Chetcuti Cauchi announces the first Malta citizenship approvals of applicants for Malta citizenship by investment whom the firm has represented from the launch of the Malta Individual Investor Programme last February. The firm was the very first Maltese law firm to be bestowed 'approved agent' status by Identity Malta Agency, a one-stop-show agency set up to managing Malta's Individual Investor program. Since then, the firm has made its first applications for Malta citizenship for clients willing to enter the pilot programme established under the Individual Investor Programme of the Republic of Malta.
Malta Citizenship Approvals conditions
- the payment of the remaining balance of the Contribution: €650,000 less the €10,000 already paid on application; i.e. €640,000
- the purchase or rental of property subject to the minimums established by the rules (€350,000 / €16,000 per year)
- the investment of €150,000 in governent stock;
- holding a Global Health Insurance and declaration that applicant can hold it indefinitely.
- satisfy the residency requirement (as already confirmed with and pre-approved by Identity malta at the outset of applicant's residency)
What next after Malta Citizenship Approval
The Malta Citizenship approvals indicate the timeframes allowed by law for executing the commitments already undertaken by an applicant on submitting his / her application through its approved agent. The balance on the contribution needs to be paid within 20 days. A full 4 months is allowed for compliance with the investments and the other ancillary conditions.
Are Passports to be issued now?
Clients who have been issued their Malta Citizenship approvals are now entitled to their Maltese passports. Those applicants who have not already established their genuine link with Malta (satisfied the residency requiement) for one year from date of residence card, will need to wait for this one year time frame to pass before claiming their passports. Applicants who have properly connected with Malta for that one year time frame are able to claim their Malta passports on the expiry of 6 months from the date of application for Maltese citizenship.
NOTE: after the original date of this announcement, in March 2015, Chetcuti Cauchi is pleased to announce the taking of the oath of allegiance and issue of actual passports to the very first family applicants under the Maltese Citizenship by Investment programme.
Reaction to the First Malta Citizenship Approvals
We interviewed the firm's Private Clients' partner Dr Jean-Philippe Chetcuti, a leading immigratoin and tax lawyer who has led the firm's Citizenship and Residency practice and heads a team of over 10 lawyers and tax consultants specialising in Maltese immigration law and personal taxation:
"It is an honour to present to our clients with the In Principle Approval letter, what could be the first Malta citizenship approvals under the MIIP. Having reached this phase of maturity of the Maltese citizenship by invesment legislation, 10 months after it's enactment, it is clear that the Maltese Government is committed to running a serious programme for bona fide investors to be attracted by Malta's high value and effective all-round offer.
I have experienced with several applicants the professionalism, efficiency and the warm welcome promised by the setting up of Identity Malta as a truly one-stop shop for expatriates in Malta. What we have experienced is a real VIP service which I doubt an applicant can receive in any other country.
Reported also in the Times of Malta and the Malta Independent.