In 2014 the Government of Malta launched a new residency scheme known as Malta Citizenship Investment Programme (IIP). This Scheme allows respected foreigne Nationals (EU & NON EU Nationals) to apply for this residency as long as they contribute to the economic growth of Malta. This new residency scheme is ideal for those foreign nationals looking to contribute to the local Maltese economy whilst benefitting from being granted a Maltese passport, which would enable them to travel freely within the EU. This Citizenship can also be granted to the applicants families and dependents.
The benefits of this scheme is also that nationals would be able to work or setup a business in Malta.
The following list are the requirements for all potential applicants:
- The main applicant must be 18 years of age.
- He must have a permanent residential address in Malta for at least 5 years (the value of the rent must exceed €16,000 per year in rentals or €350,000 if purchasing a property).
- A direct investment amounting to €150,000 in government bond or shares must be maintained for a 5 year period.
The main applicants must contribute €650,000 and an additional € 25,000 for his spouse. In case of children below the age of 18 years – € 25,000 each. Unmarried children between the age of 18-26 years €50,000 and dependent parents over the age of 55 – €50,000 each. This payment will be contributed towards a newly setup Government fund for National Economic and Social Development and will be used for education, social projects etc.
Once the property is rented or purchased in Malta the citizenship applicants are issued with an ID Card and the citizenship is normally grantedd after a 12 month period form the date of property rental or purchased. There is no need for the applicants to reside or spend 365 days in Malta before citizenship is granted.
All applicants for residency scheme must be proof to the local authorities that they are reputable persons with no criminal record convictions. The process will approximately take a minimum of 6 months to amaximum of 2 years. Any person who is deemed a potential national security threat or reputable risk will also be denied citizenship.
The following are the fees for the application and due diligence:
- The main applicant €7,500.
- Spouse € 5000.
- Children under the age of 18 €3000 each.
- Unmarried children between the age of 18 -26 – €5000 each.
- Dependent parents over 55 – €5000 each.
This application will be processed and approved by ID Malta (Identity Malta), a government of Malta entity and the application is to be submitted through an ‘approved agent’, authorised by ID Malta.
For further details kindly contact our office.