Citizenship of Malta obtained for investment is in demand among immigrants from the Soviet Union

Citizenship of Malta obtained for investment is in demand among immigrants from the Soviet Union

Within the individual investment program citizenship of Malta was obtained by immigrants from the former Soviet Union (59% of total requests), Asia (30%) and the Gulf States (9.8%). According to timesofmalta.com, at the end of June 2014 there were received 173 applications (96 adults, 101 children).

These data was reported in parliament by program manager, Godwin Grima. The Minister of Internal Affairs of Malta Carmelo Abela, answering to a parliamentary request, said that foreigners have submitted 459 applications for residence permit to be followed by citizenship acquisition.

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The individual investment program, which was negatively met by nationalist deputies, was launched in March 2014. Malta citizenship is given in exchange for €1.15 million investment (€650,000 in National Development Fund of Malta, plus another €500,000 being 5 year investment in the country's economy, including €350,000 – in real estate and €150,000 – in bonds). In addition, it is necessary to pay €20,000 – €50,000 for each family member.

Excluding citizenship in Malta, there are "investment" laws on the residence permit. The investor may obtain this status when buying a property worth from €220,000 (on the Gozo Island and in the south of Malta) up to €275,000 (elsewhere). Tenant renting housing for no less than €8,750 – €9,600 per year (depending on the location of the object) may also get a residence permit in Malta.