New Residency Norms in Malta to Benefit All
While the developed countries are making more stringent Immigration laws, but here in Malta they more focused on making Immigration process efficient. Recently, Malta Govt. has come up with a different set of new norms or regulations that will govern the Malta Citizenship process. The program drew initial criticism for not being as successful as other European Citizenship Programs, and these new rules are intended to wipe off the criticisms. The country is deemed as the safest country in Europe and has free healthcare services, special tax concessions, politically stable country with excellent business opportunities.
What are the new Maltese regulations?
- Malta is planning to complete and process the applications of existing Individual Investor Programme
- They intend to close the Agency of Malta Individual Investor Programme (Malta Citizenship Visa) and reform all the residence regulations.
- will establish a new agency that will govern and orchestrate the all the process that leads to Maltese citizenship by altering associated legal framework.
- In line with other countries that offer Europe Citizenship by Investment, Malta will give more importance to the due diligence processes.
- For Maltese citizenship an applicant must be a resident in Malta for minimum three years, but through a higher investment in Malta, you can attain Citizenship with only one year of residence.
- Eligibility assessment process will be placed followed by due diligence before applying for citizenship. The new agency set the criteria for due diligence and background verification by associating with MFSA, FIAU, and tax authorities.
- An independent regulator will scrutinize the application process to preventing money laundering and the financing of terrorism.
What are the indications?
All these new regulations are carefully placed to make the process smooth, create more opportunities for the foreign investors and generate more revenue for the Maltese islands. As per the recent study, more than 70 companies have been opened by successful applicants and the country demands more foreign investment. The govt. is seeking the advice and help of Chamber of Commerce to extend their support for the applicants. The new regulations will be exclusively made available to the 1,500 families who are staying in Malta under residency permit.
How to apply for Malta Citizenship by Investment?
If you can make the below investments in Malta, then you can attain the Maltese Citizenship within 14 months:
- Government NDF non-refundable contribution – EUR 650,000 (INR 5.59 Crore) – Single, EUR 675,000 (INR 5.80 Crore) – Self & Spouse, EUR 725,000 (INR 6.23 Crore) – Family of 4
- Applicants must purchase home of EUR 350,000 (INR 01 Crore) or lease a property with annual rent of EUR 16,000 (INR 13.8 Lac)
- Purchase Government bonds of EUR 150,000 (INR 1.29 Crore)
- Make the Due Diligence Fees – EUR 7500 (INR 6.5 Lac) – For Single, EUR 12,500 (INR 10.8 Lac) – Self & Spouse, EUR 18,500 (INR 15.9 Lac) – Family of 4
- Purchase a global health insurance with coverage of EUR 50,000 per family member and this will cost around EUR 500 (INR 43,000) to EUR 600 (INR 52,000) per person.