Malta's miip builds momentum

Photo: Andrea-S

Malta's Individual Investor Programme (the MIIP) is building momentum, according to experts, as hundreds of buyers queue up to buy property and secure citizenship.

The so-called "Golden Visa" strategy has become a popular option for many property markets across Europe, with Portugal, in particular, enjoying strong demand from wealthy buyers outside of the EU.

Malta's programme is also building up momentum, with over 700 applications already received since its launch almost a year ago. This means that around 40 per cent of 1,800 limit has been reached.

Why is it so popular compared to other countries? The backing of the European Commission and Malta's stable economy have both played a part, while the low threshold for eligibility means that investors can purchase a property for just €350,000 to secure a passport.

The MIIP is also popular because it offers "a professional and efficient way of obtaining a reputable passport, in approximately 15 months from start to finish", notes Mel Roberts, a consultant with global advisors Maitland Group.

Speaking to OPP.Today, he explains: "A Maltese passport guarantees citizenship in an EU country that is stable, neutral and highly respected, visa free travel to more than 160 countries and the right to work and pursue economic activities in all 28 EU countries. Another reason is that an “Oath of Allegiance” (prior to the issue of a passport) is given in English, being one of the two official languages in Malta. (This is in contrast to Portugal, for instance, which requires the applicant and all family members to be proficient in Portuguese). Given that the MIIP has been in existence for about a year, that 700 applications have been received, and that momentum is picking up, it is anticipated that the limit will be reached before the end of next year."