Maltese citizenship investor program set for strong 2015

Valetta, Malta Photo: Ben124

Malta's citizenship investor program is set for a strong 2015, according to advisers and agents.

The country's Individual Investor Program has received over 400 applications from more than 40 nations, says Henley & Partners. Foreign Direct Investment through the scheme has already totalled more than €450 million since its launch in 2014.

Applicants have to invest a minimum of €350,000 on a property for at least five years, or rent an immovable property for a minimum €16,000 a year over the same time period, alongside a €650,000 contribution to Malta’s National Development and Social Fund.

Prime Minister Joseph Muscat, speaking at a Henley & Partners seminar at the end of last year, celebrated its "ground-breaking" scheme.

"It can be explained in one word: talent," he said. "We want to enhance our competitiveness by increasing our talent pool and by increasing our global network. We believe that these are the new borders of a brave new world."

The IIP is aimed at ultra-high net worth individuals and families worldwide and is marketed internationally by Henley & Partners for the Government of Malta.

Andrew J. Taylor, Vice-Chairman of Henley & Partners, says that interest has remained strong this year.

"We are pleased to see that many of the early applicants are now starting to make ancillary investments (outside of the Individual Investor Programme) within the country. This will lead to further increased inward investment and the future creation of employment in Malta."

Most applicants have so far come from the MENA region, in particular China, Russia and South East Asia, while Frank Salt Real Estate says that almost half of its clients in 2014 were foreigners, with around a third interested in the IIP.