for property rental or purchase – one of the main requirements of both reiterations of the Programme – has also been increased. Qualifying property must be rented for a minimum of EUR18,000 per annum, up from the current EUR16,000. Should applicants opt to purchase a property, the minimum investment for this has gone up to EUR700,000 – double the current amount. The requirement to invest in government bonds, however, has been removed.
Approvals for the new version of the Malta Citizenship by Investment Programme are to be capped at 400 per year and will not exceed a total of 1500 in the programme’s lifetime. Changes in the documentation and information required may also be expected, however this has not been confirmed to date.