Malta’s Individual Investor Programme (IIP) has been officially recognised by the European Commission after undergoing a fine-tuning process.
Malta’s IIP grants citizenship by naturalisation to applicants who can prove that they have been resident in the country for at least 12 months. Once a certificate of naturalisation has been issued, an individual can apply for a Maltese passport.
Karl Cini, partner at Nexia BT in Malta (a member firm of Nexia International) and an accredited person under the IIP, said: “A combination of physical presence and other factors are taken into consideration to determine this residence requirement, rather than a specific number of days. Successful applicants benefit from the same rights enjoyed by EU citizens in all 28 EU countries and Switzerland, as well as passport and visa-free travel to over 163 countries, including the US.”
The full application process can take 6 to 24 months and is subject to:
The process in Cyprus, although one of the fastest, requires the applicant to invest €5m in the country for a three-year term, create jobs and employ Cypriot nationals under one of the routes,” explains Karl. Applicants are subject to Cypriot taxes, must purchase property and invest in government private bonds.
The Cypriot Government has recently amended its investor programme to include another route. Applicants are required to invest €2m in property, although such an investment will need to be made before 1 June 2014 as after this date, the figure is set to increase.
The Austrian system may reward foreigners with citizenship in cases of extraordinary merit. The process can take a number of years (requiring ten years’ residency in Austria) and is also subject to substantial investment or job creation.
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