Maltese Citizenship Program Draws 400 Applicants

By Fernand Gagnier, for 23 January, 2015

Malta's Individual Investor Program (IIP), which offers a route to European Union (EU) citizenship for up to 1,800 individuals and their families, has so far attracted over 400 applicants from more than 40 countries.

The figures were announced by Henley & Partners, which runs the scheme on behalf of the Maltese Government. In a statement, the company explained that letters of citizenship approval in-principle have been issued to the first applicants and that certificates of naturalization will follow soon after contribution, investment, and residency requirements have been fulfilled.

Successful IIP applicants must make a EUR650,000 (USD755,600) contribution to Malta's National Development and Social Fund. Further contributions are required for family members: EUR25,000 for spouses and each child, or EUR50,000 for each dependent child aged between 18 and 26 and dependent parents above 55 years old. The main applicant is also required to make a five-year investment in Government-approved financial instruments amounting to EUR150,000.

Applicants must further commit to retain a residence in Malta for five years, by either purchasing a property valued at more than EUR350,000 or by taking on a lease of more than EUR16,000 annually.

According to Henley & Partners, the applications so far received will equate to over EUR450m in Foreign Direct Investment, comprising of deposits, bonds, and real estate, among other elements.

The company said that that the IIP has the world's strictest due diligence standards, to ensure that citizenship is granted only to duly qualified, reputable foreign individuals and families. Fees for this forms part of the application process: EUR7,500 for the main applicant; EUR5,000 for spouses, adult children, and parents; and EUR 3,000 for children between 13 and 18 years old.

Malta's Prime Minister, Joseph Muscat, has said that the program will enhance the island's competitiveness by increasing its talent pool and global network.

Tags: Individuals | Wealth | Investment | European Commission | Malta | European Union (EU) | Expat Services | Expats | Investment | Property Investment | Visas And Passports | Europe | Invest | Investment |


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