• Search Results
  • Audit
    • Tax
    • Advisory

    Saturday 20 July 2019
    please select a sub-page

    Malta attracts individual investors with EU-approved citizenship model

    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:

    • a one-off contribution of €650,000 by the main applicant
    • proof of a residential fixed address in Malta with a minimal value of €350,000 or a minimal annual rent of €16,000, which needs to be retained for at least five years
    • investment of €150,000 in stocks, bonds, debentures, special purpose vehicles or other investments, which must be retained for five years.
    Cyprus and Austria offer similar investor programmes which may result in immediate citizenship.

     

    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.

    For more information, contact:
    Karl Cini
    Nexia BT
    T +356 2163 7778
    E karl.cini@nexiabt.com
    www.nexiabt.com

    PR enquiries:
    Steve Smith
    Thirdperson Words
    T +44 (0)7980 584049
    E stevesmith@thirdpersonwords.co.uk

    Layisha Laypang
    Thirdperson Words
    T +44 (0)20 7096 5026
    E layishalaypang@thirdpersonwords.co.uk

    Note to editors:

    Nexia International is a leading worldwide network of independent accounting and consulting firms, providing a comprehensive portfolio of audit, accountancy, tax and advisory services.

    Nexia International does not deliver services in its own name or otherwise. Nexia International and its member firms are not part of a worldwide partnership. Nexia International does not accept any responsibility for the commission of any act, or omission to act by, or the liabilities of, any of its members. Each member firm within Nexia International is a separate legal entity.

    Nexia International does not accept liability for any loss arising from any action taken, or omission, on the basis of the content in this article or any documentation and external links provided. Professional advice should be obtained before acting or refraining from acting on the contents of this article.

    Any and all intellectual property rights subsisting in this document are, and shall continue to be, owned by (or licensed to) Nexia International Limited.

    References to Nexia or Nexia International are to Nexia International Limited.

    For more information, visit www.nexia.com.

    Back to top