- Malta Citizenship Scheme Presented
- November 7, 2013
- Law Firm: CSB Advocates - Swatar Office
The Maltese Prime Minister has presented the Individual Investor Programme (IIP), a scheme that will grant Maltese citizenship against investment by high net worth individuals (HNWI).
Earlier this month the draft bill entitled ‘An Act to amend the Maltese Citizenship Act’ was published and according to this bill, the Government is allowing for another method of obtaining citizenship by “a certificate of naturalization to foreign individuals and families who contribute to the economic development of Malta." This will be known as Individual Investor Programme.
The legislation with the framework of how one would be eligible for the IIP and other qualifications in respect of this programme have not as yet been launched; however the following points have been mentioned:
- A Contribution to National Development Fund of EUR 650,000 in respect of the main applicant must be effected;
- A Contribution for spouse and minor children if EUR 25,000 in respect of each dependant must be effected;
- The Contribution for dependent children between 18 to 25 years or dependent parents above 55 years shall be of EUR 50,000 each.
Moreover the applicant must pay a fee to apply, and the following figures have been revealed:
- For main applicant: EUR
- For spouses, adult children and parents: EUR 5,000;
- For children between 13 and 18 years of age: EUR 3,000 each.
The citizenship may be granted to suitable individuals and their families who pass the due diligence test and who make the above mentioned contributions to the National Development Fund, which fund was purposely established by the Government.