The number of 3rd country nationals purchasing a Maltese passport have tripled in 1 year, but only 1/5th of them have actually bought a property, while the vast majority opting for long lease. This trend has come to light from the 3rd Annual report issued by the Office of the Regulator of the Individual Investors programme covering the previous year till June 2016.
Between June 2015 till June 2016, 241 applications were approved, while 52 applications were rejected.
Launched in January 2014, the programme allows non- EU nationals to acquire Maltese citizenship through a contribution of €1.5 million in cash, stocks or bonds and immovable property. The main applicants also have the option to buy citizenship for their direct family starting from €25,000.
Between 2015 and 2016, 134 applications were accepted but the number of beneficiaries swells to 477 if one includes spouses and minor adult dependents. Throughout this period the newly naturalised citizens, bought or rented out real estate in the town of Sliema. It has been noted that 27 of these properties that have been bought totalled to €28 million, which averages to around €1 million each. This is 3 times more than required by the terms of the citizenship programme.
The leased out immovable properties have been given out on a basis of 5 year contracts which have a value of more than €13 million, a value which is much more than stipulated in the International Investors programmes rules. On average a property rental would come to €2,083 per month.
Besides immovable properties, IIP clients also have to make a minimum investment of €150,000 in stocks, bonds and other economic vehicles.
For more information, kindly direct your request to email@example.com.