New Malta Citizenship by Investment Regulations Issued
Earlier today, new regulations for the Granting of Citizenship for Exceptional Services (2020) were published. These regulations, as well as any other matters relating to Maltese Citizenship will now fall under the remit of a newly established Agency – Agenzija Komunita Malta.
These regulations are set to replace the Malta Individual Investor Programme – which reached its maximum number of approvals earlier this year. The legislation itself aims to reach a healthy compromise between the “obvious economic benefits and the opportunity for better social development for Malta and for the Maltese”, and the “recommendations given by all the stakeholders involved and the EU Commission”, according to a foreword issued by Hon. Alex Muscat, Parliamentary Secretary for Citizenship and Communities.
The Granting of Citizenship for Exceptional Services Regulations provides a route to Citizenship either following a 12-month or a 36-month residency period, with either a EUR600,000 or EUR750,000 contribution depending on which residency route is chosen. It is worth noting that all family members are required to hold residency prior to applying for Citizenship, not just the main applicant. Further to this, a EUR10,000 compulsory donation to a Maltese NGO was introduced.
The threshold for the qualifying property has also been increased to EUR700,000 when purchasing a property, whilst the rental threshold remains unchanged at EUR16,000 per annum. Said property, or any other qualifying property, must then be held continuously for a period of five years from the Certificate of Citizenship. The requirement to invest in Government bonds has been removed altogether. Fees for due diligence have also been adjusted, with a slight increase to EUR15,000 for the main applicant and EUR10,000 for each dependent.
Finally, the procedure itself has been amended too, requiring applicants to have been deemed eligible, following a due diligence process, prior to submitting an application for Citizenship.
More information will be published at a later stage, but please feel free to get in touch should you have any queries we can assist you with.