MALTESE CITIZENSHIP BY INVESTMENT
The smallest of the European Union’s member states, Malta is emerging as one of the fastest growing economies in the EU. Lying at a strategic crossroads between Europe and Africa, Malta is a meeting point of cultures and languages. English, a joint official language with Maltese, is universally spoken and written and is the language of education and business. Malta has a long-established and strong democratic tradition. It is a European Union member in which the rule of law is respected. The combination of Malta’s tax system and its extensive double tax treaty network means that, with proper planning and structuring, investors can achieve considerable fiscal efficiency using Malta as a base.
The advantage of living in Malta is that you can work and enjoy life to the full at the same time it is also the ideal destination for retirement. Besides all the advantages the island offers and its excellent tax advantages, Malta boasts excellent health care facilities.
The Malta Individual Investor Programme (MIIP)
The programme allows for the granting of citizenship by a certificate of naturalisation to individuals and their families who contribute to the economic and social development of Malta. In brief, it allows investors to acquire Maltese Citizenship by satisfying the following requirements:
1. Investment Requirement
Make a Contribution of €650,000 which will go towards financing a National Development Fund (of which €10,000 are non-refundable) while the dependants must make the following contributions:
Spouse and every child under 18: €25,000
Every dependant unmarried child between 18-26 years: €50.000
Every dependant parent over 55 years: €50.000
Purchase property in the Maltese Islands to the minimum value of €350,000; the property (or substitute) must be retained for 5 years; or Lease a property for which the minimum annual rental must exceed €16,000 – the property may not be sub-let.
Hold a minimum of €150,000 in Malta Government Bonds which must be maintained for a period of 5 years
2. Residency Requirements
It must be noted that no certificate of naturalisation shall be issued unless the main applicant provides proof that he has been a resident of Malta for at least 12 months preceding the day of the issue of the certificate of naturalisation.
The burden of proving such residency lies on the applicant. Though the applicant does not need to spend all 365 days physically resident in Malta, the Maltese Authorities insist on a “Genuine Link with Malta” which can be evidenced by a number of activities.
3. Other Requirements
Main applicants must have a Global Health Insurance coverage for at least EUR 50,000
Each of the dependents and must give proof that they can maintain the same for an indefinite period.
Main applicant must be over 18 years of age and in possession of a clean criminal record
Must be in good health and not suffering from any contagious disease.
Must show evidence of Fitness and Properness
It is to be noted that the MIIP is only available to the first 1,800 applicants (excluding dependants), following which, the Government will then close the MIIP. Also, the names of all persons who are granted citizenship under the MIIP shall be published in the Maltese Government Gazette.
How Kinanis as the official agents to the Maltese Authorities for the MIIP can help:
• Preliminary advise on the MIIP;
• Assistance in collection of the required documentation;
• Liaising with the Maltese Authorities;
• Ancillary assistance related to the MIIP.
For more information, please request our detailed publication on www.kinanis.com.
Kinanis Fiduciaries Limited is a Malta corporate service provider specializing in corporate and tax advice excelling in providing the international investor with a one-stop-shop solution in doing business through Malta.
This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication.
Kinanis Fiduciaries Limited
7A, Sir Luigi Camilleri Street, Sliema SLM1843, Malta
Tel: + 356 27 54 00 24 Fax: + 356 27 54 00 25