MALTA
Buy into a
Mediterranean lifestyle
Citizenship by investment in Malta
AMY STEADMAN
A
s a highly regarded EU Member Country,
many individuals have become interested
in the Malta Individual Investor Programme
(IIP). It’s a programme that draws wealthy families
by offering worldwide citizenship by investment.
It’s not hard to see why. Its growing economy and
stable political climate offer the serenity that many
of us want as a lifestyle. The application process is
very efficient and ensures that only the most im-
peccable persons will be admitted.
Easy access
Qualifying candidates will receive citizenship in Malta
by a Certificate of Naturalization, which can also be
extended to include their families. Once a candidate
receives their Malta citizenship (which includes EU
citizenship) he/she will be granted access to 28 EU
countries and Switzerland. This will enable visa-free travel
to over 160 countries and the ability to set up a business
in Malta. Up to now the Individual Investor Programme
has received over 1000 Malta passport applications on
behalf of investors in more than 40 different countries
and is still accepting new applications.
Good candidates
Candidates need to be over 18 to qualify as the
main applicant and are required to meet various
immigration requirements. The Malta Citizenship
Program has some of the strictest due diligence
standards in the world (in relation to other investor
programs.) This ensures only deserving and reputable
applicants are accepted and that it benefits current
and future Maltese citizens. There is a four-tier
due diligence process carried out directly by the
government to assess candidates comprehensively. A
clean criminal record is a necessity, and the Maltese
government conducts extensive checks through
various authorities. A police certificate is also required
as part of the due diligence process before being
approved for European Citizenship.
In order to admitted into the program, applicants
need to be covered by an international health
insurance policy and prove that he/she does not
suffer from any contagious diseases.
The cost involved
It’s well-known that in order to qualify as a good
candidate for citizenship, one must be able to cover
the costs involved… and it can be rather costly.
A non-refundable contribution is required by all
candidates to the “National Development and Social
Fund set up by the Government of Malta and run
by a board of trustees. The fund, which is on the
same level as the central bank, finances projects in
the country linked to public health, education, job
creation, social improvement, and innovation. The
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OFFSHORE GUIDEBOOK 2020
following contributions must be made within four
months of being issued a Malta IIP Letter of Approval
in Principle.”
Main applicant - €650,000
Spouse - €25,000
Minor children - €25,000 each
Children 18-26 (unmarried) - €50,000 each
Dependent parents & grandparents - €50,000 each
Adult children (physically or mentally challenged) -
€50,000 each
“Up to now the Individual Investor
Programme has received over 1000
Malta passport applications on
behalf of investors in more than
40 different countries and is still
accepting new applications.”
Purchasing real estate vs letting
On top of the non-refundable contribution applicants
must commit to retaining an immovable residence in
Malta for at least five years. This can be achieved by
purchasing a property in Malta for at least €350 000
and maintaining ownership for five years, or by
leasing a property for five years or more at a minimum
annual rent of €16 000.
Bonds Investment
Before an applicant can be admitted for Maltese
citizenship by investment, applicants are required
to invest €150 000 in government-approved
investments and keep it for at least five years.
Malta identity document
Having purchased real estate or entering a property
lease in Malta, candidates are issued a Malta
identity document called an eResidence card. This
demonstrates the candidate’s genuine link with the
country and signifies the commencement of their
residency. Twelve months after this process has been
finalised, applicants who have maintained residency
in the country will be granted citizenship. Bear in mind
Maltese law defines residence as "an intention to reside
in Malta for any fiscal year, usually evidenced by a stay
of a minimum of 183 days or by the purchase/rental of
property together with a visit to Malta."
It’s useful to know that if you have purchased or lease
an apartment in the Mediterranean nation and acquired
the Malta residence card, applicants are not required to
spend any time in Europe. Applicants who have resided
in the country (Malta) for one year prior to I.I.P approval
can become a citizen of Malta much quicker as they’ve
already satisfied the residency requirement.