Malta will be launching a new citizenship by investment programme. The new Individual Investor Programme will be a good opportunity for investors to contribute to the local Maltese economy whilst at the same time benefiting from a citizenship in Malta, and European Union member state.
Malta Citizenship by Investment will be granted under an amendment to the Maltese Citizenship Act, Chapter 188 of the Laws of Malta, by a bill presented in October 2013. Under the new Malta citizenship by investment programme, defined in the Citizenship bill as the “Individual Investor Programme” (IIP) affluent persons of impeccable standing and repute are able to apply to be naturalised and to receive a Maltese passport on the basis of a contribution to be made to a National Development Fund, to be applied for use in the national interest. Readers should note that this Maltese citizenship programme is still a bill and therefore the details below are indicative. It is expected to become law by publication in October 2013. The first pilot programme is scheduled for November.
Malta Citizenship: Eligibility
To access the Maltese citizenship program, main applicants must be represented by Authorised Registered Mandataries and are required to contribute €650,000 to an independently managed National Development Fund to be set up by the Government of Malta for the purpose. Spouses and children of applicants for Malta citizenship are required to contribute €25,000 while unmarried children between the ages of 18 and 25 and dependant parents will also be granted citizenship on the basis of a contribution of €50,000 each.
Due Diligence Process for Maltese Citizenship Applications
A special agency is set up under the relative regulations to handle the review of applications and due diligence of Malta citizenship application files submitted through Authorised Registered Mandataries such as our firm. The Government of Malta is committed to the highest standard of due diligence to ensure only affluent and reputable applicants are allowed to proceed for the grant of Maltese citizenship.
Malta Citizenship Application Process
Chetcuti Cauchi Advisors Ltd is an Authorised Registered Mandatory, authorised and regulated by the Government of Malta to handle and submit applications for residence permits under the Global Residence Programme. Additional responsibilities are expected to be imposed on Authorised Registered Mandataries in the coming months to ensure the highest standards of quality throughout the application process, for the benefit of applicants and the reputation of the Maltese citizenship programme.
Maltese citizenship will be granted by a certificate of naturalisation to the applicants and their families. This new citizenship programme comes as an addition to the already existing Malta residence schemes available. Maltese residence can be obtained through the Malta Global Residence Programme, Highly Qualified Persons Malta Residence Scheme, Malta Ordinary Residence and Malta High Net Worth Individuals Programme.