- Citizenship By Investment: Malta Individual Investor Programme (MIIP)
- March 29, 2017 | Author: Mark Hyzler
- Law Firm: GVZH Advocates - Valletta Office
- The Malta Individual Investor Programme ( “MIIP”) is a citizenship by investment programme that was introduced by Legal Notice 47 of 2014. The programme offers applicants and their family members the opportunity to acquire Maltese citizenship within a very short period of time and to enjoy all rights and benefits that any other Maltese national would enjoy, including the right to travel, work, study and reside in Malta and the European Union.
The programme was specifically designed to attract investment from individuals considered to be of high net worth, as a result all main applicants under the programme are required to undertake a number of financial commitments. These financial commitments include:
A CONTRIBUTION TO A NATIONAL DEVELOPMENT AND SOCIAL FUND OF MALTA
Children under 18
Unmarried Children over 18 but under 27
Dependant Parents and Grandparents over 55
A non refundable contribution as indicated above will need to be paid to Identity Malta. 10,000 Euro of the fees indicated above must be paid to Identity Malta as a non-refundable deposit upon the submission of the Maltese Citizenship application. The remaining balance will need to be paid only once the main applicant has received his letter of approval in principle (approximately six months after submission of the citizenship documents).
PROPERTY INVESTMENT OBLIGATION
Purchase of immovable property
Lease of immovable property
€16,000 per annum
Upon receiving the letter of approval in principle the applicant will be requested to purchase or rent an immovable property in Malta [or Gozo] that satisfies the minimum values indicated above.
PORTFOLIO INVESTMENT OBLIGATION
Following the reciept of the letter of approval in principle the applicant will be requested to commit to a minimum investment of 150K in Maltese Goverment Securities (MGS). This 150K investment must be retained for a minimum period of five years and the applicant will be able to receive all interest that the investment generates. Upon request our firm will provide you with an updated list of the latest securities that are available for investment.
OTHER APPLICABLE FEES
Passport Fee per person
Bank Charges, per person
These fees will be paid after the applicant is approved and are required in order for the passport to be issued.
DUE DILIGENCE CHECK
GOVERNMENT DUE DILIGENCE FEES
Children aged 13 but under 18
Dependant parents and grandparents
*All individuals of legal age that are applying for a Maltese passport are checked by Identity Malta . As a result a due diligence process of approximately six months will need to take place in order to ensure that the applicant and his family members do not impose a threat to the security or reputation of Malta. Identity Malta charges the fees indicated above in order to carryout the due diligence check. These due diligence fees will be paid directly tothe Identity Malta bank account and they will be paid immediately after the Citizenship application is submitted.
RESIDENCY STATUS IN MALTA
A certificate of naturalisation shall only be issued in respect of individuals that have resided in Malta for a period exceeding twelve months. This requirement does not however imply that the applicant needs to be physically present in Malta for the entire twelve month period; it does however require the individual to provide proof of his ties to Malta. Upon application the applicant and his dependants will be given a European residence card that will entitle them to reside in Malta throughout the period of evaluation.The residence card will entitle the holder to travel throughout the Schengen Area, it will not however automatically permit the holder to a right to work in Malta.
Malta has no restrictions in relation to an individual having dual nationality. Nevertheless, a Maltese passport holder may only be domiciled in one country at a time. It is possible that the personal tax situation of the new Maltese citizen will not change after obtaining a Maltese passport. If the new citizen retains strong links to his original country, such as a residence and business, the applicants domicile would likely remain the same and consequently the taxation status would also remain unchanged. Taxation is a complex area and we highly recommend obtaining specific professional tax advice. GVTH Advocates has an in-house tax team made up of a number of experienced tax lawyers that would be more then happy to answer any specific tax related questions you may have.
Dr. Mark Hyzler is an authorised agent (Certificate No. IIP040) of Identity Malta and is fully licenced to handle and submit citizenship applications under the Malta Individual Investor Programme.