Details of Malta’s new investor program have just been released. The programme, announced at a time when the UK’s own Tier 1 (Investor) category is under review, will enable ultra-high net worth individuals and their family members who meet strict due diligence checks to secure Maltese citizenship.
In return for a minimum investment of EUR 650,000, approved applicants will be issued with a Maltese passport within three months without having to physically reside in Malta. Malta has been a member of the European Union since 2004 and the acquisition of Maltese citizenship therefore includes the right to reside (and work if desired) in all 28 EU member states, including the UK.
Although the main scheme is presently expected to come into force in April 2014, there is growing opposition to it both from inside Malta and the wider European Union. These tensions could see the scheme being delays or significantly re-shaped.
If you need advice about the scheme please contact us.