Most wealthy people around the world want to move to territories with a stable economy and enviable security. Moreover, the opportunity to legally open a business with a simplified procedure and favorable tax rates is the reason for the desire to move.
Such countries include Malta, where you can find a second homeland. In addition, this territory has a favorable climate and excellent prospects. The expert of the Immigrant Invest agency, Vladlena Baranova, revealed the peculiarities to obtain Malta citizenship in her material.
Overview of Maltese Citizenship by Naturalization
Programs for acquiring citizenship status on the island were different. Since 2014, there has been an individual investor project that the European Commission approved. However, this scheme ceased to operate in 2020. Another way of acquiring citizenship status on the island was invented in its place. It is designed for those who can contribute to the state’s prosperity.
All those who wish to obtain a Maltese passport by investment are first offered the opportunity to live on the island. Applicants for such a status must meet specific requirements in the law. Otherwise, applicants will receive a refusal. The following conditions stand out among others:
- Contribution to the state authorities. Applicants must pay 750,000 euros to the National Fund for Development and Social Development. In addition, each family member must also pay €50,000. The contribution is made after the first year of residence on the island. After three years, the contribution is 600,000 euros.
- Charity. The beneficiaries of civil status should send 10,000 euros to any non-governmental structure with state accreditation on the island.
- Real estate transactions. It is possible to acquire Malta citizenship for an investor by purchasing a house or other commercial infrastructure for 700,000 euros. You can also rent an object agreed upon by the authorities. The minimum payment for the year will be 16,000 euros.
Purchased or leased residential and business premises must be maintained for five years from the date of obtaining the identity card. Registration of the necessary documents will require expenses that are part of the cost of the passport. These include administrative and inspection fees, so you should be prepared for such costs.
Investment paths to Malta Citizenship
The following steps are required to obtain a second civilian license:
- Contact the agency. The candidate provides a notarized power of attorney to representatives of an immigration company, such as Immigrant Invest, to conduct transactions on his behalf.
- Passing the first due diligence check. The company’s staff provides this verification and processes the application for a residence permit. After verification, the agents receive authorization from the law enforcement authorities.
- Submission of biometric data. Those who apply must travel to Malta to enter personal biometrics into the databases.
- Presentation of required documentation. The agent submits all the documents handed over to him to the relevant government agencies on the island.
After that, there are more due diligence checks, followed by an application for civil status and the financial obligations of the naturalization program. Then, it is just a matter of taking the oath of office and presenting a certificate stating that you are a Maltese citizen.
Key Benefits of Becoming a Maltese Citizen
Becoming a citizen of this small island offers several significant benefits. They include:
- Ample opportunities to run and develop your business. Malta is characterized by rapid economic development, so any entrepreneur can join this system and earn good money. Business people will also be pleased with the well-thought-out tax system – no fees are charged on capital movements.
- Security and medicine. Malta Citizenship allows you to get access to a developed medical system and not be afraid to go out on the street. Holders of citizenship status can inherit it to their children, even if they live outside the island state.
- Unimpeded travel to EU countries. An island identity card will allow you to travel to 27 countries in the Schengen zone.
In addition, being a Maltese citizen provides excellent opportunities to study, work, and live in certain territories of the European Union.
Final Tips for a Futures Investors
One of the requirements for acquiring the status is to finance specific projects on the island territory. That is why many applicants bring in quite serious sums to pay all the expenses, including the cost of Maltese citizenship. However, all funds brought into the country are taxed, which does not always suit the potential investor.
It is necessary to consult professionals at immigration companies for advice to avoid this. Qualified recommendations of experts who understand immigration law will help facilitate the investment path to Malta citizenship. Thanks to them, it is possible to obtain not only a passport but also avoid unreasonable tax liabilities.
Immigration lawyers will take on all the burden of communicating with government agencies. When conducting the procedure on their own, many potential investors make many mistakes, which then become the reason for rejection by the state. Contact specialists if you want to save time and money to resolve unnecessary issues.