The backdrop of political chaos, instabilities of governance, and unfavourable business climate has led to the rising popularity of alternative Citizenship among the High Net Worth Individuals, who possess adequate resources and willingness to relocate to the countries that cater to their requirements. There are various countries across the world which offer Citizenship By Investment Programmes(CBI) for the convenience of such high-net-worth individuals.
Malta, an island nation located at the centre of the Mediterranean Sea, offers a well-defined and highly ranked Citizenship by Investment programme.
Maltese Citizenship by Investment programme was ranked in the top ten in the CBI Index 2022, published by PWM Magazine of the Financial Times. The programme offers a safe and secure means of relocating to the EU.
The proceedings of the Citizenship programme are administered by the Community Malta Agency. The individuals can contribute a particular amount within the prescribed framework to meet the eligibility criteria for the Maltese Citizenship.
The ELIGIBILITY CRITERIA is as follows:
1: For the citizens seeking Citizenship, they must be aged over 18 years
2: The country invites an investment of a minimum €600,000 following the completion of a residency period of 36 months in Malta under the National Development Fund, while the amount is increased to 750,000 euros if the residency period in the country is 12 months. You must invest an additional €50,000 for each dependent family member included in your application.
3: The investors require to purchase a residential property in Malta, which must be amounted at least €700,000. Additionally, the property must be mandatorily held by the investor for a period of five years. Also, the investors can lease a residential property in Malta, provided that the rental value of that property must be at least €16,000 annually. It must be noted that the investor cannot sell or sublet these properties during these five years.
4: Another option available to investors is Donation, a sum of €10,000 to any Community Malta Agency-approved organization. The investors can also donate this amount to a registered sport, cultural, philanthropic, animal welfare, scientific or cultural non-government organization or society.
5: The citizen must prove their period of residency as
a valid residence card is a necessary prerequisite to apply for Citizenship. Following the purchase of a real estate property, a Malta Identity document, i.e. an e-ID card, is issued to the investor.
THE CITIZENSHIP PROCESS:
1: Having met the mentioned prerequisites of investments and residency, the investors need to select a licensed agent(a power of attorney) who will submit the residency application and complete relevant payments to the Community Malta Agency. This includes the process of Tier 1 Due Diligence conducted by the agent before the application is submitted.
Further, Due Diligence is looked upon by the Community Malta Agency and the Police as well. After the clearance is received, the process is carried further.
2: After that, citizenship eligibility will be submitted to acquire a residence permit. The birth or marriage certificates would be submitted to Public Registry and Passport Office. The scrutiny of the documents will be conducted under Tier 2 Due Diligence, which ensures the submitted documents are authentic and complete.
Tier 3 and Tier 4
Due Diligence is further undertaken by the agency before the Minister affirms the eligibility for the applicant.
Once all the requirements are satisfied, the applicants receive an invitation to Malta to take the Oath of Allegiance; before the Maltese Passport is finally issued to the applicant. The applicant is subjected to continuous monitoring for five years by the Community Malta Agency.
Malta’s Due Diligence:
Malta has worked thoroughly on its Due Diligence procedures, which has added to the esteem and strength of its Citizenship By Investment Programme. Each and every applicant undergoes stringent due Diligence and background checks that ensures the integrity and dignity of the Citizenship Programme remain intact.
The applicants mandatorily require to submit valid documents like criminal police records and proof of the legitimacy of the source of the funds being used to acquire Citizenship. It is because of this reason that Malta scored a perfect ten in the Due diligence pillar of the CBI Index. Malta is known for its record of having rejected applications, even on the smallest discrepancies.
The applicant is liable for the payment of the Due-Diligence procedures, which is as follows:
- €15000- For the Main Applicant
- €10,000- Dependents
- €15,000- Sponsors/Benefactors
In addition to this, an administrative fees would also be charged, which would be €1000 for each applicant.
Malta Citizenship comes with numerous benefits along with a Maltese Passport.
The Maltese Citizens are the beneficiaries of all the European Union privileges. The individuals can live, work or study in any place across the EU. The students can have access to Maltese schools and universities. The University of Malta, being publicly funded, is free for Maltese Citizens.
One can count on its rapid economic growth, which provides an opportunity to establish business and easily operate and grow across the world.
One of the major benefits of Maltese Citizenship is the Visa-free travel to 186 countries, including nations like USA and Canada, along with European nations like Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom (UK).
Malta offers an elite quality of life, with a tranquil environment, and modern infrastructure with a safe and secure life. Also, one can enjoy travelling to the most popular holiday destinations in Europe. Notably, the healthcare sector of Malta has been ranked among the top five by the World Health Organization(WHO). Additionally, these are covered under health insurance and taxation.
Malta allows citizens to hold Dual Citizenship as well. Further, Citizenship can also be passed on to the upcoming generations, thereby securing a prosperous future for the family.