MIIP (Citizenship by Investment) - An opportunity carved in stone

The Malta Individual Investor Programme, more simply known as MIIP, is a scheme which is tailor-made by the Maltese government to allow foreign nationals and their families to become citizens of Malta and thus of the European Union. The citizenship by investment scheme which raised several eyebrows for varying reasons, is literally an opportunity carved in stone. If you, a foreign national, are duly qualified, reputable and fall within certain very strict parameters, you can, by investing in Malta and in Maltese property, become Maltese. It all boils down to the uniqueness of this island country in the Med, which is alluring enough to have already tantalised many foreign nationals to invest considerably in its economic development. Even more so, right now, as Malta rides the tide of an intense year of celebrations and highbrow presences on the occasion of the European Capital of Culture - Valletta 2018.

Who Qualifies for Citizenship?

Foreign nationals interested in becoming eligible to apply for the MIIP scheme, should consult the legal aspect of the Malta Citizenship Act as well as the MIIP Regulations. Some of the technical requirements for eligibility include age (at least 18 years old), proof of residential address in Malta, commitment of investment in stocks, bonds, etc.

Timeline for approval of MIIP

Once eligibility is determined and all legal procedures finalised and applications submitted, an intense due diligence exercise is carried out by Identity Malta, lasting between 120 - 180 days, during which time, all details of each application are closely scrutinised and assessed. Successful applicants subsequently receive a Certificate of Citizenship by Naturalization, not only on a personal basis, but also for members of their family who qualify for eligibility.

‘International Living’, the renown expats on-line information source, recently reported that, “Despite its tiny size, Malta has been rated as offering some of the best healthcare in the world. The World Health Organization ranked Malta 5th among more than 100 countries for overall healthcare services. Recently, Numbeo’s independent study of European countries found Malta’s healthcare system to be second only to top-rated France.” You may be even more interested to learn how Malta’s unemployment rate has plummeted down to an average 4% during 2017. And all the while, Malta, remains as always, at a crossroads between Europe and North Africa, midway between western and eastern Mediterranean countries. A cradle of civilisation, culture and art, with all amenities and requirements demanded of 21^st Century lifestyles.

RE/MAX Malta is the one-stop shop with a viable resource of properties from where you can find your dream island property with the assistance of experienced agents who are trained to assist clients at every level. With a portfolio that is spilling over with luxurious small, medium or large sized properties to choose from, RE/MAX Malta can assist you through your selection process, taking you tangibly closer to your aspiration to land in Malta and stay.

What Is The Identity Malta Vetting Process Like?

• Step one is a pre-clearance on behalf of the applicant/s.
• Step two is the setting up on an appointment date to attend a meeting in Malta.
• Step three is attending the meeting during which the specific Residency application will be handed in and fees paid. Personal biometrics will be recorded by Identity Malta.
• Step four will stretch for 10 working days after which, is all is correct on the application, the applicant will received his/her a Maltese E-ID card. Thereafter, the applicant/s must begin his/her compulsory 12 month residency period.
• Step five will require the applicant/s to lodge the actual MIIP application. The Accredited Agent can do this on behalf of the applicant/s as well as hold required meetings with Identity Malta for the same purpose.
• Step six will require the presentation of a number of documents to accompany the application including, amongst others:
  • A health certificate as specified by Identity Malta. Applicant/s must be in good health and free from contagious disease.
  • Evidence that both the applicant and his/her dependants are fit and proper persons to hold Maltese citizenship
  • An undertaking to remit the total required contribution
  • An undertaking to purchase or take on lease immovable residential property in Malta. The Accredited Agent will introduce applicant to a trusted local estate agent
  • An undertaking to invest €150,000 in Government Bonds as issued by the Central Bank of Malta.

All documents submitted in this phase of the procedure must be either original documents or, if no original, certified by a Lawyer or a Notary Public and duly authenticated by apostille in accordance with the provisions of the Hague Convention. Should the jurisdiction of the applicant not be party to the Hague Convention, the document must be validated by a Maltese consular or diplomatic representation.

What Happens Once Identity Malta Carries Out Its Due Diligence Checks?

Once an application is deemed successful by Identity Malta, the applicant/s will receive a “Letter of Acceptance in Principle”. This will allow a time-window during which a qualifying property should be purchased or leased, payment of the remaining contribution should be made, and investment carried out according to the portfolio obligation. Once all such requirements are satisfactorily fulfilled and the 12 month residency condition is satisfied in full, the Programme moves onto its final stage . The Naturalisation (Citizenship) will require more another set of documentation to be filled out and presented after which a passport will be issued. As a final step, the applicant will need to be present in Malta in order to take the official oath whereby he/she will become a citizen of Malta.

Breakdown Of Fees And Contributions