2020-10-06 By Joseph C. Settles
Presently, the idea of a second citizenship is rapidly gaining popularity. Malta is the heaven to those investors who want to enjoy taxation benefits for their businesses and a peaceful and luxurious lifestyle for their family.
Here is what you would need to consider for initiating the Malta Citizenship investment process for you and your family.
Recently, there is an increase seen in the number of Maltese investment citizenship applications. It is usually because of strict due diligence to vet potential citizens. Other reasons for application refusal include having a criminal record, providing false information, showing the fishy source of funds, having a previous track record of visa refusal, and carrying a potential threat to the national security of Malta.
Several circumstances can cause revocation of your Maltese citizenship. It can happen, especially if you do not meet the requirements of the program. Once you have gained citizenship, you would need to maintain your residence on the island for at least five years. Similarly, if you sell your initial investment before five years, the government will revoke your citizenship and take the European passport away.
Steps of Malta Citizenship Investment Application Process
- Buy qualifying real estate property in Malta
- Register for a residence permit
- Apply for Maltese citizenship through investment and pay due diligence fees and initial deposit.
- Submit all the correct forms and supporting documents.
You will get a confirmation of your application after 120 days from the Maltese government, telling you whether or not your application is successful. Subsequently, you will pay the remaining investment €650,000 to the Maltese development funds. The next step will be providing evidence of property investment and another contribution of €150,000. It will grant you and your dependents a naturalization certificate and a Maltese passport.