Sunday, November 10, 2024

IIP regulator received complaints from 35 refused applicants

Malta has received complaints refused 35 individuals under the Individual Investor Program (IIP) since the launch of the scheme in 2013.

 

Malta launched IIP scheme in 2013, requiring atleast €900,000 investment in Malta.  All applicants are strictly vetted for number of criterias and those who do not qualify are refused for citizenship.  Malta do not accept applications from high-risk countries which are subjected to embargo or sanctions.

 

IIP Complaints
2013 0
2014 0
2015 0
2016 7
2017 8
2018 13
2019 7

 

Malta IIP refused applications
Complaints received from Applications refused under Malta IIP – Source: Newsbook Malta

 

From 2014 to 2018, IIP agency has rejected a total of 221 applications, according to Oriip annual report

IIP refused applications
Total refused IIP applications from 2015 to 2015 – Source: Oriip annual report

 

In a recent parliamentary question, PM Muscat said that fourteen individuals have asked for an inquiry into the refusal of their application to obtain Maltese citizenship by investment. Each request has been referred to the relevant committee.

 

The Oriip agency monitors the correct implementation of the individual investor programme and publishing annual reports. On 2 February 2018 Mr De Gabriele was re-appointed as Regulator (Individual Investor Programme) for an additional period of two years.

 

According to the official website, the regulator does not have any power review any decisions taken by the Minister regarding the grant or refusal of any applications under the Maltese Citizenship Act. The Minister’s decision on any such application shall not be subject to appeal or review.

 

The next annual report on the Individual investor scheme (IIP) is expected be published by end the end of 2019 by the regulator.

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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