The Individual Investor Programme (the passport scheme) accounted for 2.8 per cent of the economy between July last year and June this year, the report by the Regulator, just issued, shows.
Carmel DeGabriele said that during during the period under review, contributions collected by Identity Malta amounted to €166,550,000, which equates to approximately 1.81% of the GDP.
When all inputs from the IIP are considered, including property purchases and rent, investments and contributions, the sum total (€218,672,980) equated to approximately 2.38% of GDP. 000.
The funds raised over the past year were distributed as follows:
€46,604,100, the National Development and Social Fund;
€19,971,900, the Consolidated Fund;
€5,818,500, Identity Malta;
€4,676,000, Henley & Partners.
The funds raised since the launch were as follows:
€54,947,550, the National Development and Social Fund;
€23,548,950, the Consolidated Fund;
€7,261,500, Identity Malta;
€5,842,000, Henley Partners.
The balance in the Suspense Account (for applications still under consideration) as on June 30, 2016 was €133,946,599.
The number of applications received during the year was 450, raising the total for the three years to 723.
The number of dependents included in the 450 applications amounted to
1186, who will also hold a Maltese passport if the applications are approved.
1186, who will also hold a Maltese passport if the applications are approved.
The authorities approved 241 applications during the year, a sharp increase from the 75 approved in the previous year. 52 applications were rejected.
The majority of the rejected applications came from European countries whilst the rest were (nearly) equally distributed amongst five other geographical regions.