MEIN inflows to Malta up 73% in 2024: application numbers hit the third-highest level on record

In 2024, Malta’s Exceptional Investor Naturalization (MEIN) programme attracted around €199 million in total investments—73% higher than the previous year (€115 million in 2023). These figures come from the 11th annual report of the Malta Regulator, covering the programme’s last full calendar year before the Court of Justice of the EU ruling, delivered in April 2025.

After the decision was announced, Malta scrapped MEIN three months later.

MEIN applications: up 37% and the third-best result

In 2024, the Community Malta Agency (CMA) received 409 applications for programme eligibility—up from 299 the year before. The 37% increase enabled Malta to record the third-largest annual inflow of eligible applications in its history.

Only the earlier Individual Investor Programme (IIP) outperformed these numbers: 484 applications in 2015 and 436 in 2016. Since MEIN launched in 2020, a total of 958 eligibility applications have been submitted.

Review outcomes: approvals, naturalisations and refusal rate

On the “output” side in 2024, Malta:

• approved 183 applications for citizenship;
• naturalised 179 principal applicants (of which 173 under MEIN and 6 under the “old” IIP stream);
• granted citizenship to 362 dependants.

Across both programmes, there were 50 cases involving refusals or withdrawals by applicants. At the eligibility assessment stage, the share of non-accepted applications stood at 23%.

Who applied: gender split and geographic demand

In 2024, men accounted for 77% of principal applicants (historically around 80%). The share of women increased by 4 percentage points compared with 2023, reaching 19%.

Applications were dominated by Asian applicants at 42%. Next came North Americans at 17% (a similar proportion was also observed among applicants who already held multiple citizenships at the time of submission). The European segment ranked fourth at 13% (for comparison: Europe represented 45% in 2015, driven by the strong presence of Russian applicants).

The regulator also noted that, due to EU sanctions, applications from Russians were effectively blocked. Without that pause, volumes could have been significantly higher. Demand from North America, by contrast, rose substantially.

Where the investment came from: contributions and the role of property

Most of the 2024 inflow was driven by contributions—€166 million. Property accounted for €13 million (combined across both programmes), while the remainder came from rental obligations, bond investments, fees, and charitable donations.

Over the full “lifecycle” of the two programmes (MEIN and IIP), total contributions reached roughly €1.43 billion. The report also provides the composition of accumulated amounts: €249 million from property purchases, €237 million from bonds (within IIP only), €145 million from rentals, and €62 million from fees.

Total programme payments amounted to about €1.3 billion. Specifically, the National Development and Social Fund (NDSF) received €711 million, while the Consolidated Fund received €442 million. Government entities involved in programme delivery at different times (Identity Malta, MIIPA and CMA) handled €91 million.

Henley & Partners (the original IIP concessionaire) earned €56 million over the entire combined period. By year-end, around €21 million was held in “suspense accounts”.

Buying vs. renting: record-low share of purchases

In 2024, only 2% of applicants chose the property purchase option, while 98% preferred renting. This is the lowest purchase share across the programmes’ combined history: in 2023 it was around 5%, and the 10-year average is roughly 9%.

At the same time, the average rent under the mandatory five-year contract fell to €96,000 (from €103,000 the year before), while the average purchase price rose to €2.32 million (up from €2.23 million).

This shift toward renting explains the “paradox”: despite a 37% rise in applications, property-purchase inflows increased only marginally—€13 million in 2024 versus about €11.5 million in 2023.

Which areas they chose: Sliema and St Julians lead

Sliema and St Julians remained the most in-demand locations. Across the entire history of Malta’s CBI programmes, 122 properties were acquired in these two areas (with Sliema slightly ahead).

In Sliema, tenants signed 517 rental agreements, while in St Julians there were 281. Meanwhile, Gozo—despite more favourable terms under the old IIP model—accounted for just 3 purchases and 56 rentals over the whole period.

Programme end and the implications of the EU court ruling

The 2024 data became the programme’s “final chapter”, as it is no longer in operation. In October 2024, the Advocate General recommended dismissing the European Commission’s action, but the Grand Chamber took a different view.

Malta also revoked citizenship issued under CBI to six people since the programmes began. For a further four cases, the process of withdrawal was at an advanced stage. One case involved an Israeli citizen—a former intelligence services employee and CEO of a spyware company that had been added to US sanctions lists. Another involved a Russian national convicted in the UK for money laundering.

In addition, during 2024, CMA referred 16 cases with suspicions of money laundering to the Financial Intelligence Analysis Unit (FIAU).

Between 2014 and the end of the period covered by both programmes, Malta naturalised 6,152 people: 1,830 principal applicants and 4,322 dependants. The IIP reached 86% of the statutory limit of 1,800 people before MEIN replaced it.

Are you tracking how investment-based residency/citizenship programs evolve across Europe—and what that means for your plans? The Malta MEIN update shows how quickly demand can surge and how outcomes may shift after court decisions. If you’re considering Golden Visa and investment pathways, Digital Nomad can help you assess current options, risks, and timelines tailored to your case—so your move is both beneficial and well-planned.

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr