The Malta Developers Association in response to public consultation on Individual Investor Programme (IIP) has called for increase real estate investment to €500K and also increasing rental leasing to €30,000 per annum.
In Feb 2018, Malta government asked for a public consultation feedback on IIP, whether to extend the programme, residency status, processing time, residency conditions etcc.
According to Malta Developers Association
1. We agree that the number of accepted applications under the Programme to be left at the open discretion of Government. The IIP program is a success and we believe it is positively effecting our economy.
2. The minimum amount to purchase a property should increase to Euro 500,000. We believe that the current Euro 350,000 is low and is creating a negative impact on the lower brackets of the population to purchase property.
3. The minimum amount to lease a property should increase to Euro 30,000 per annum. We believe that the current Euro 16,500 per annum is low and is creating a negative impact on the lower brackets of the population to lease residential property.
4. Applicants should only be allowed to sign a lease directly with the landlord and the property should have not have been sub-leased from third parties. Sub-Leased should only be allowed if the lease is being done from a subsidiary of a holding company.
The Malta Developers Association (MDA) is the highest body and voice of private Real Estate developers in Malta.
MDA links private real estate developers to the relevant state authorities and to customers through numerous initiatives and activities.
The Malta IIP consultation process is in final states and expected to be published soon.
The evaluation of a public consultation process on the extension of the controversial passport sale scheme is in its final stages, according to Times of Malta.
Currently the Individual investor programme is capped at 1800 applicants and has the following conditions
- At least a 12-month residency status in Malta;
- The purchase (minimum €350,000) or lease (minimum €16,000 per annum) of immovable property by way of residency;
- A contribution of €650,000 per main applicant PLUS a contribution per capita in respect of the spouse (€25,000) or other dependants (€25,000 – son/daughters under 18, €50,000 – unmarried sons/daughters between 18 and 26 and parents or parents-in-law above 55) accompanying the main applicant;
- The purchase of Malta Government Bonds or locally listed securities and equities amounting to not less than €150,000;
- Indefinite health insurance of the main applicant and all dependants.
