Many people aspire to be citizens of the world. They are not tied down to any location and free to explore the endless bounds and corners of the Earth. There are many options at your disposal, but is Malta’s Residency the right fit for you?
Malta has been deemed the golden pathway to the European Union. Marked by its highly esteemed real estate market, low crime rates, and ever-growing economy, it’s quite the tantalizer.
According to CSB Group, the Malta citizenship by investment program offers citizenship and a passport of the country itself. Moreover, successful applicants get citizenship to the EU, allowing them to travel study and reside in any of the EU countries and many more. Let’s explore how this program works and find out if you qualify.
Source: Citizenship Shop
Malta’s Passport Sale through Investment Program
In comparison to the other Golden Visas available throughout Europe, the Malta citizenship by investment Programme comes highly recommended. The costs start with a €650, 000 contribution to the Maltese government. Seventy percent of this amount will go towards supporting a state-sanctioned Fund, and the rest is funneled into a consolidation fund.
This amount is for the principal applicant alone. If you want to add your children to the application, you’ll need to pay an additional €25,000 per child, on condition that they’re between the ages of 0 to18.
Unmarried children aged 18 to 25 as well as dependent parents are expected to pay €50,000 each. These amounts must be paid after you’ve submitted your application, and they exclude fees you would have to furnish for the assistance of an authorized agent.
Source: Kiplinger
The application process is as follows:
- Firstly, you need to find a reputable, accredited agent to assist you with your application. You also need to pay €5, 000 against the required €650 000 lump sum towards your contribution to the Maltese National Development and Social Fund and €1, 000 for each family member.
- Secondly, you need to file your duly completed application form, along with the required supporting documentation to Identity Malta. At this point, you need to have paid €10 000 against the contribution and any additional fees such as due diligence fees, bank charges, and passport fees.
- Thirdly, you need to undergo a “fit and proper” test to prove that you are of upstanding character and good health. This process includes a four-tier research process undertaken by the Maltese government to ascertain each individual applicant’s suitability.
You must also provide proof that you have a clean criminal record. The state will countercheck this information with INTERPOL as well as the International Criminal Court.
- Fourth, after receiving confirmation from Identity Malta, you need to make the remaining payments within a period of 4 months of being approved. The last step is receiving your certificate of citizenship by naturalization and take an oath of allegiance.
Source: Malta Concierge
As mentioned, the citizenship package confers citizenship to your family members as well. This is in addition to the perks of being able to freely travel in countries like Switzerland, Norway, Liechtenstein, Iceland, and many other European Union countries without worrying about border checks and border control.
It’s important to note this program comes with a stringent application process, which can be both an advantage and a disadvantage. An advantage in the sense that only legitimate applicants will be successful, but it can discourage people from applying.
Conclusion
Acquiring citizenship in another country can be scary. You don’t know what to expect, but the other side of the coin poses a world of opportunity for you and your family. A great part about the Maltese residency is that you can retain your previous citizenship, so you always keep a part of a home with you. It’s one of the most lucrative and reliable “Golden Visa” programs in all of Europe and has been officially endorsed by the EU.
