The Maltese Residency Programme Offers Security and a Vibrant European Lifestyle
MALTA'S NEW CITIZENSHIP PROGRAM HAS BEEN UPDATED
Previously known as the Individual Investor Program (IIP), the program has recently been updated and is now called the Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment (MEIN).
Malta’s citizenship by investment programme offers investors the potential to acquire full EU citizenship in just over one year in exchange for an economic contribution into the country. The programme continues to be one of the most attractive citizenship programmes as it offers access to one of the top 10 passport countries in the world (currently ranked 8th).
There are no minimum physical stay requirements, no language tests and no long residence periods in order to acquire European citizenship through Malta’s citizenship programme.
Following the popularity of the Malta residency programme, the Government of Malta launched the Malta Individual Investor programme (IIP) by virtue of legal notice 47 of 2014. The goal is to further attract foreign investment from wealthy business owners and entrepreneurs and bring foreign capital into the country. The legislative framework provides an opportunity for investors looking to obtain a European Union citizenship with a straightforward application process and clear requirements. The program has now been updated (2021) with new requirements.
Immediate freedom of travel to all the Schengen countries with a residency card.
Same rights as any EU national to live, work, study in any of the 28 EU countries, including Switzerland.
INTERESTING INFORMATION
The university of Malta is one of the oldest universities in Europe.
OFFICIAL LANGUAGE
English and Maltese
MEMBER
UN, EU, Eurozone, Commonwealth, Council of Europe, OSCE
CURRENCY
Euro
POPULATION
460 297
TOTAL AREA
316 km² (122 sq mi)
GDP per capita
22,779.91 USD (2013)
Malta’s citizenship program is recognised as one of the top citizenship programs - the passport is ranked no. 8 most powerful passport
INVESTMENT REQUIREMENTS
Malta’s new citizenship programme requires the investor to make an economic contribution to the country as well as meet certain other requirements as prescribed by the Government. Following this, and subject to thorough due diligence, background and application procedure checks, the applicants and their families are granted full EU citizenship and access to one of the world best passports.
Investors who wish to apply for Malta citizenship by investment must meet ALL of the following investment requirements:
1. A non-refundable contribution to the Maltese Government of either:
A contribution of EUR 600,000 if the applicant opts for a 36 month-residency
ORA contribution of EUR 750,000 if the applicant opts for less than 36 month-residency.
Additional contribution per dependent is EUR 50 000.
2. In addition, a qualifying Property purchase or rental is required:
Purchase of at least EUR 700 000 or Rental option of EUR 16 000 annually.
The residential property cannot be let or sublet and must be retained for a minimum period of 5 years from the date of issue of the certificate of citizenship.
3. A donation of a minimum of EUR 10,000 to a registered charity or NGO (must be approved by the Community Malta Agency).
REQUIREMENTS
The requirements for the Malta citizenship program are as follows. Applicants must pass a due diligence test and prove legitimate source of funds and source of wealth.
The applicant must have a clean criminal record and be over the age of 18.
Applicants must be in possession of valid travel documents.
The applicant must be a third country national. They cannot be a citizen of the EU, EEA or Switzerland.
Valid global health insurance covering medical expenses to the minimum value of EUR 50 000 per family member.
The applicant must hold legal residence (not physical) in Malta for one year prior to the certificate of naturalisation being issued.
Oath of Allegiance: all applicants that are 18 years old or more, must visit Malta in person in order to collect their passport and swear an Oath of Allegiance.
CITIZENSHIP
Malta allows dual citizenship. This can be found in the Malta Citizenship Act. South Africa also allows dual citizenship provided an application is made to the Department of Home Affairs.
TRAVEL AND BENEFITS
Malta citizenship allows the holder the right to live, study and work anywhere in the European Union. Malta is a full EU member and therefore with a Malta citizenship, investors and their families have the same rights as any other EU nationals.
A Malta passport allows visa-free travel to more than 180 countries, including the USA and European Union countries.
FAMILY REGROUPING
The applicant may include dependent children if they are financially dependent on the main applicant and are unmarried.
Dependent parents over the age of 55 can also be included provided it can be shown that they are living with or are supported by the main applicant.
TAX
Malta has a double taxation agreement with many countries, including South Africa, which can add an attractive advantage for some investors.
Acquiring Malta citizenship does not in itself trigger tax residency. Individuals who are resident but not domiciled in Malta pay tax on income arising in Malta as well as income remitted to Malta from outside.
In Malta, personal income is taxed at progressive rates up to 35%. Capital Gains Tax (CGT) is levied on immovable property and shares, but it is not levied under certain prescribed conditions. Malta does not have estate duty or gift tax. Corporate tax is 35% and standard VAT is 18%. Malta has special tax concessions that apply for non –resident or non-domiciled persons.
Please note, we strongly encourage clients to obtain professional tax advice.
MALTA - COUNTRY INFORMATION
Malta, officially the Republic of Malta, is an archipelago of 7 islands located in the Mediterranean Sea. The archipelago consists of three islands: Malta, Gozo and Comino with a total population of over 400,000 inhabitants.
Malta is the largest island and known as the cultural, commercial and administrative centre. Gozo, the second largest island, is more rural, and can be characterised by fishing, tourism, crafts and agriculture. Comino, which is the smallest of the trio, has one hotel and is largely uninhabited.
The country lies 80 km south of Sicily and 284 km East of Tunisia. With a tiny area of 316 square kilometres, it is one of the world’s smallest and most densely populated countries and has the smallest capital city in the EU. Malta gained independence from the United Kingdom in 1964 and then became a republic in 1974. Malta and Gozo more famously known as investment and lifestyle destinations and the country is known to have one of the best climates in the world.
The University of Malta is one of the oldest universities in Europe and was founded in 1592.
Malta’s Grand Harbour boasts of being one of the best natural deep-water harbours in the world.
The megalithic temples in Malta boast of having a lineage older than England’s Stonehenge.
Malta is believed to have served as the site of the legendary city of Atlantis.
Mosta Dome is the third largest unsupported church dome in Europe.
Calypso Cave is said to be the cave that Homer wrote about in The Odyssey.
Valletta, its current capital, is one of the most concentrated historical areas in the world, according to UNESCO.
Malta receives almost triple of its population in tourist arrivals per year: from slightly more than 414,000 people working and living on the island to 1,242,000 of tourist arrivals.
New Malta passport program 2021. Learn more about Malta’s updated Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment (MEIN) program.
RESOURCES
Government of Malta: https://www.gov.mt/en/Pages/home.aspx
Malta Tourism Board: https://www.visitmalta.com/en/home
CONTACT US TO MEET WITH A PRIVATE CLIENT ADVISOR: info@lio-global.com or complete the form: Here
