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.
The official website of 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).
Non-refundable payment
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.
Renting or buying real estate
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.
Investments in securities
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.
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:
Each family member:
Each applicant should provide:
For the family:
State fees
€18,000 for the main applicant
€6,500 for adult relatives
€4,500 for a minor child
Registration of a resident card
€5,000 for the main applicant
€1,000 for other family members
Due diligence
€7,500 for the main applicant
€5,000 for adult relatives
€3,000 for a child 13-17 years old
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.
Investment citizenship holders are entitled to:
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.