The Malta Individual Investment Program (MIIP) is aimed at attracting high net worth people and their families to become a Maltese citizen by investing in the country.
The citizen by investment program offers the opportunity to reside in one of the most stable, neutral and highly respected member states within the European Union. The program is efficient and vets applicants based on strict standards, ensuring that only the best and most suitable applicants obtain citizenship.
Malta is an archipelago consisting of three islands: Comino, Gozo, and Malta. Located almost centrally in the Mediterranean Sea the Island cover an area of 316km2 and has a population of over 400,000. Malta is the capital – the cultural, commercial and administrative centre and is also the largest Island. Gozo is smaller than Malta and is known for tourism, fishing, agriculture and crafts.
The official languages of Malta are Maltese and English and both are commonly spoken. The Islands boast an excellent climate, a low crime rate and a safe and stable society. The Maltese people are extremely friendly.
Malta became independent in 1964, before which it was ruled by the British. By 1974, the country had also altered constitutionally, becoming a parliamentary democracy and a republic and forming its own constitution. In 2004 Malta became a member of the EU and joined the Schengen Area in2007.
To qualify under the MIIP an applicant must make a specific economic contribution to the country and in exchange, if they pass the stringent checks they will receive full Maltese citizenship. Applicant’s families also qualify under the scheme.
The applicant must have a completely clean personal and criminal record.
If the applicant has already been denied a visa to visit a country with which Malta has its visa-free travel arrangements, and a visa has not subsequently been granted, the applicant will not be able to apply under the program.
Any person who fails the checks or is deemed a risk to the national security or reputation of Malta, or who is subject to any criminal investigations will not receive citizenship.
Malta has the most thorough system of checks in the world, with a four-tier layer of due diligence. Each year the country publishes the names of all successful applicants and other naturalisations that have been granted.
Once the goal of 1,800 successful applications has been met the program will close – this is one of the most exclusive immigration programs available.
All applications must be completed on the officially prescribed forms with supporting documentation attached. The fee should also be submitted at t his time.
The usual documentation required should be submitted for all applicants and descendants and includes:
The process takes a minimum of 6 months and a maximum of 2 years from the date the forms are submitted. This timescale allows for due diligence checks and for the applicants to fulfil the financial and property requirements and live within Malta for one year.
Once the application has been assessed and found to contain all the relevant documentation by the due diligence agencies all of the fees and contributions must have been received and cleared, source-verified. At this stage the documentation will be submitted for approval to the Government.
Once this process has been completed satisfactorily the applicant will receive a certificate of naturalization and be able to receive a Maltese passport.
There are no restrictions on dual citizenship in Malta.
Taxation is paid by anyone resident and domiciled in Malta on all income. Rates are progressive up to 35%. If an individual is a resident but not domiciled they will only pay tax on income gained in Malta or income paid to/received in Malta. Income tax is not charged on foreign income or capital gains. The tax rate can vary on an individual basis.
Simply acquiring citizenship under the MIIP will not trigger residency rules for tax and if the applicant or any of their dependents do decide to take up residence in the country they would still retain a non-domiciled citizen status.
There are no estate, wealth or gift taxes in Malta. However, there are stamp duties imposed on some transfers such as shares and real estate.
Specific for the resident but non-domiciled person there is an income tax or property transfer tax on some capital gains, transfers and some assets including immovable property and shares in Maltese companies.
There may be some exemptions on immovable property tax if the property has been owned and occupied for 3 years consecutively. This applies up to 12 months after vacating the property, otherwise, the tax will be paid at 35% or a percentage of the value of the property transferred or sold. This depends on circumstance, including the tax status of the individual or company transferring the property.
There is a refund system in place that reduces the rate of tax in real terms and there are other benefits for setting up a business based in Malta.
Taxation treaties exist between Malta and over 70 countries. This includes a tax information exchange agreement.
Additionally, Maltese citizens have free movement of persons, establishment and goods, and capital.
A few examples of our real estate options for residency and citizenship investment in Malta.
Larger than usual seafront apartment boasting marvellous views from its large terrace of The Ta’ Xbiex Yacht Marina, Valletta and Floriana, enjoying luxurious and spacious…
Envisioned as 2 volumes stacked vertically, the tower incorporates a realignment that expresses the different functional programmes within. The lower 9-storey volume holds apartments while…
A selection of alternative residency and citizenship investment programmes to consider.
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