Want to become a Maltese citizen? Learn more about the Malta Individual Investor Programme and why you should buy real estate with RE/MAX.
The Malta Individual Investor Programme, more simply known as MIIP, is a property investment scheme which is tailor-made by the Maltese government to allow foreign nationals and their families to become citizens and thus be able to buy property in Malta or Gozo.
The citizenship by investment scheme which raised several eyebrows for varying reasons is literally an opportunity carved in stone. If you, a foreign national, are duly qualified, reputable and fall within certain very strict parameters, you can become a Maltese citizen, are can invest and buy Maltese real estate.
It all boils down to the uniqueness of this island country in the Mediterranean, which is alluring enough to have already tantalised many foreign nationals to invest considerably in its economic development. Even more so, right now, as Malta rides the tide of an intense year of celebrations and highbrow presences on the occasion of the European Capital of Culture – Valletta 2018.
Foreign nationals interested in becoming eligible to apply for the MIIP scheme, should consult the legal aspect of the Malta Citizenship Act as well as the MIIP Regulations. Some of the technical requirements for eligibility include age (at least 18 years old), proof of residential address in Malta, and commitment to investment in stocks, bonds, etc.
Once eligibility is determined and all legal procedures are finalised and applications submitted, an intense due diligence exercise is carried out by Identity Malta, lasting between 120 – 180 days, during which time, all details of each application are closely scrutinised and assessed. Successful applicants subsequently receive a Certificate of Citizenship by Naturalization, not only on a personal basis, but also for members of their family who qualify for eligibility.
Despite its small size, according to ‘International Living,’ Malta has been ranked as delivering some of the greatest healthcare in the world. Malta was ranked 5th out of more than 100 nations for total healthcare services by the World Health Organization. Malta’s healthcare system was recently ranked second only to France in Numbeo’s independent survey of European countries.”
You might be even more interested in learning how Malta’s unemployment rate fell to an average of 4% in 2017. Malta, meanwhile, remains at a crossroads between Europe and North Africa, halfway between western and eastern Mediterranean countries, as it has always been. A birthplace of civilisation, culture, and art, with all the facilities and needs of 21st-century living. Read more about why you shouldn’t regret investing in Malta.
What Is the Identity Malta Vetting process?
The Identity Malta Vetting process consists of six steps involving:
All documents submitted in this phase of the Identity Malta Vetting procedure must be either original documents or, if not original, certified by a Lawyer or a Notary Public and duly authenticated by apostille in accordance with the provisions of the Hague Convention. Should the jurisdiction of the applicant not be party to the Hague Convention, the document must be validated by a Maltese consular or diplomatic representation.
Once an application is deemed successful by Identity Malta, the applicant/s will receive a “Letter of Acceptance in Principle”. This will allow a time window during which a qualifying property investment should be purchased or leased, payment of the remaining contribution should be made, and investment carried out according to the portfolio obligation.
Once all such requirements are satisfactorily fulfilled and the 12-month residency condition is satisfied in full, the Programme moves onto its final stage. The Naturalisation (Maltese Citizenship) will require another set of documentation to be filled out and presented after which a passport will be issued. As a final step, the applicant will need to be present in Malta in order to take the official oath whereby he/she will become a citizen of Malta.
The following contributions are required as a minimum in order to be able to qualify as an eligible applicant:
|Main Applicant – Part-Contribution of Non-Refundable Deposit||€5,000|
|Dependants (0-26 and 55 and onwards)||€1,000|
|Renewal (of E-Residence card)||€200|
|Payment Request Voucher (PRV) Stage – Due Diligence Fees, Passport Fees, Contribution Deposit & Bank Charges|
|Due Diligence Fees||€7,500|
|Children aged 13 and over, but under 18||€5,000|
|Unmarried children aged 18 and over, but under 27||€5,000|
|Dependent parents and grandparents aged over 55 years||€5,000|
|Part-Contribution non-refundable Deposit|
|Standard charge per application|
|Passport fee, per applicant, if not already paid||€500|
|Bank charges, per application||€200|
|Contribution to National Development and Social Fund|
|Children under the age of 18||€25,000|
|Unmarried children aged 18 and over, but below 27||€50,000|
|Dependent parents and grandparents aged over 55 years||€50,000|
|Property Investment Obligation|
|Either purchase of residential property valued in excess of||€350,000|
|Or lease of residential property, with minimum annual rental value of||€16,000|
|In both cases the property must be held for a minimum of five (5) years and must not be let or sub-let.|
|Portfolio Investment Obligation|
|Required investment in a prescribed investment||€150,000|
|Investment must be held for a minimum of five (5) years|
Investing and doing business on the Maltese islands? RE/MAX Malta is the one-stop shop with a viable resource of real estate for sale in Malta and Gozo from where you can find your dream island home to invest with the assistance of experienced agents who are trained to assist clients at every level.
With a portfolio that is spilling over with luxurious small, medium or large-sized properties for sale to choose from, RE/MAX Malta can assist you through your selection process, taking you tangibly closer to your aspiration to land in Malta and stay. Explore the types of investment properties for sale on our property market.