Source: Kinga Warda¸ January 2014¸ PKF Malta
On the 24th December Legal Notice 450 of 2013 “Individual Investor Programme (IIP) of the Republic of Malta” was published. The IIP shall allow for the grant of citizenship by a certificate of naturalization to foreign individuals and their families who contribute to the economic development of Malta¸ as provided in these regulations.
The Legal Notice introduces the qualifications and general requirements for a person to be a main applicant for citizenship under the programme¸ as well as the minimum eligibility criteria for an application under the programme¸ for the applicant and any of his dependants.
An applicant who – (a) provides false information on his application; (b) has a criminal record; (c) is the subject of a criminal investigation; (d) is a potential national security threat to Malta; (e) is¸ or is likely to be¸ involved in any activity likely to cause disrepute to Malta; or (f) has been denied a visa to a country with which Malta has visa-free travel arrangements and has not subsequently obtained a visa to the country that issued the denial¸ shall not be approved for citizenship under the programme¸ unless Identity Malta is satisfied that the applicant is still worthy of being considered for approval due to special circumstances to be demonstrated by the applicant.
The Notice provides a detailed description of the application process which shall be presented to¸ and examined by¸ Identity Malta¸ either directly or through the concessionaire.
No person¸ except Identity Malta¸ the concessionaire or an Approved Agent shall for gain and without being duly authorised¸ advertise¸ publish or disseminate publicly through any means whatsoever any information relating to the programme.
The Legal Notice also provides information about the maxiumum number of admissions which shall not exceed one thousand and eight hundred for the whole duration of the programme.
It also introduces the fund to be known as the National Development and Social Fund into which seventy per cent of contributions received by Identity Malta under the programme shall be paid. Those funds shall be used in the public interest inter alia for the advancement of education¸ research¸ innovation¸ social purposes¸ justice and the rule of law¸ employment initiatives¸ the environment and public health.
Click here to access the Legal Notice 450 of 2013 “Individual Investor Programme (IIP) of the Republic of Malta” on the Laws of Malta website.