IIP applicants spent over €25 million in property

By the end of April, a total of 143 applicants for Malta’s “citizenship by investment” scheme successfully completed the process, information tabled in parliament has revealed.

In a parliamentary question raised by PN MP Claudio Grech and answered by Justice Minister Owen Bonnici, parliament was told that 116 applicants will be investing a total of €12,245,835 in property rent over a period of five years while 27 applicants spent a combined €25,475,744 in property purchased.

A prerequisite for IIP applicants is donations to NGOs and philanthropic associations. In reply to further questions raised by Grech, Bonnici said that 68 NGOs and philanthropic organisations benefitted from this requirement, at a total of €791,900.

The Justice Minister went on to add that it was not excluding further contributions which Identity Malta was not informed about.

Further parliamentary questions revealed that 23 applicants opened 27 companies. Once again, the minister clarified that other companies might have been set up but the agency would not have been informed.