The Malta Citizenship by Investment Programme was established by LN 47/2014, in which the Government of the Republic of Malta grants naturalisation by investment to reputable individuals and their dependants on the basis of a firm and thorough due diligence process and a significant contribution to the social and economic development and investment in the country.
By virtue of LN 2/2015, which amends the Public Administration Act, a legal framework is now provided for the funds received through the IIP applications, and managed by the National Development and Social Fund Agency as a separate legal entity. The legal notice also sets out a structure of 12 possibilities on how the funds are to be used.
The Agency shall receive from Identity Malta a percentage of the amounts of money payable to the Fund from the revenue received from the programme and shall use and administer these amounts as follows:
- Contribute to major projects of national importance;
- Assist in projects and initiatives in the public interest, by promoting and supporting the advancement of education, research, innovation, justice and the rule of law, employment and public health;
- Contribute to the development of better public services;
- Support enterprise and business in improving its competitiveness;
- Promote research and development in matters conducive to the public interest;
- Help stakeholders to deliver social, employment and educational projects;
- Foster initiatives that support reforms and better governance;
- Support measures for the improvement of the fairness and efficiency of justice;
- Foster initiatives encouraging gender equality, prevention of discrimination, and respect for human rights;
- Assist initiatives to provide for the social housing needs of the population and to combat social exclusion;
- Sponsor initiatives for the improvement of health, healthcare and care for the elderly; and
- Undertake initiatives for the benefit of future generations.
Malta’s Individual Investor Programme has received over 400 applications since its launch early last year, and the Maltese Government is expecting further interest in the Programme and anticipating around 300 applications for the second year.
For any information regarding the Individual Investor Programme, email us here.