Since 2014 in Malta exists a unique program of granting a residence permit and citizenship to foreign investors – MIIP (Malta Individual Investor Program). Its key difference from similar schemes in other countries is the ultra-short processing time and no requirement of long living in the country.
In other European countries it is impossible to obtain citizenship by investment. However, the effect of the Maltese program is limited by deadline – originally, the government planned to issue to the investors only 1,800 passports. MIIP is very popular among Russian citizens. From 900 people who applied for participation in the program, 650 are Russians. 150 families received a second citizenship in Malta.
What are the benefits of Maltese citizenship?
1. Visa-free travel to 166 countries;
2. The opportunity to live, work and receive education in the European Union;
3. The taxpayer can choose country in which to pay taxes;
4. The granting of citizenship for relatives of the investor, including father, mother, children under the age of 27 and civilian spouses;
5. No tax on capital, low rates of other taxes.
Second citizenship in Malta: the stages of receipt, expenses
Investors can obtain a passport of a citizen of Malta in a very short period of time. First, you must apply for a residence permit card which is valid for 1.5 years. The procedure for issuing a residence permit with all the formalities and biometric materials takes a little more than a week – from 8 to 11 days. Then you need to apply to participate in the MIIP program and pass a security check (it's about 5 months). Experts will study the origin of your income and property.
Then within 25 days investor pays corresponding to his category contribution to the National development Fund (€650 000 for the applicant, €25,000 for husband, wife, children under 18 years, €50,000 for children up to the age of 27 and parents).
The next stage is investment. Citizenship applicants are given the choice between buying a bond for €150 000 (they can sell it only after 5 years), the acquisition of the property for €350 000 or rent a house or apartment for €16 000 per year. `Medical insurance should be paid as well. When all steps are completed, the investor receives an official invitation to obtain a passport of Malta and to take the oath.
Requirements for applicants
All applicants must "demonstrate the connection with Malta" - spend at least 1 vacation in the country or participate in any public event.
The basic requirements to applicants for Maltese citizenship is the lack of criminal record and "spotless" reputation. Documents must be provided even by teenagers from the age of 12.
The passport of a citizen of Malta can get a politician, against which there are no sanctions. However, you have to find evidence that the necessary funds were not obtained through a political career.
Civilian spouses may also become program members if you can confirm a long life together.
Text – Alena Eliseeva, ee24
Photocredit Depositphotos.com