The vast shoreline of the Mediterranean sea engulfs many hidden paradises that provide ample opportunities for investors. One such stretch of land is none other than Malta. Neatly tucked in the center of the sea, the country is dominated by a wonderful climate and natural beauty.
Malta of late has been a target for investors for all the right reasons. The nation enjoys a stable political climate which makes it a hotspot for doing business. Therefore, if you are seeking to invest or do business in the country, then the citizenship by investment program will help you in profound ways.
What Is Citizenship by Investment Malta?
Lately, like many other countries, the government of Malta has proposed citizenship by investment program to benefit immigrants in the long run. Previously the nation introduced a citizenship program which was officially tipped off after 1800 applications.
However, after the conception of the new citizenship program, there have been vast amendments. According to the new scheme, the country offers you citizenship by making a minimum investment and contributing to economic development. Also, you need to prove 36 months of residency in the country.
Ways To Acquire Citizenship in Malta:
Malta like many countries in the world offers citizenship through naturalization for eligible people. But there are certain norms that the applicants have to fulfil before applying for the program. They are:
- Having a minimum age limit of 18 years.
- An investment of atleast €600,000 if you have completed 36 months of stay or €750,000 for 12 months of stay.
- Other than these, investors can also buy a property worth €700,000 in Malta which must be held for 5 years. You can also take a lease residence with a rental value of €16,000 annually.
- Malta government also encourages donations worth €10,000 approved by a community Malta agency.
- You along with your family members must also be in good health before applying for the scheme.
Timeline For Malta Citizenship by Investment:
All potential candidates who wish to acquire the citizenship of the country have to oblige certain guidelines. The individuals must meet the criteria of atleast 12 months residency requirement for the fast processing of citizenship. This is the first step of the process and thus holds utmost importance.
You are also required to travel physically to the country as biometrics are needed for citizenship approval. The break-up of the fee structure for the same is given below:
Dependents: €10,000 each.
Administrative fee: €1000.
It takes around 120-150 days for the application to get processed. Also, once the individual has held a residency of 12 months in the country, he or she is eligible for citizenship. This involves filling further documentation with Community Malta Agency confirming previously submitted details.
Once an applicant receives the “Post Approval Pack”, the final citizenship is performed by the government, if the monetary contribution for the National and Social fund has been fulfilled.
What Are The Tax Consequences For Citizens of Malta?
The Maltese citizenship program exempts the individual from any type of tax consequences. Even if the individual moves their primary residence to Malta, they may be able to retain the status of a non-domiciled person.
Candidates who become residents are only required to pay income tax based on the net annual takeaway. Also, business owners enjoy special tax concessions and this holds for both non-domiciled and non-resident owners.
Benefits of Malta Citizenship Program:
- Individuals that obtain citizenship by investment are entitled to dual-citizenship with no restrictions.
- Maltese citizenship grants 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 checks.
- The country has an excellent healthcare system that can be enjoyed by the citizens to the fullest.
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