The National Development and Social fund (NDSF) an an autonomous agency established for the purpose of managing and administering 70% of the contributions received from the Individual Investor Programme (IIP) of Malta set up by virtue of the Malta Citizenship Act Cap. 188.
The NDSF fund’s board of governors said that it had recorded total revenues of €432m from the fund’s inception up to August 31, 2018. During the same period, €130.5m invested in local listed securities and Malta Government Stocks.
In March 2017, Ray Ellul has been appointed as Chief Executive Officer of the National Development and Social Fund (NDSF) following a public call for applications.
The functions and duties of NDSF Agency are as follows
- to contribute to major projects of national importance;
- to assist in projects and initiatives in the public interest, by inter alia promoting and supporting the advancement of education, research, innovation, justice and the rule of law, employment and public
health; - to contribute to the development of better public services;
- to support enterprise and business in improving its competitiveness;
- to promote research and development in matters conducive to the public interest;
- to help stakeholders to deliver social, employment and educational projects;
- to foster initiatives that support reforms and better governance;
- to support measures for the improvement of the fairness and efficiency of justice;
- to foster initiatives encouraging gender equality, prevention of discrimination, and respect for human
rights; - to assist initiatives to provide for the social housing needs of the population and to combat social
exclusion; - to sponsor initiatives for the improvement of health, health care and care for the elderly; and
- to undertake initiatives for the benefit of future generations.
The agency had awarded a grant of €950,000 to Mater Dei Hospital’s Cardiology Department to upgrade its two catheterisation suites. The fund’s grant benefited more than 3,000 patients a year will be treated in a more efficient and effective way than previously. Another €55 million committed towards other initiatives related to social housing and healthcare.
In August 2018, 49% of the total issued share capital of Lombard Bank transferred to the National Development and Social Fund. The transfer made the NDSF the biggest shareholder in the bank, and Lombard the bank with the largest government shareholding.
Highly qualified foreign investors and their families can apply for Malta citizenship by investment program (also known as IIP) contributing €650,000 euros to National fund, along with purchase of government stocks worth €150,000 plus leasing or buying a property.
To be eligible for Maltese citizenship under the Individual Investor Programme of the Republic of Malta, applicants must:
- make a contribution of €650,000 to the Maltese Government, which is deposited in the National Development Funds;
- lease property in Malta for a minimum value of €16,000 per annum, or purchase property for a minimum value of €350,000; and
- acquire €150,000 worth of Government Bonds or bonds/ securities listed on the Malta Stock Exchange.
The property and the bonds/ securities have to be held by the main applicant for a minimum period of 5 years.
Source: Times of Malta
