Earning a Maltese citizenship could be done in different ways. Investment is one of them, but how can you qualify for a citizenship?. Read More.
There is procedure to earning a Maltese citizenship by investing. In this article we will be covering all the important points and tips you need to earn a Maltese citizenship.
The Malta Individual Investor Programme, more simply known as MIIP, is a scheme which is tailor-made by the Maltese government to allow foreign nationals and their families to become citizens of Malta and thus of the European Union. 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, by investing in Malta and in Maltese property, become Maltese. It all boils down to the uniqueness of this island country in the Med, 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, commitment of investment in stocks, bonds, etc.
Once eligibility is determined and all legal procedures 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.
‘International Living’, the renown expats on-line information source, recently reported that, “Despite its tiny size, Malta has been rated as offering some of the best healthcare in the world. The World Health Organization ranked Malta 5th among more than 100 countries for overall healthcare services. Recently, Numbeo’s independent study of European countries found Malta’s healthcare system to be second only to top-rated France.” You may be even more interested to learn how Malta’s unemployment rate has plummeted down to an average 4% during 2017. And all the while, Malta, remains as always, at a crossroads between Europe and North Africa, midway between western and eastern Mediterranean countries. A cradle of civilisation, culture and art, with all amenities and requirements demanded of 21stCentury lifestyles.
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All documents submitted in this phase of the procedure must be either original documents or, if no 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 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 more 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|