Known as “The Pearl of the Med”, Malta is located in the middle of the Mediterranean Sea. The archipelago comprises of three islands: Malta, Gozo and Comino with Malta being the largest island and the cultural, commercial and administrative hub of the three. Malta is the EU’s smallest country in terms of both population (400 000) and size (occupied area of 316km2). Through the Malta Individual Investor Programme (MIIP) or the Residence and Visa Programme, foreign nationals are offered Malta citizenship in a stable EU state or the right to reside, settle and stay indefinitely in Malta. The island entices investors with exquisite climate, a low crime rate, historic architecture and agreeable tax incentives. With English and Maltese as the official languages, one cannot help feel welcomed by the friendly locals.
Malta – Residence & Visa Program
Malta has been a member of the European Union (EU) since 2004 and is a stable, neutral and highly respected country. Located in the middle of the Mediterranean Sea, the Maltese archipelago has risen to be one of Europe’s leading investment locations, driven by its reputation for stability, predictability and security. This has made Malta stand out among other global business and financial centers. The island nation comprises of three islands: Malta, Gozo and Comino, with a total population of over 400,000 inhabitants occupying an area of 316 km2. The national language is Maltese but the official languages of the country are both Maltese and English. Malta boasts an excellent climate, friendly people and a low crime rate. The Malta Residence and Visa Program (MRVP) was implemented in 2015 under the Immigration Act (Cap. 217). The legal basis regarding the MRVP is contained in the Malta Residence and Visa Program Regulations, 2015. These Regulations allow duly qualified, reputable third country nationals (non EU, EEA or Swiss nationals) and their families, who make a contribution to the economic development of Malta, to be granted a Maltese Residence Permit, allowing the individuals the right to reside, settle and stay indefinitely in Malta, with free movement of travel within the Schengen area.
Requirements
The main applicant must be at least 18 years of age to qualify and must provide an affidavit declaring that from the date of the application they have an annual income of no less than EUR 100,000 or have in their possession capital of no less than EUR 500,000. The following investment options apply to meet the application requirements:
- Purchase of government bonds to the value of EUR 250,000 to be retained for a minimum five-year period.
- A property purchase of EUR 320,000 (EUR 270,000 in South Malta or Gozo) to be held for a minimum period of five years or,
- A property lease of EUR 12,000 per annum (EUR 10,000 in South Malta or Gozo to be leased for a minimum period of five years).
- A non-refundable government contribution of EUR 30,000 and, where applicable, EUR 5,000 per parent or grandparent of the main applicant or of the spouse paid in accordance with these regulations.
- Once five years have elapsed a suitable property needs to be held in order to renew the residence permit
The main applicant and any dependents must have a clean personal background with no criminal record and must be in good health with full medical insurance valid throughout the EU.
An application may include minor children, including adopted children, up to the age of 18, and children older than 18 if they are principally dependent upon the main applicant and are not married. Additionally, parents or grandparents of the main applicant or their spouse may also be included in the application as dependents if they are not economically active and are principally dependent on the main applicant. An affidavit of support is required from the main applicant for all of their dependents over the age of 18 years.
Key Advantages
- Residence in an EU member state that is neutral, stable and highly respected with freedom of movement within the Schengen area and security within the social and legal system.
- No minimum presence is required.
- A very straightforward application process.
- Competitive rates of taxation. For those persons who choose to be resident yet non-domiciled in Malta, tax would only become due on income or capital gains arising in Malta and on income generated outside of Malta which is received in Malta
Malta – Individual Investor Programme
The MIIP is a modern citizenship-by-investment program aimed at ultra high net worth individuals and families worldwide. It offers citizenship in a stable EU member state that is neutral and highly respected. The program also provides an efficient application process that adheres to the world's strictest due diligence standards and vetting of applicants, which ensure that only the most suitable clients are admitted. The Maltese archipelago lies virtually at the center of the Mediterranean and consists of three islands: Malta, Gozo and Comino, with a total population of over 400,000 inhabitants occupying an area of 316 km2. Malta is the largest island and the cultural, commercial and administrative center. Gozo is the second largest island and is more rural, characterized by fishing, tourism, crafts and agriculture. The national language is Maltese but the official languages of the country are both Maltese and English. Malta has an excellent climate, friendly people, a very low crime rate and is neutral, stable and safe. In 1964, after more than 160 years of British rule, Malta gained independence. In 1974 Malta became a republic with a parliamentary democracy system and a constitution. Malta has been an EU member since 2004 and a member of the Schengen area since 2007.
Requirements
The MIIP requires a person to make an economic contribution to the country. In exchange, and subject to a very thorough application procedure including detailed due diligence and background verification checks, the applicants and their families are granted full citizenship. To qualify for citizenship, the main applicant must be over 18 years of age, meet all of the application conditions, make a non-refundable contribution to the National Development and Social Fund, and meet certain other requirements. The contribution requirements are as follows:
- For main applicants, a contribution of EUR 650,000.
- An additional contribution of EUR 25,000 is required for a spouse and for each child under the age of 18.
- The application may include children between the ages of 18 and 26 years if they are financially dependent on the main applicant and are not married; in such cases, the additional contribution is set at EUR 50,000 for each dependent.
- Parents over the age of 55 may also be included in the application as dependents, if they are living with and are fully supported by the main applicant. In such cases, an additional contribution of EUR 50,000 per person is required
Due diligence fees are payable for all applicants: EUR 7,500 for the main applicant; EUR 5,000 for spouses, adult children and parents; and EUR 3,000 each for children between 13 and 17 years of age. Additionally, the following requirements and obligations must be met:
- Property — either the purchase of a residential property in Malta with a minimum value of at least EUR 350,000 which must be held for five years, or the lease of a residential property with a rental of at least EUR 16,000 per annum, also held for five years. Please note that the property cannot be let during this five- year period.
- Participation in approved financial instruments — EUR 150,000 in a prescribed financial instrument, the details of which are published by the Identity Malta Agency, which must be held for five years.
- Insurance — the holding of a valid global health insurance policy with medical expense cover amounting to at least EUR 50,000 per family member.
- Residence — the applicant must have been a legal resident of Malta for one year prior to the Certificate of Naturalization being issued.
- Oath — all applicants aged 18 years and over must visit Malta in person to undertake the Oath of Allegiance.
The applicant must have a completely clean personal background and no criminal record. The regulations further stipulate that a person who has been denied a visa to a country with which Malta has visa-free travel arrangements, and has not subsequently obtained a visa to that country, shall not be entitled to apply under the program. A person who is deemed a potential national security risk, a reputational risk or is subject to criminal investigation will also be denied citizenship. Malta has developed a four-tier due diligence system which is considered the most thorough in the world for this kind of program. The names of successful applicants will be published annually, along with all other naturalizations granted by the government. There is a cap of 1,800 successful main applicants, after which the program will close, making this the most exclusive program available.
Key Advantages
- Citizenship of a well-respected and stable EU country.
- Reasonable contribution and efficient application process.
- World’s strictest due diligence standards and vetting of applicants, thus ensuring only the most suitable applicants will be admitted.
- Visa-free travel to over 167 countries.
- EU citizenship gives right of establishment in all 28 EU countries and Switzerland.
- Malta is an attractive place to live or to own a second home and is strategically located with excellent air links.
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