Ways To Acquire Citizenship By Investing In Malta
The vast shore of the Mediterranean Sea captures many hidden paradises that provide ample opportunities for investors. Such an area of land is none other than Malta. Well located in the center of the sea, the country is dominated by a wonderful climate and natural beauty.
Malta has recently been a target for investors for all the right reasons. The nation enjoys a stable political climate that makes it a hotspot for doing business. Therefore, if you are looking to invest or do business in the country, then citizenship by investment program will help you in profound ways.
What is Investment Malta Citizenship?
Recently, like many other countries, the Maltese government has proposed an investment citizenship program to benefit long-term immigrants. The nation previously introduced a citizenship program that was officially announced after 1800 applications.
However, after the conception of the new citizenship program, there were vast amendments. Under the new scheme, the country offers you citizenship by making minimal investment and contributing to economic development. Also, you must try 36 months of residence in the country.
Ways to Acquire Citizenship in Malta:
Malta, like many other countries in the world, offers citizenship through naturalization to eligible people. But there are certain norms that applicants must meet before applying for the program. They are:
- Have a minimum age limit of 18 years.
- An investment of at least € 600,000 if you have completed 36 months of stay or € 750,000 for 12 months of stay.
- In addition to these, investors can also buy a property worth € 700,000 in Malta which must be maintained for 5 years. You can also rent a residence with a rental value of € 16,000 per year.
- The Maltese government also encourages donations worth € 10,000 approved by a Maltese community agency.
- You and your family members must also be in good health before applying for the scheme.
Timetable for Malta Citizenship by Investment:
All potential candidates seeking citizenship of the country must require certain guidelines. Individuals must meet the criteria of at least a 12-month residency requirement for the speedy processing of citizenship. This is the first step in the process and is therefore of paramount importance.
You are also required to physically travel to the country as biometrics are required for citizenship approval. The breakdown of the fee structure for the same is given below:
Due Diligence Fees:
Applicant: € 15,000.
Spouse: € 10,000.
Employees: € 10,000 each.
Benefactor: € 15,000.
Administrative fee: € 1000.
It takes about 120-150 days to process the application. Also, once the individual has had a 12-month residence in the country, he or she is eligible for citizenship. This involves filling in more documentation Malta Community Agency confirms previously submitted details.
Once an applicant receives the “Post Approval Pack”, the final citizenship will be exercised by the government, if the monetary contribution to the National and Social fund has been met.
What are the Tax Consequences for the Citizens of Malta?
The Maltese citizenship program exempts the individual from all kinds of tax consequences. Even if the individual moves his / her primary residence to Malta, he / she may be able to maintain the status of a non-domiciled person.
Applicants who become residents are only required to pay income tax based on the annual net takeaway. Also, business owners enjoy special tax concessions and this applies to both non-domiciled and non-resident owners.
Benefits of the Malta Citizenship Program:
- Individuals who acquire citizenship by investment are entitled to dual citizenship without any restrictions.
- Maltese citizenship gives you the opportunity to study, live and work throughout the European Union.
- Individuals can access a total of 26 countries in the Schengen region without border controls.
- The country has an excellent healthcare system that can be fully enjoyed by the citizens.
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