The Malta Individual Investor Programme (hereinafter referred to as the ‘IIP’) shall allow for the grant of citizenship by a certificate of naturalization to foreign individuals and their families who contribute to the economic development of Malta.
Eligible applicants will be required to contribute €650,000 and €25,000 for spouses and children below the age of 18; and / or €50,000 for children over the age of 18 and dependent parents above 50 years of age.
By virtue of the Legal Notice 47 of 2014, the Government of Malta has carried out the latest amendments to the IIP, thereby incorporating therein the amendment requested by the European Commission which included the proof of residence in Malta for a period of 12 months.
Approved Agents shall be enabled to present full applications to Identity Malta, the agency responsible for the administration of the programme, after carrying out the pertinent due diligence process. Approved Agents are licensed by Identity Malta to perform such function.
Qualifications and Requirements
In order to qualify under the Programme, a number of requirements must be satisfied by the applicant. The general requirements for a person to be a main applicant for citizenship under the IIP are summarised hereunder:
1.The applicant must be at least 18 years old and shall be a naturalized Maltese citizen consequent to the successful determination of his / her application by Identity Malta;
2.The applicant must commit himself / herself to prove that he / she is in possession of a residential address in Malta, either by acquiring and holding a residential immovable property in Malta having a minimum value of €350,000 or by renting property for a minimum annual rent of €16,000;
3.The applicant must also provide proof that he has been a resident in Malta for a period of at least 12 months. The said property must be retained by the applicant for a period of at least 5 years from the date of purchase or lease;
4.The applicant must commit himself / herself to invest in stocks, bonds, debentures, special purpose vehicles or other investments as provided by Identity Malta for the total of €150,000 which investment must be retained for a period of 5 years.
It is fundamental to note that the qualifying immovable property cannot be let or sublet.
Moreover, applicants ought to be in possessio of a Global Health Insurance coverage for at least € 50,000 for the main applicant and each of the dependants and must give proof that they can maintain the same for an indefinite period.
Beneficiaries of the Global Residence Programme (GRP) provided for by the Income Tax Act shall be allowed to submit an application for the IIP, as long as they satisfy all of the other eligibility requirements of the programme.
For the whole duration of the IIP, the number of successful main applicants, excluding dependants, should not exceed 1,800 although the European Commission has not requested this limit. Every year, the Minister responsible will publish the names of all persons who were granted Maltese citizenship.
Principal Applicants can include in their IIP application:
- Spouse – in a monogamous marriage or in another relationship having the same or similar status to marriage;
- Dependents of 18 years of age and under;
- Dependents between the age of 18 and 26 years of age, who are not married and who are wholly supported by the main applicant and form part of the household;
- Dependents over the age of 55 years (e.g. parents), who are wholly supported by and who form part of the household of the main applicant.
The process takes between 6 to 24 months.
Maltese Residence Permit
An applicant under the programme is entitled to apply for a fast tracked Maltese residence permit, which grants Schengen access. This will enable the applicant to travel within the Schengen Area.
WDM International is able to assist the client with such process, enabling the client to obtain the said VISA prior to the issuance of the certificate of naturalisation and at the very start of the process for the application for Citizenship.
How can we Assist?
WDM International through WDM Lex Advisory Limited and Dr Jonathan De Giovanni, the firm’s Director of Legal and International Tax, has been approved as an accredited person by Identity Malta, the Agency responsible for Malta’s Citizenship by Investment Programme (IIP). The accreditation process for authorised intermediaries stems from the Individual Investor Programme of the Republic of Malta Regulations, 2013. The rules outline the significance of the accreditation process pertaining to accredited persons, while providing for several measures of a qualitative and precautionary nature to ascertain that the pertinent due diligence is carried out at pre-application stage, by qualified and experienced private client and immigration law experts. To this end we may assist you with all the stages pertinent to your application for Citizenship under this Programme.
Our services also range from international tax planning and asset protection solutions to advising family offices, family businesses and fiduciaries on their clients’ diverse issues. Through WDM Fiduciary Services Limited, a company duly licensed by the Malta Financial Services Authority under the Trusts and Trustees Act, we can provide trustee and co-trustee services, as well as administator services in the context of private foundations.
For more information contact Dr. Jonathan De Giovanni, Director of Legal and International Tax.