Malta, a member of the European Union boasts of a vibrant and cosmopolitan society and a very high standard of living. The country is a global hub for financial services and the banking industry. In addition to this, Malta as a member of the European Union is a part of the common single market making it an ideal business destination. Malta is also a member of the Eurozone with the Euro as its currency, thus enabling ease of business and transactions. The excellent climate and beaches are an added attraction to the country.
Malta has now introduced the first approved “Citizenship for Investment” program in the European Union. As a citizen of Malta, you also become a citizen of the European Union providing you the freedom of movement and work across the entire union. The program is called the ‘Individual Investor Program (IIP)” and is regulated under the Individual Investor Programme of the Republic of Malta Regulations, 2014. A special regulatory agency called ‘Identity Malta’ under the Government of Malta looks after the implementation of the scheme.
Basic Eligibility for Malta IIP
The IIP (Individual Investor) Program is open to all individuals who fulfill the requirements laid down by law. The IIP enables individuals to acquire Maltese Citizenship which would allow them to move throughout the Schengen Region.
The basic eligibility for an applicant is:
- he/ she is at least eighteen years of age;
- submits all additional documents as required;
- has a clean criminal record (including all his dependants) have passed the due diligence test and is a fit and proper person;
- No Human Rights violation cases or appearance before the International Criminal Court
- The main applicant should be a resident in Malta for the last 12 months.
- Provides information about investment in property (described in detail later)
- Investment in Government bonds (described in detail later)
- Fulfillment of application requirements (described in detail later)
Requirements for investment
There are three parts of the investment requirement that need to be fulfilled for the IIP. The first part is an investment in property.
The criteria for this part are:
- Purchase of a qualifying owned the property for at least €350,000 for a period of 5 years OR
- A lease contract for rent of €16,000 per year for 5 years
The second investment requirement which needs to be fulfilled is the payment of a non-refundable Government Contribution as per the following table:
|Principal applicant||€ 650,000|
|Each Dependant child till 17 years||€ 25,000|
|Dependent children from 18-26 years||€ 50,000|
|Dependants above 55 years||€ 50,000|
The third investment requirement is the commitment of the principal applicant to make a qualifying investment in Government bonds/ Special Purpose Vehicles/ Debentures etc. of an initial value of €150,000 which must be maintained for a minimum of a period of 5 years from the date of issue of Malta Residence Certificate.
Additional application requirements
An applicant also has to fulfill certain additional application requirements for qualifying for the program. The requirements are as follows:
- Valid Global Medical Insurance of a value of € 50,000.
- Possession of a medical report for fitness.
- Passing the required due diligence test.
Minors and dependents are also eligible to apply for a residence along with the main applicant. The conditions for such an application are:
- Minors should be below 18 years or if between 18 and 26 years they must be principally dependent upon the main applicant and must not be married.
- In the case of a spouse, dependent parents and grandparents must be economically dependent.
- An affidavit of dependence for all co-applicants above 18 years.
Cost of the program
The applicants for the Malta IIP have to pay the following fees for their application:
- Due Diligence Fee:
|Principal applicant||€ 7,500|
|Each Dependent child till 17 years||€ 3,000|
|Dependent children from 18-26 years||€ 5,000|
|Dependents above 55 years||€ 5,000|
(ii) A Passport Fee of 500 Euros per applicant.
(iii) A Bank Charges a cost of 200 Euros per application.
The time duration for procedures under the program
|Verification of application details||90 days from application date|
|Completion of background checks||30 days from application verification|
|Instruction for payment of contribution||5 days of completion of background checks|
|Time available for payment of contribution||20 days from instruction date|
|Issuance of certificate of naturalization||6 months to 2 years|
For acquiring citizenship, an oath of allegiance is required.
Advantages of the program
The IIP provides the best opportunity to acquire citizenship in the European Union with minimum investment. The program is exclusive and the program is limited to 1800 applicants. The Maltese Passport enables hassle-free travel to more than 150 countries and the freedom to work and reside in any country of the European Union. The living standards in Malta are amongst the best in the world and it also has an excellent social security infrastructure. Malta provides excellent education opportunities for your children and health care facilities for elders. Malta is a tourism hub with an excellent climate and boasts connectivity to almost all major cities across the globe. Maltese citizenship also allows tax planning opportunities and freedom for business in the European Union.
Choose the Right Partner for your IIP Application
Empire, a leading Professional Services & Advisory Firm focussed on immigration and residency offers you a simplified path to apply for the IIP program and secure approvals within the shortest possible time. With our team of immigration experts, you are assured that your application is in informed hands. If you are interested in obtaining more information about this program, please complete this short online application (Link to contact us page). One of our representatives will be in contact with you. You can reach us by phone at +60350331665 or visit our website www.empireglobal.partners. We also look forward to your emails at email@example.com. We offer clear written contract agreements clearly mentioning the applicable charges including the refund policy, in the unlikely event that the application is unsuccessful.
Identity Malta Official portal- https://identitymalta.com/
Individual Investor Program Official Portal- https://iip.gov.mt