Malta’s Individual Investor Programme (IIP)

Malta’s Individual Investor Programme (IIP)

By virtue of Legal Notice LN47/2014, the Government of the Republic of Malta grants, after a rigid and thorough due diligence process, naturalisation by investment to reputable individuals and their dependants who will make a significant contribution to the social and economic development of the country. The Malta Individual Investor Programme (IIP) is the first citizenship programme in the EU to be recognised by the European Commission.

The Malta IIP is the first citizenship programme in the EU to be recognised by the European Commission

QUALIFICATIONS & GENERAL REQUIREMENTS

For a main applicant to be eligible for citizenship under the programme such person must:

  1. Be at least eighteen years of age;
  2. Propose to make the necessary contribution;
  3. Meet the application requirements;
  4. Commit to provide proof of residence and title in Malta;
  5. Commit to make the necessary investments in stocks, bonds, debentures, etc.;
  6. Satisfy any other additional eligibility requirements under the Income Tax Act.

Applications must be accompanied by the prescribed fees and charges (as set out below) and the required due diligence documentation together with the following:

  1. A certificate from a reputable health system to the satisfaction of Identity Malta that the main applicant and his dependants are not suffering from any contagious disease and that they are otherwise in good health;
  2. A police certificate or certificates;
  3. Evidence that the main applicant and his dependants are fit and proper persons to hold Maltese citizenship;
  4. An undertaking to make the required contribution at the time of submission of the application;
  5. An undertaking to purchase or take on lease immovable residential property in Malta;
  6. An undertaking to make such other investments in Malta.

Application forms and other accompanying documents should be completed in English or accompanied by an authenticated English translation. The main applicant must, with the exception of the spouse, provide an affidavit of support for each dependant who is over 18 years old.

DEPENDANTS

Dependants who are below the age of eighteen are required to :

  1. Have the forms signed by both parents on their behalf; and
  2. In the case where one parent has sole custody of a dependant, or another person has legal guardianship of a dependant, the appropriate legal documentation must be provided to demonstrate that sole custody or guardianship was awarded by a court of law or other relevant authority.

If an applicant makes a false statement or omits information requested, the application may be declined solely on that basis.

SUBMISSION OF APPLICATIONS

All applications shall be submitted by the main applicant to Identity Malta either through Approved Agents or the concessionaire.

ELIGIBILITY CRITERIA

In addition to the above, the minimum eligibility criteria for the applicant and any of his dependants, shall be as follows:

  1. A proper background verification of the applicant and his dependants over the age of twelve years;
  2. A police certificate issued by the Malta police as well as a police certificate issued by the competent authorities in the country of origin and in the country or countries of residence where the applicant has resided for a period of more than six months during the last ten years, In exceptional cases where it is proved to the satisfaction of Identity Malta that such a certificate is not obtainable, a sworn affidavit made by the applicant and any dependants, declaring a clean criminal record;
  3. The applicant and, or any of his dependants are not individuals indicted before an International Criminal Court or who appeared at any time before an International Criminal Court, whether such persons have been found guilty or otherwise by such Court;
  4. The applicant and, or any of his dependants, shall not be persons listed with the International Criminal Police Organization (INTERPOL) at the time of application;
  5. The applicant and, or any of his dependants is not, or may not be a potential threat to national security, public policy or public health;
  6. The applicant and, or any of his dependants shall not be an individual who, at any time, had pending charges related to crimes of terrorism, money laundering, funding of terrorism, crimes against humanity, war crimes, or crimes that infringe upon such Protection of Human Rights and Fundamental Freedoms as established by the European Convention of Human Rights, or who has been found guilty of any such crimes;
  7. The applicant and, or any of his dependants shall not be an individual who has been found guilty or has charges brought against him regarding any of the criminal offences that disturb the good order of the family;
  8. The applicant and, or any of his dependants shall not be an individual who at any time was found guilty, or, at the time of the application, is being interrogated and suspected, or has criminal charges brought against him for any criminal offence, other than an involuntary offence, punishable with more than one year imprisonment. The applicant shall attach with his application a sworn declaration before a commissioner for oaths, lawyer or notary public that the said information that he has provided is true and correct;

Documents required in support of an application:

(i) must be an original document or if not an original, a certified copy; and

(ii) the person certifying the document shall provide the full name, capacity in which the person is acting, residential or business address, telephone number and email address.

An applicant shall not be approved for citizenship under the programme who:

  1. Provides false information on his application;
  2. Has a criminal record;
  3. Is the subject of a criminal investigation;
  4. is a potential national security threat to Malta;
  5. is, or is likely to be, involved in any activity likely to cause disrepute to Malta; or
  6. Has been denied a visa to a country with which Malta has visa-free travel arrangements and has not subsequently obtained a visa to the country that issued the denial.

If despite the above, Identity Malta is satisfied that the applicant is still worthy of being considered for approval due to special circumstances to be demonstrated by the applicant, Identity Malta shall issue a reasoned opinion as to why such applicant should still be considered for approval and shall refer such application to the Minister responsible, who will have the sole authority to grant such approval.  

APPLICATION PROCESS

Every application shall be presented to, and examined by, Identity Malta.

Within 90 days of the presentation of an application for citizenship, Identity Malta shall verify that:

(a) the application has been certified as formally correct;

(b) all relevant information provided by the applicant has been verified by one or more independent due diligence agents;

(c) the background of the applicant and his dependants, if applicable, has been verified by one or more independent due diligence agents;

(d) all required due diligence fees, passport fees and bank charges fees as well as a non-refundable payment, towards the contribution has been paid;

(e) the source of all funds have been verified; and

(f) an appropriate risk weighting has been carried out.

Within 30 days from the date of the completion of the verification process, Identity Malta shall carry out any further background checks as deemed necessary, and shall notify the concessionaire and the Approved Agent, if applicable, in writing, as to whether the application has been:

(a) approved in principle;

(b) refused; or

(c) delayed for the cause that it is still being processed.

If an application is approved in principle, Identity Malta shall issue a Letter of Approval in Principle to the main applicant informing him that he must provide:

(a) evidence that the main applicant and dependants are covered by a global health insurance policy and they declare that they are in a position to retain such a policy indefinitely;

(b) a written undertaking to either:

(i) acquire and hold a residential immovable property in Malta having a minimum value of EUR 350,000; or

(ii) take on lease a residential immovable property in Malta for a minimum annual rent of EUR 16,000.

Proof is to be provided within 4 months from the issue of the Letter of Approval in Principle by means of the submission of a contract of purchase or of lease of the said property to Identity Malta.

The property purchased or taken on lease may not be let or sublet but such property shall be retained by the applicant for a period of at least five years from the date of purchase or lease.

The applicant may however be entitled to dispose of the property or terminate the leasehold, provided that he proves to the satisfaction of Identity Malta that he has purchased or taken on lease another residential property in Malta which satisfies the required requisites and commits himself to retain the said property until the expiration of the period of five years.

(c) a written undertaking that he will make such other investments in Malta to an amount of EUR 150,000 amongst others, in stocks, bonds, debentures, special purpose vehicles or other investment vehicles and to retain the said investments for a period of not less than five years.

Proof shall be provided within four months from the issue of the Letter of Approval in Principle.

A personal interview with an applicant shall not be mandatory but may be requested on a case by case basis.

Within five days of the approval in principle the main applicant shall be instructed to remit the contribution less the non-refundable payment already received.

The contribution less the non-refundable payment is to be received within twenty days from such instruction.

Once the contribution less the non-refundable payment is paid and the conditions of the Letter of Approval in Principle are satisfied, Identity Malta will notify the Minister to issue a certificate of naturalisation

Once the contribution less the non-refundable payment is paid and the conditions of the Letter of Approval in Principle are satisfied, Identity Malta will notify the Minister to issue a certificate of naturalisation.

The Minister will issue a certificate of naturalisation in the name of the applicant within two years but not less than six months from the date of application and subject to a verification that the conditions of the Letter of Approval in Principle have been satisfied.

No certificate of naturalisation under the IIP regulations shall be issued unless the main applicant provides proof that he has been a resident of Malta for a period of at least twelve months preceding the day of the issuing of the certificate of naturalisation.

The certificate of naturalisation shall only become effective and the application for a passport may only proceed after the oath of allegiance has been taken by the applicant

The certificate of naturalisation shall only become effective and the application for a passport may only proceed after the oath of allegiance has been taken by the applicant.

Contributions:  
Principal applicant (EUR 10,000 shall be remitted as a non-refundable deposit prior to submission of the application) €650,000
Spouse €25,000
Each dependant child aged 0-17 €25,000
Each dependant child aged 18-26 €50,000
Each dependant aged 55 or above €50,000

 

Due Diligence Fees:  
Principal applicant €7,500
Spouse €5,000
Each dependant child aged 0-17 €3,000
Each dependant child aged 18-26 €5,000
Each dependant aged 55 or above €5,000
Passport fees €500

Contact Be. Legal Advocates to find out more about Malta’s Individual Investor Programme (IIP)

About Dr Doran Magri Demajo

Dr Doran Magri Demajo is a Partner at Be Legal and is primarily responsible for corporate law, employment law, financial services and Maritime law.
View all posts by Dr Doran Magri Demajo

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