Malta Individual Investor Program
Despite the considerable entrance fee, the Maltese Citizenship Investment Program remains one of the most popular: local passports have a good reputation and they give entry to most countries in the world. In June 2020, the Government of Malta announced that the quota for the current program was coming to an end. New applicants can apply until July 31st. However, this does not mean that the program has finished. Most likely,new conditions for obtaining Malta citizenship by investment will be published.
Program's details
- About € 690 000 minimum investment
- For the whole family including adult children, parents and grandparents
- Visa-free travel access to 160+ countries of the world
- Tax residency as a right, not an obligation
- The right to live in Malta no obligation
- The ability to sell assets after 5 years
- High credibility of the passport due to rigorous checks
- Inheritance of citizenship for children and grandchildren, regardless of the country of residence
The official website of the program
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About the Program
Malta Individual Investor Program (MIIP) was launched in 2014, it has already brought in over € 1.3 billion to the country's budget. It has three financial conditions. First, candidates should make a non-refundable contribution of € 650,000 to the country's National and Social Development Fund. Secondly, they should buy real estate for at least € 350 thousand or rent a home with a rate of € 16 thousand per year. Thirdly, they should purchase securities in the amount of € 150 thousand. The investor has no obligation to live permanently in Malta, but it is still impossible to lease out or sublease the property. It can be sold in 5 years.
Another feature of the program is the initially set quota of 1800 applications. In June 2020, the state regulator announced that the limit was almost exhausted. Documents from investors for obtaining a residence permit (this is the first stage) will be accepted until July 31, 2020. And applications for obtaining citizenship (second stage) with a full package of documents - until September 30, 2020.
Nevertheless, the state does not intend to give up a stable source of funding. Back in February 2020, officials said that after the quota was exhausted, the program would be continued, but the requirements could change.
Unlike many other "golden visas" that the European Commission insists on closing, the Maltese program has received its approval. The reason is in strict checks for each candidate: the passport will not be given not only because of the criminal background, but even because of major scandals or suspicions of corruption. You will also need to prove the legal origin of the funds that you want to invest twice: the bank and an accredited agency will need the proof. Therefore, work with the applicant begins with initial verification of all documents, and based on its results, the candidate may or may not be recommended to continue the process.
The program is governed by the Malta Citizenship Act (CAP. 188) and a separate regulation (LN 47 of 2014).
Investment conditions
- € 650 000+
Non-refundable payment
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You should contribute to the National and Social Development Fund:
- € 650,000 for the main applicant,
- € 25,000 for a spouse and each child under 18 years old,
- € 50,000 for each dependent adult .The payment is not refundable.
- € 80 000+
Renting or buying real estate
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The applicant is given 2 options to choose from:
- rent a property in Malta for 5 years for €16,000+ per year,
- buy real estate in Malta for €350,000+.Condition: not to lease out / sublease; you may sell / terminate the lease agreement after 5 years.
- € 150 000+
Investments in securities
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Purchase government bonds of Malta in the amount of € 150,000, with a maturity period of at least 5 years.
Then the securities can be sold.
In order to participate in an investment citizenship program, you must fulfill all three conditions, not one of them.
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Requirements for Applicants
Who can participate in the program
Together with the main applicant for citizenship can be obtained:
Spouse
Official or civil partners
Children
Up to 26 years old inclusive
Parents of both spouses
Over 55 years old
Grandmothers and grandfathers
Of both spouses
In order to distribute the application to children over 18 years old, parents and grandparents, it is necessary to provide evidence of their financial dependence on the main investor (certificates from the university, rental contracts, money transfers, etc.)
Other requirements for the applicants
The main applicant:
- should be over 18 years old,
- should have no criminal record, should not own a bankrupt company, should not participate in public scandals,
- should not have pending visa denials for Malta or other countries with which Malta has a visa-free regime,
- should pass the due diligence check.
Each family member:
- should have international health insurance with a coverage of at least € 50,000,
- should have sufficient financial support.
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Documents
Each applicant should provide:
- international passport,
- application,
- international medical insurance,
- completed form of economic viability,
- medical report,
- certificate of no criminal record (for adults).
For the family:
- covering letter,
- bank statements as confirmation of financial resources,
- data on sources of income and their origin,
- real estate lease or purchase contract,
- marriage certificate,
- birth certificates for all children and / or for the applicant or his spouse - if the older
- generation is included in the application.
Additional expenses
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State fees
€18,000 for the main applicant
€6,500 for adult relatives
€4,500 for a minor child
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Registration of a resident card
€5,000 for the main applicant
€1,000 for other family members
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Due diligence
€7,500 for the main applicant
€5,000 for adult relatives
€3,000 for a child 13-17 years old
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Legal expenses
The accredited agency's fee will be €50,000–100,000, depending on the number of family members and the prices of a particular company.
The accredited agency's fee will be €50,000–100,000, depending on the number of family members and the prices of a particular company.
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Rights and Obligations
Investment citizenship holders are entitled to:
- Live and work in Malta without the obligation to be there.
- Visit more than 160 countries of the world without visas, including the USA, Canada, countries of Eastern and Western Europe.
- Move permanently to any country in the European Union, including Switzerland, Liechtenstein, Iceland and Norway.
- Optionally - obtain tax residency. It will not be automatically assigned to you, even if you spend more than 183 days a year in the country.
- A non-domiciled tax resident pays tax only on income earned in Malta and transferred to Malta (excluding capital gains tax). There are no inheritance taxes, donation taxes, and in some cases property taxes.
- Pass on citizenship by inheritance - to children and grandchildren.
- Keep your first passport: Malta allows dual citizenship.
The main requirement for new citizens of Malta is to retain ownership of the securities and real estate acquired under the program for five years.
The procedure for obtaining
