WDM International is pleased to have received the first Malta Citizenship approvals in May 2015, for applicants who have applied for Maltese citizenship by naturalisation under the Malta Individual Investor Programme (MIIP), successfully completing the whole process and obtaining the certificate of naturalisation and passport.
The Programme, being the first investment citizenship program of its kind to be recognized by the European Commission was introduced in February 2014 to cater for affluent individuals and their families, worldwide. By virtue of Legal Notice 47 of 2014 the government of Malta allowed the granting of citizenship by a certificate of naturalisation to such foreign individuals who contribute to the economic development of Malta. The process is dynamically efficient, with the Government being committed to the highest standard of due diligence and vetting of applicants under the Programme, guaranteeing that only persons of flawless standing and repute will be accepted.
As at May 2015, the MIIP has received over 585 Malta passport applications on behalf of investors from over 40 different jurisdictions. Once an applicant under the Programme is granted Maltese citizenship, which inherently incorporates EU citizenship, such beneficiaries have the right of establishment in all EU countries and enjoy visa-free travel to over 160 countries across the World including the United States.
It is fundamental to note that Maltese citizenship through investment is granted by a Certificate of Naturalisation. Therefore once the applicant has obtained EU citizenship via the MIIP, such status is irrevocable and can be passed onto future generations.
Citizenship under the programme may be obtained in 12 months, unless the applicant would have already met the Malta residency requirement imposed by programme, in which case, Malta Citizenship may be obtained in as little as 6 months.
Malta has been a member of the European Union since 2004 and of the Eurozone since 2008. The country enjoys a stable political climate, growing economy, and has some of the most resilient banks in Europe and worldwide.
Minimum Investment Criteria
Applicants under the Programme must:
- Contribute €650,000 to the National Development And Social Fund. Should the main applicant wish to also include his/her spouse or his/her child (under the age of 18) a further sum of €25,000 would have to be paid per dependent. Moreover, should the main applicant wish to include a dependent parent or a dependent child (between the ages of 18 and 25) he/she would need to contribute a further sum of €50,000 each.
- Own residential immovable property in Malta (which cannot be let or sub-let) having a minimum value of €350,000, to be held for a minimum period of 5 years; or
- Take on lease a residential immovable property in Malta (which cannot be let or sub-let) for a minimum value of €16,000 per annum, to be held for a minimum period of 5 years; and
- Be covered by an indefinite global health insurance policy; and
- Make investments in Malta amounting to €150,000 in stocks, bonds, debentures, special purpose vehicles or other investment vehicles identified by Identity Malta, and to be retained for a minimum period of 5 years.
WDM International – Your Partners: Our Assistance
WDM International is a multidisciplinary full service firm of professionals including lawyers and accountants, with a predominant international clientele. The firm’s services include international tax consultancy, high net worth immigration planning, aircraft and yacht registration and asset protection solutions involving corporate vehicles, trusts and foundations.
Through WDM Trustees Limited, a company duly licensed by the Malta Financial Services Authority under the Trusts and Trustees Act, we can provide professional trustee and co-trustee services, as well as administrator services in the context of private foundations.
WDM International, through Dr. Jonathan De Giovanni, Partner for Legal and International Tax services, has been approved as an accredited person by Identity Malta, the Agency responsible for Malta’s Citizenship by Investment Programme. To this end we may assist our clients with all the stages pertinent to their application for Citizenship under this programme.