If you have been thinking about the possibility of economic immigration to Malta for a long time, it's time to make a decision! In 2018, the program managers made some changes to the passport obtaining procedure. Who will be affected by them and how much more difficult the citizenship process will become, we will find out now.
How many foreigners will be able to obtain Maltese citizenship?
The first innovation concerns the number of applicants. Now, no more than 1800 investors per year can apply for citizenship. Given the constant growth in the number of applicants, experts recommend not to delay submitting documents in order to meet the quotas. To participate in the program, you must be 18 years old, have an income of at least €100 per year, and undergo a multi-level due diligence check. On the website of the company "Immigrant Invest" (a licensed agent of the Maltese government), you can read more details about the requirements for a potential investor.
Is the Maltese citizenship application denial rate high?
The figures are small – slightly less than 3%. Most of the refusals are due to the fact that applicants hide information from Maltese officials or provide deliberately false information (hide a criminal record, participation in political scandals, etc.). All investors and their family members undergo a background check – the Maltese authorities request information from Interpol and other similar organizations.
For how long is citizenship issued?
The applicant receives the status of a citizen of Malta for investment for life. Moreover, according to Maltese laws, his children, grandchildren and great-grandchildren will receive Maltese citizenship at birth, even if they are born in the territory of another country. There is no need to renounce the first citizenship, dual citizenship is allowed in Malta.
The passport application process takes about 12-13 months from the date of application. Once the investor has submitted the documents to the state agency ID Malta and has purchased (or rented) real estate, he will receive an eResidence card. After about a year, the applicant will receive the status of a citizen (it is not necessary to reside in Malta for all 365 days).
What does Maltese citizenship status give to foreigners?
Maltese citizenship opens up favorable conditions for the investor to conduct and promote business. First of all, it is freedom of movement - business trips will become much easier due to Malta's visa-free regime with the Schengen countries, Canada, the USA, Israel, Brazil, as well as a simplified regime with Australia. You will also be able to experience the benefits of the local tax system - for example, there is no tax on income received outside Malta. Investments in bonds or Maltese real estate will pay off in full, providing the new citizen of Malta with additional legal income.
In addition, the Maltese passport provides the investor with the status of a European resident, opening up opportunities for official employment and legal residence in the Schengen area.
To summarize
The Maltese program, which has received approval from the European Commission, combines fast processing times and a relatively affordable investment threshold. However, due to the increase in approved applications, experts suggest that Maltese officials will soon suspend accepting applications and initiate an update to the program. A small state is not interested in a constant influx of migrants, even wealthy ones. We do not yet know how profitable the new program will be for investors, so we recommend submitting documents within the framework of the current project - quotas allow for this for now.
