Offshore Guidebook | Real Estate Investor Magazine REIM Offshore 2020 | Page 38

MALTA Malta citizenship scheme application timeline Malta Residency: Potential candidates who are not already residents in the country are strongly advised to begin the Malta residency process immediately since the Individual Investor Programme has a 12-month residency requirement. To be granted citizenship in Malta as fast as possible, it’s very important to address the applicant’s residency requirements while progressing through the Malta citizenship application process. Upon initiation of a nominee’s residency in Malta, a small deposit of €5 000 for the primary applicant and €1 000 for each family member is due on account of the National Development and Social Fund contribution. Day 1: A Malta Individual Investor Program application is formally submitted to Identity Malta by an Accredited Person. The application will contain imperative supporting documents, and evidence of source of funds must also be presented at this stage. The following fees are now due: Due Diligence Fees Principal applicant - €7 500 Spouse - €5 000 Minor dependents (aged 0-12) - no fee Minor dependents (aged 13-17) - €3 000 each Adult dependents - €5 000 each Malta Passport Fees All candidates - €500 each Bank Charges Per application - €200 A total deposit of €10 000 is now due towards the monetary contribution. Any deposit made when applying for Maltese residency counts towards this amount. 36 OFFSHORE GUIDEBOOK 2020 Day 5: Identity Malta will notify the concessionaire or Accredited Person within five business days of submission to confirm whether client’s application has been accepted for review or requires additional paperwork. 2-Day Masterclass with Multiple PropTech thought leaders connecting people, engaging minds and sharing knowledge Day 90: Confirmation from Identity Malta that the application and supporting documentation are formally in order. The candidate is subject to a further 30 days of additional verification by the Government of Malta’s regulatory body. Day 120: Applicant is approved in principle. This signifies official Malta IIP approval conditional only on the candidate fulfilling all their remaining obligations under the Maltese nationality program for investors. EVENT DATES Day 125: Identity Malta sends the applicant a formal request for payment of remaining balance of National Development and Social Fund contribution. The candidate has 20 days to pay the full amount. WeWork, 188 Strand street, Cape Town Wednesday 26 & Thursday 27 February 2020 07h30 – 18h00 Normal R2997 • Early bird R1997 Day 145: Maltese IIP financial contribution deadline. The entire National Development and Social Fund contribution must be made by this time. WeWork, The Link, 173 Oxford Road, Rosebank Wednesday 4 & Thursday 5 March 2020 07h30 – 18h00 Normal R2997 • Early bird R1997 Day 240: Final citizenship by investment Malta compliance. Applicant must provide evidence of €150 000 bonds investment as well as a Malta real estate purchase or rental. Issuance of Naturalisation Certificate: Once an applicant has fulfilled all their obligations under the Malta Individual Investor Program and taken an Oath of Allegiance, they will be issued a Certificate of Naturalisation and given a Malta Passport. BOOK HERE NOW +27 21 761 3848 [email protected] www.reimag.co.za Brought to you by mag Venue sponsor