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Malta: Individual Investor Programme

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Malta: Individual Investor Programme Malta: Individual investor programme Maitland is a global advisory, administration and family office firm providing seamless multi-jurisdictional legal, tax, fiduciary, investment and fund administration services to corporate, institutional and private clients. Founded in Luxembourg in 1976, the firm is privately owned and fully independent. It has 17 offices in 12 jurisdictions, over 1,100 employees and in excess of $220 billion in assets under administration. Malta’s Individual Investor Programme (IIP) grants naturalisation by investment to reputable foreign individuals and their eligible dependents following a thorough due diligence process. The IIP was introduced through Legal Notice 47 of 2014 and is regulated by articles 10(9)(b) and 24 of the Maltese Citizenship Act. It is the first programme of its kind to be recognised by the European Commission. Why apply for Malta citizenship? What are the main obligations under the IIP? Residence and citizenship in an EU country that is stable, The main obligations under the IIP require that the main applicant: neutral and highly respected, Is at least 18 years old, Good quality of life in a country with an excellent climate and a very low crime rate, Makes a contribution (as set out below) to the economic development of Malta by the payment of a non-refundable A highly evolved educational system and excellent health contribution to the Malta National Development & Social services, Fund / Consolidated Fund, Visa-free travel to more than 160 countries, Is covered by an indefinite global health insurance policy (which also covers his/her dependents), The right to work and pursue economic activities in all EU countries, Provides proof of a residential address in Malta (minimum value of €350 000 or annual rent of €16 000), which Dependence on more than one passport. property must be retained for a minimum of five years, Invests (at least €150 000), amongst others, in stocks, bonds, debentures, special purpose vehicles or other Which dependents are eligible to apply? investments as may be identified by the competent authority, which investment must be maintained for a A spouse (in a monogamous marriage or in another minimum period of 5 years, relationship having the same or similar status to marriage), Resides in Malta for a period of at least 12 months preceding A child, including an adopted child, of the main applicant or the day of the issuing of the certificate of naturalisation, of his spouse who is less than eighteen years of age, which will be established on a case by case basis. A child of the main applicant or of his spouse who is between the ages of 18 years and 26 years, who is not What are the minimum eligibility married and who is wholly supported by the applicant, requirements? A parent or grandparent of the main applicant or of his • Proper background verification, spouse above the age of fifty-five years who are wholly maintained or supported by the main applicant and form • Clean criminal record, part of the household of the main applicant, • Not being subject to any criminal investigation, • Not being a potential national security threat to Malta, A child of the main applicant or of the spouse of the main applicant who is at least eighteen years of age, is physically • Not being involved in any activity likely to cause disrepute to Malta, or mentally challenged, and who is living with and is fully • Not having been denied a visa to a country with which Malta has supported by the main applicant. visa–free travel arrangements and who has not subsequently obtained a visa to the country that issued the denial. What are the tax implications of becoming a citizen of Malta under the IIP? The basis for taxation, under the Maltese tax system, is based on domicile and residence – not citizenship. The grant of Maltese citizenship to a non-domiciliary of Malta does not, of itself, cause the beneficiary to acquire a new domicile of choice in Malta. Residence for tax purposes is established by residing in Malta for roughly 183 days with an intention to establish residency. Tax residents of Malta who are not domiciled in Malta are liable to tax in Malta on Malta-sourced income and capital gains, and on foreign- sourced income remitted to Malta. A non-resident citizen of Malta is only taxable in Malta on Malta sourced income. What are the application requirements? • Every application is presented to and examined by the competent authority, Identity Malta, through an accredited person. • The application is required to be made on prescribed forms and accompanied with the prescribed due diligence and fees. • Amongst others, the following documents are required to be submitted with the application: – Prescribed health certificate issued by a reputable health system that the applicant and dependents are not suffering from any contagious disease and are in good health, – Police conduct certificate/s from a national law enforcement authority or other public authority in charge of criminal records, – Evidence, through due diligence processes, that the main applicant and dependents are fit and proper persons to hold Maltese citizenship, – An undertaking to remit the required contribution, to purchase or lease immovable residential property situated in Malta, to make such other investments in Malta in accordance with the regulations, to provide proof of residence in Malta, – The main applicant must provide an affidavit of support for each dependent who is over eighteen years old with the exception of the spouse. • Each application form must be completed personally by the applicant. If the applicant is unable to complete the form, a legal representative may be appointed. Contribution Administration fees Main applicant €650 000 €7 500 Spouse €25 000 €5 000 Children below 18 years of age €25 000 €3 000 Unmarried children between 18 and 26 years of age €50 000 €5 000 Dependent parent or grandparent above 55 years of age €50 000 €5 000 Passport fee €500 Bank charges €200 per application Maitland can help An application for those seeking naturalisation as citizens of Malta under the IIP must be submitted by an accredited person, as is Maitland Malta Limited. We can help with completion and submission of the relevant application forms at an agreed fee. We may also assist with any ancillary advice, including tax planning and the redomiciliation of international structures to Malta. Key contacts Anjelica Camilleri de Marco Mel Roberts Senior Associate Consultant +356 2248 6211 +356 2248 6206 [email protected] [email protected] maitlandgroup.com Canada | Cayman Islands | Channel Islands | Ireland | Isle of Man | Luxembourg | Malta | Mauritius | Monaco | South Africa | United Kingdom | United States Maitland Malta Limited is authorised to act as a Trustee by the Malta Financial Services Authority. The content and opinions herein are for information purposes only. They are not intended to constitute legal, financial or other professional advice, and should not be relied upon as such or treated as a substitute for specific advice relevant to particular circumstances. Neither Maitland as a group nor any of its member firms or affiliated entities accepts any responsibility for any errors, omissions or misleading statements in this publication, or for any loss which might arise from reliance on the material. No mention of any organisation, company or individual, whether on these pages or not, shall imply any approval or warranty as to the standing and capability of any such organisations, companies or individuals on the part of Maitland. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. Please note that, whilst all reasonable care has been taken to ensure the correctness of this publication, the information may not be applicable for all jurisdictions. Read our Data Protection Policies: maitlandgroup.com M2017_07_02.
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