Malta, EC Reach Agreement On Passport Sale

By ExpatBriefing.com Editorial 03 February, 2014

Malta has agreed to change the terms of its controversial Individual Investor Program (IIP) after negotiations with the European Union on January 29, 2014.

Under the IIP the Maltese government originally planned to offer citizenship to individuals who invest a minimum of EUR650,000 into the National Development Fund, regardless of the residential status of those individuals.

The main change agreed on January 29 means that investors must be resident in Malta for at least 12 months before they are eligible for the program. Residency begins on the day the applicant purchases or rents a property, but does not necessarily mean that the applicant must spend 365 days on the island.

The agreement also allows the Maltese government to raise the cap on the number of applicants, which currently stands at 1,800.

The IIP has been widely criticized by MEPs, who argue that it devalues European Union citizenship. The scheme also came under fire from opposition politicians in Malta, who felt that it would damage the island's reputation.

Tags: Individuals | Expatriates | Citizenship | Investment | Malta | Expats | Europe | Invest |

 





News Archive