Malta investor program, yes it is your chance to go for a Malta investor Visa. In this article, we discuss the prospects of Malta and how to apply for the visa?
Before we discuss the program, isn’t it better to have an idea about the country?
The Republic of Malta is one of the flourishing economies in the European Union (EU) and has a political atmosphere that’s stable. During the stage of the financial crisis, Malta put up a tough fight along with Germany and succeeded in maintaining a steady economic growth. Since 2004 this country is part of the EU and from the year 2007, it has become a part of Schengen too.
The Malta Individual Investor Programme was introduced in the beginning of 2014. This is also the first programme approved by EU to be launched in Malta. Families who wish to relocate their business or family affairs to a country in the EU are offered a second citizenship under this programme.
The citizenship thus attained has lifetime validity and can be passed on to future generations. Once the citizenship is granted you gain access to investing in Malta as well as the other countries in the EU. An amendment was passed in November 2013 to the Maltese Citizenship Act which grants Citizenship in Malta through investment.
Read: 16 Countries Offering Citizenship Through Investment
The main applicant has to be 18 years of age and meet certain specific requirements to qualify for the programme. Dependents like a spouse, parents, children, and grandparents may be added to the citizenship application under the program.
The main applicant is required to contribute a minimum of 650,000 Euros to the country to qualify for this programme. Spouses and minor children are required to donate a sum of 25,000 Euros and children between 18-25 years of age and parents who are dependent are required to pay an amount of 50,000 Euros to be included in this programme.
The applicant must not have any criminal records and a police certificate needs to be submitted along with the application. The Government of Malta does this to ensure that only applicants who have a good reputation and are given citizenship in their country.
Applicants are required to undergo health check-ups and have to provide certificates of a government approved doctor showing that they do not have any contagious disease or any disease that would prove to be a threat to the health system of Malta.
The applicants are required to either rent a property for at least 16,000 Euros per annum or purchase a property worth 350,000 Euros and a five-year contract is required.
At least an amount of 150,000 Euros needs to be invested by the applicant in shares or bonds approved by the Maltese government and this needs to be active for a minimum of five years.
Before the citizenship is granted the applicant is required to stay for a minimum period of time in this country which is set by the government.
Legal basis
The “Malta Individual Investor Programme (MIIP) rules provide for affluent persons of impeccable standing and repute to be naturalized and to receive Maltese citizenship on the basis of a contribution to and investment in Malta.” (Maltese Citizenship Act)
You need to pay tax only on the capital gains and income earned in the country. Whatever you earn outside this country is exempted from taxes.
Once you have completed the five-year obligatory period you can sell your property and you are not required to pay any taxes. But if you sell it before three years you are required to pay a tax of 12% on your selling price.
Applicants under this investor visa are not required to appear for any language test be it in Maltese or English. They are also exempted from citizenship tests.
Unless it’s accompanied by an authenticated translation all the documents have to be submitted in English. The documents that were translated should hold the details of the professional translator who carried out the language translation.
The application is duly filled and submitted along with the supporting documents. You are also required to produce the evidence for the source of funds.
Whether the application has been accepted to be reviewed or not or whether additional paperwork is needed for processing your application is notified to the client or the person authorized by the client.
Identity Malta confirms that the application and supporting evidence are in order and additional verification of the candidate is carried out by the Government of Malta for a period of 30 days.
Candidates who successfully fulfill all the obligations required under the Malta Individual Investors Programme are approved in principle.
The applicant is notified to pay the remaining amount towards Social Fund and National Development contribution within a period of 20 days.
The payment of remaining amount towards National Development and Social Funds has to be paid by this day which is the deadline.
The applicant is required to submit all the evidence for the purchase of property or rental agreement and also evidence for investment in bonds and shares for a minimum amount of 150,000 Euros.
On fulfilling all the obligations required by the Malta Individual Investor Programme the applicant takes an Oath of Allegiance. After this, the candidate is issued a Malta Passport and a Certificate of Naturalisation.
A valid health insurance policy that is comprehensive and covers medical expenses worldwide is necessary for each member of the family. It should cover at least an amount of 50,000 Euros per person.
The candidates who get a Maltese citizenship under the Malta Individual Investor Program are not required to give up their existing citizenship. Maltese law permits a person to hold dual citizenship.
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