Malta Scraps Sale Of Citizenship Scheme, Replaces It With Residency Programme
A few days ago the Government of Malta officially announced its intention to revise Malta’s Individual Investor Programme.
The Government has reiterated its intention to retain and enhance the level of due diligence undertaken on applicants. This ensures the good reputation and the prestige of the programme.
A number of features will be revised. A successful application will not automatically carry an entitlement to citizenship – on the other hand the program will allow residency that can lead to citizenship (assuming a period of three years of residence before acquiring citizenship).
The fee is intended to be revised to €600,000. Applicants will have to live in Malta for three years before applying for citizenship. Those who invest €750,000 will be able to apply for citizenship after one year of residence. Dependants will have to pay a fee of €50,000.
The investment criteria have also been modified. Applicants must buy a property worth €700,000 or more. Otherwise they can rent a property at an annual rent of €18,000 or more. An architect’s report must accompany the relevant application.
Finally, a €10,000 donation to one of Malta’s registered NGOs will need to be made.
The new scheme will allow 400 successful applicants per year and 1,500 for the entire scheme. In addition, the names of the successful applicants will be published.
The revised scheme is expected to be launched towards the end of 2020.