Current Affairs
311 applications received in one year for IIP scheme

The Citizenship with Investment Programme’s agency received, in the year between the half of 2018 and that of last year, 311 applications – nineteen less than the same period of the previous year, with increases registered in applications from Asia and Europe. Since the programme started, the Government’s income was over 800 million euro.

In his annual report, the programme’s regulator Carmel Degabriele said that the trend in the decrease of applications is the result of greater competition from similar programmes of other countries, while he recommended that agents who present low quality applications should be sanctioned.

During the period between the 1st July 2018 and 30th June 2019, the Citizenship with Investment Programme agency collected almost £163 million from IIP applicants bringing up a total of £835 million in contributions received by the programme.

Almost two thirds of the income or just over €514.6 million, went into the Social and National Development Fund and €220 million in the Consolidated Fund for the government’s budget.

237 applications were approved in one year – fourteen more than the previous year. Almost 1,200 applications were approved since the beginning of the programme, 600 less that the acceptable quota according to the current law – 1,800.

Almost half of the applicants were received from Europe, while a third came from Asia, double the amount in three years. The third biggest group of applicants were from the Middle East.

Under the programme’s obligations, 144 properties were purchased since the start of the programme, while just over 900 residences were rented. Apart from payment to the government’s agency, the applicants are obliged to invest up to €150,000 in stocks or bonds and give a donation to non-government organisations.

The Programme’s regulator Carmel Degabriele reiterated his disappointment that no foreign mission, which came to Malta to report on the programme, had contacted his Office.

The IIP regulator added that figures show that the programme is greatly contributing towards the social and economic development and expressed hope that following the consultation process, amendments are made to make the programme more dynamic and attractive.

By the half of 2019, there were 134 agents accredited to receive IIP applications, 25 less than the previous years.

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