Malta Citizenship By Investment Program To Be Renewed
by Amanda Banks, Lowtax.net, London
16 November, 2017
Malta's Prime Minister, Joseph Muscat, told delegates at the 11th Global Residence and Citizenship Conference held recently in Hong Kong that his government intends to renew its citizenship by investment program.
He said the first tranche of the program, called the Individual Investor Programme, is drawing to a close and his government has a strong mandate to renew the program. He added that given experience with the first program, the second citizenship by investment program will be even more exclusive so as to keep attracting "the right kind of people."
The current program is aimed at high net worth individuals. Successful applicants must make a EUR650,000 (USD765,600) contribution to Malta's National Development and Social Fund. Further contributions are required for family members: EUR25,000 for spouses and each child, or EUR50,000 for each dependent child aged between 18 and 26 and dependent parents above 55 years old. Applicants must also make a five-year investment in government-approved financial instruments amounting to EUR150,000, and commit to a residence on the island for five years. The value of purchased real estate needs to be a minimum of EUR350,000.
Muscat has also welcomed the growth in citizenship by investment programs globally, saying it will create an ecosystem of regulators and policymakers who can share best practices. He suggested that due diligence conducted by various countries who have similar residence and citizenship programs could be shared by adopting blockchain technology, making such vetting systems more transparent while saving time by sharing resources.
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