16 Jul 2020
On July 14th 2020, the Malta Individual Investor Programme Agency (MIIPA) formally notified accredited agents that they shall extend the 31st of July deadline for the residency applications required to initiate the process for Citizenship under the Malta Individual Investor Programme. Applications can now be submitted until the 14th of August 2020.
Earlier last month, the MIIPA informed the accredited agents that Malta was approaching the self-imposed 1,800 applications capping of the programme and as a result of this, residency applications required to initiate the process for Citizenship under the Malta Individual Investor Programme Regulations had to be submitted by the 31st of July.
Due to the overwhelming amount of applications for residency to initiate the process for Citizenship under the Malta Individual Investor Programme Regulations, the Agency has decided to extend the deadline until the 14th of August 2020.
Even though the Agency decided to extend the 31st of July deadline, the same cannot be said for the 30th September deadline in relation to the citizenship application. Indeed, the programme as it is known today, will only be available to applicants until 30th September 2020.
After the 30th of September 2020, applicants would be able to apply for Maltese citizenship under the new rules which should be issued in the coming weeks.
If applicants manage to submit their residence application by the 14th of August, but do not manage to submit a citizenship application by 30th September 2020, they may very well be caught under the new programme, and may be facing a set of completely new, and possibly much more expensive set of requirements in order to qualify for citizenship by investment.
Although nothing official has been issued in relation to the new citizenship by investment programme, possible changes have been discussed in our previous article which can be accessed through the said link.