As of 2019, the MIIP has received more than 1000 passport applications on behalf of investors from more than 40 different countries.
The MIIP offers high and ultra-high net worth individuals and family’s worldwide citizenship in a highly respected EU Member Country. Malta, a member of the European Union since 2004, enjoys a stable political climate, a buoyant economy, and has some of the soundest banks in the world.
The Malta IIP is the first investment citizenship program of its kind to be acknowledged by the European Union.
The application process is extremely efficient, and the government of Malta is committed to the highest standard of due diligence and vetting of investor applicants ensuring only persons of impeccable standing and status will be admitted.
Successful candidates will be granted citizenship in Malta by a Certificate of Naturalization, which can also be extended to include their families.
Once a candidate is granted Malta citizenship, which includes EU citizenship, the right of establishment in all 28 EU countries and Switzerland is granted including ability to set up business in Malta. A Malta passport enables visa-free travel to more than 160 countries.
To be considered eligible for the Malta citizenship scheme, the main applicant must be at least 18 years of age and must meet all the Maltese immigration requirements outlined below.
As part of the MIIP, there is a four-tier due diligence process carried out directly by the government to assess candidates comprehensively. Applicants must have a clean criminal and documented record.
All applicants must show that they do not suffer from any contagious diseases and are covered by an international health insurance policy.
All individuals and families applying must make a significant non-refundable contribution of €650,000 to the National Development and Social Fund (‘NDSF’) set up by the Government of Malta and run by a board of trustees. The contribution must be made within four (4) months of being issued the Malta IIP Letter of Approval in Principle.
The NDSF is tasked to fund projects in the country linked to public health, education, job creation, social improvement, and innovation.
Apart from the financial contribution to the NDSF, successful candidates are obligated to make the following financial commitments:
Applicants must commit to retaining, and provide evidence of owning or leasing, an immovable residence in Malta within four (4) months of receiving a citizenship Malta Letter of Approval in Principle.
This may be done through purchasing a property in Malta (minimum value of €350,000) or by leasing a property (minimum annual rent of €16,000) and retain the leasehold or ownership of said property for a minimum of five years.
Upon purchasing real estate or entering a property lease in Malta, candidates are issued an e-Residence card. This signifies the commencement of their residency in Malta and also demonstrates the candidate’s genuine link with the country.
Applicants are required to invest a minimum of €150,000 in government approved financial instruments (bonds, stocks, and debentures that benefit the nation) and must commit to keeping the investment for at least five (5) years.
Applicants do not need to spend all the 365 days in Malta before citizenship is granted. Maltese law defines residence as “an intention to reside in Malta for any fiscal year, usually evidenced by a stay of a minimum of 183 days or by the purchase/rental of property together with a visit to Malta.”
Even if the primary residence is in Malta, applicants may retain the status of a “non-domiciled” person and therefore have an extremely advantageous tax exposure. Candidates that become a resident of Malta but are not domiciled in Malta are only required to pay tax on any income earned in the country.
Malta has no wealth or net worth taxes. Malta also has double taxation treaties with approximately 60 countries around the world. The corporate tax rate in Malta is 35%, but special tax concessions apply to non-resident or non-domiciled company owners.
Applicants are not required to speak Maltese or English, to be accepted by the financial citizenship programme.
The total all-inclusive costs including MIIP investment totals, government fees, due diligence and legal fees for one applicant total some €1.2 million. Additional costs will apply for dependents and family members.
The Maltese government has stated that their IIP is limited to 1,800 cases, and when that figure is reached the programme may be closed.
The content of this webpage is intended to provide a general guide to the subject matter. However, private client advice should be sought concerning an individual’s specific personal circumstances.