- The Individual Investor Programme of the Republic Of Malta
- June 5, 2014 | Author: Christian Tonna
- Law Firm: Mamo TCV Advocates - Valletta Office
The Individual Investor Programme of the Republic of Malta Regulations, 2014 (IIP), was enacted by virtue of L.N. 47 of 2014 - Maltese Citizenship Act - (Cap. 188)
The Maltese Government has introduced the IIP to enable the state to grant citizenship, by way of a certificate of naturalization, to foreign individuals and families who contribute to the economic development of Malta.
Naturalization will entitle applicants to all the benefits and privileges afforded to any Maltese citizen, including a Maltese passport, freedom to move across the European Union and full voting rights within Malta and also the EU.
1. Investor Criteria
The law sets the following qualifications and requirements for a person to be a ‘main applicant’:
The individual must be at least eighteen (18) years of age.
The applicant must commit himself to provide proof of a qualifying residential address, meaning that he or she must either:
i. Purchase a property of at least €350,000;or
ii. Rent a property for €16,000 a year.
In both cases applicants will be contractually bound to keep the immovable property for at least five (5) years.
1.3 Bonds or Shares
Invest at least €150,000 in Government issued bonds or shares.
1.4 Economic Contribution
i. Main Applicant: €650,000, of which a Non-Refundable Payment of €10,000 shall be remitted as a non-refundable deposit prior to submission of the application;
ii. Spouse: €25,000;
iii. Children below 18 years of age: €25,000 each;
iv. Unmarried Children between 18 years of age and 26 years of age: €50,000 each;
v. Dependant parent above 55 years of age: €50,000 each.
A certificate of naturalisation shall only be issued if main applicant provides proof that s/he has been a resident of Malta for a period of at least twelve (12) months preceding the day of the issuing of the certificate of naturalisation.
The following individuals are considered to be dependants and may be applicants:
i. The spouse in a monogamous marriage;
ii. a child, including an adopted child, who is less than eighteen years of age;
iii. a child who is between the age of eighteen and twenty-six years and who is not married and who proves to be wholly maintained by the main applicant;
iv. a parent or grandparent of the main applicant or of his spouse above the age of fifty-five years who prove that they are wholly maintained or supported by the main applicant and form part of the household of the main applicant.
3. Due diligence
The Application/due diligence process is composed of four separate stages and will take a minimum of six (6) months and a maximum of two (2) years.
Upon confirmation of the applicant’s is eligibility, they will be recommended for naturalisation by Identity Malta.
3.1 Fees payable to Identity Malta
i. Main Applicant: €7,500;
ii. Spouse: €5,000;
iii. Children below 18 years of age: €3,000 each;
iv. Unmarried Children between 18 years of age and 26 years of age: €5,000 each;
v. Dependant parent above 55 years of age: €5,000 each.
4. Approved Agent
An applicant may file his/her application through an ‘Approved Agent’ (authorised by the Identity Malta)
5. Maximum number of admissions.
The programme is currently limited to 1,800 successful applications.