Changes to the Malta Citizenship by Investment Program
/Recently, the government of Malta published new rules for obtaining residency, which will further lead the investor to citizenship. The rules are in line with the recommendations of the European Commission.
A new agency, Komunità Malta, has been specially created to manage materials related to the citizenship of the country and to replace the previous agency.
Now, in order for the applicant to have the opportunity to obtain residency, it is necessary to fulfill all the conditions described below.
1. Make a non-refundable contribution to the National Development and Social Security Fund:
from 750,000 euros, then the main applicant and all family members included in the application must stay in the status of a resident of Malta for one year, undergo a check for compliance with the program requirements, and only then apply for citizenship
Or
from 600,000 euros and stay in resident status for three years.
2. Buy or rent residential property
The minimum cost of qualifying real estate for purchase will be 700,000 euros, and the minimum rental cost from 16,000 euros per year (lease or ownership period - from 5 years).
3. Make a contribution(s) of 10,000 euros or more to one or more charitable organizations operating in Malta.
The age of dependents who can be included in the application (and who must be financially dependent on the main applicant) is 29 years old.
A maximum of 400 applications will be approved each year, and the total quota for the program is 1,500 applications.
The agency will be required to monitor applicants for the first five years after they are granted citizenship.
Parliamentary Secretary Alex Muscat noted how the citizenship program has led to investments in the country's facilities such as social housing and improved health centers.
“That’s why we wanted to see this initiative not stop, but strengthen and continue to bear fruit and wealth for the development of the country’s communities”, Muscat said.
