Part-24: Investment for Eight(8), Nine(9) & Ten(10) figure earning Entrepreneurs & Investors_ Seven Heavens Legal_Maltese Individual Investor Plan
Geography and General Background: Malta is a tourist destination with its warm climate, numerous recreational areas, and architectural and historical monuments, including three UNESCO World Heritage Sites: Hypogeum of ?al Saflieni, Valletta, and seven megalithic temples which are some of the oldest free-standing structures in the world.
Republic of Malta (Maltese: Repubblika ta' Malta) & formerly Melita, is a Southern European island country consisting of an archipelago in the Mediterranean Sea. It lies 80 km (50 mi) south of Italy, 284 km (176 mi) east of Tunisia, and 333 km (207 mi) north of Libya. With a population of about 515,000 over an area of 316 sq. kms. (122 sq mi), Malta is the world's tenth smallest country in area and fourth most densely populated sovereign country. Its capital is Valletta, which is the smallest national capital in the European Union by area at 0.8 sq. km. (0.31 sq mi). The official and national language is Maltese, which is descended from Sicilian Arabic that developed during the Emirate of Sicily, while English serves as the second official language. Catholicism is the state religion, but the Constitution of Malta guarantees freedom of conscience and religious worship.
Malta joined the European Union in 2004; it became part of the eurozone monetary union in 2008.
Benefits: So in short, it is heaven or paradise for those Indians seeking refuge in a different Mediterranean corner of the globe, with all the privileges it ensures, being a citizen, or even being a resident of EU. i.e. As one of the two citizenship by investment programs in the EU (and the only one in the Schengen Area), a Maltese passport is very powerful for your 'Plan B'. The travel that can be afforded by it is unparalleled, making it the Eighth strongest passport in the world. It is known as the rarest of passports having easy travel luxury to the US, Canada and Australia without the heavy tax burden such western countries have. So if you already are a US, Canadian or Australian citizen looking for a lesser tax Plan B passport, Malta is your ticket to staying well connected to your family in these countries.
In addition to being a very strong passport, the Maltese citizenship is also beneficial to businesses and an attractive option to operate under financially liberal laws. Malta is one of the more business-friendly and tax-friendly countries in the EU. Property taxes and stamp duties are minimal, and the country has no inheritance taxes, gift taxes, wealth taxes, or municipal taxes.
Schengen country citizenship and its benefits - As a Maltese citizen, you are able to legally live, work, and travel in all of the European Union, without any border control. No border control applicability makes it possible to do business or invest in Europe, or if you want cheaper access to European Universities without any hassle. Also, since Malta is a member of the EU, you and your descendants will receive EU citizenship by descent as well.
Problem(s): The benefits that Malta offers are somewhat offset by the fact that being in the EU, as well as the borderless Schengen Area and being a US visa-waiver country means that they have to be a bit more strict. It also means that they have to show to these parties such as the EU and / or the US that the Maltese government grants Citizenship by Investment to only the creme-de-la-creme of the society, increasing the total investment required to become a citizen to more than a Million US Dollars.
Basically, there are more organizations (e.g., the European Union) that have power over them to make sure that they cooperate by having certain minimum parameters.
Requirements to be eligible for Maltese Citizenship by Investment: To become a Maltese citizen, one needs to be:
- 18 years of age to apply
- An (ultra) high net worth individual
- Medically fit
- In possession of a clean police record
- In possession of global health insurance, with coverage of at least €50,000
- Pass the 'Fit and Proper' test of the Maltese Government
In addition to the above, the Maltese government will perform background checks through INTERPOL and the International Criminal Court, and you will also be required to provide police reports from your country of residence.
In general, if you have a clean criminal record and have not been involved in any major scandals, you should be able to pass Malta’s “fit and proper” test.
Process: So if you are indeed eligible for being a part of the Maltese Citizenship by Investment Plan, what next? How do you go about it? What are the requirements?
Although you’ll need quite a bit of money and paperwork, the process for applying for Malta’s citizenship by investment program is relatively straightforward.
- Residency Application - If all papers are in order, granted relatively quickly. Can be started online, but one has to at some point come to Malta (by applying for appropriate Visa), to fulfill the "One-year" residence requirement for citizenship.
- Citizenship Application - Upon such completion / application, Malta government is to review your duly completed application within 90 days and thereafter another month to further review your documents and complete their personal due diligence about you.
- Mandatory Investment into Malta - After successful completion of point (2), i.e. upon conditional approval of your application to the Maltese government, you are expected to pay the rest of your $6,50,000 USD (or more) contribution within Five (5) month mark and the real estate and government bond purchase by the Eight (8) month mark.
- Receipt of Certificate of Naturalization and Passport - Upon completion of your application, fulfilment of "One-year" residence requirement for citizenship and meeting the then investment criteria, you get your Certificate for Naturalization, on the basis of which you can apply for and receive your Maltese passport.
2020 Rush: The Malta Individual Investor Program is nearing its cap of 1,800 applications. You can still submit your application until the 30th of September 2020. Applicants who get a residence card but don’t submit their application before the deadline will be considered under new regulations. While the world-over, Citizenship by Investment plans have taken a major hit and accordingly are relaxing the scheme of their programs, we do not expect Malta to go that route anytime soon.
So what are you waiting for, reach out to Seven Heavens Legal for more information!
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