As promised, Malta’s government on 20.11.2020 published the regulations for its new expedited route to citizenship through investment. The policy’s formal name (note that official communications have studiously avoided referring to the policy as a “program”) is the rather clunky Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment.
Under the MEIN policy, the number of citizenship certificates issued to principal applicants (i.e., excluding dependents) shall not exceed 400 a year and 1,500 for the duration of the policy.
The salient differences in policy between the MIIP and MEIN, which have not changed materially since first announced this summer:
The amount is either €600,000 or €750,000, depending on whether the standard (36 months) or expedited (12 months) residency route is chosen. For Dependents, the contribution is set at €50,000.
A €10,000 compulsory donation to an NGO is introduced. Previously, this was generally done but at an amount of €5,000.
- Residential property
Threshold for purchasing a property is increased to €700,000, while the threshold for rental remains unchanged at €16,000 per annum. This needs to be held for five years from the issuance of the certificate of citizenship.
- Government bonds
The requirement to invest in Government bonds is removed altogether.
- Due diligence fees
There is a slight increase in the due diligence fees (to €15,000 for main applicant and €10,000 for dependents).
- Maximum Age Threshold
The maximum age threshold for dependents is increased from 27 to 29. Further, dependents who are deemed to meet the legal definition of disability can form part of a parent’s application, regardless of age.
- Application for residence
All adult dependents need to apply for residence, not just the main applicant. The non-refundable pre-payment of the contribution at this stage, increased from €5,000 to €10,000. There is also a €5,000 fee for the main applicant.
- Application for residence;
- Submission of eligibility assessment (due diligence);
- Approval in Principle à payment of contribution;
- Submission for naturalization for exceptional services by direct investment (that is, for citizenship);
- Oath-swearing, within at most 6 months of approval/conferment of citizenship/issuance of passport(s).
Source: IMI Daily
JA & PARTNERS
Address: Room 501, 5th Floor, LANT Building, 58 Hai Ba Trung, District 01, HCMC, Vietnam
Tel: 0903 70 82 86 / (028) 3823 70 28