Visit 182 countries visa-free with a Maltese passport
Holding a second citizenship in Malta is easy with the Individual Investor Programme
For ultra-high net worth individuals on a tight and packed schedule, fiddling with visa applications for countries you’re doing business in is usually the last thing you would want to deal with. But here’s where Malta’s Individual Investor Programme (IIP) can help.
In a nutshell, individuals can easily claim a second citizenship in Malta through investment migration in order to broaden their horizons and expand their business interests. The programme offers applicants the opportunity to gain not just Maltese citizenship, but access to the European Union as well. According to the Global Passport Index, a Maltese passport ranks fourth in terms of travel freedom, where visa-free travel is possible to 182 countries, including the 26 countries of the Schengen Area that do not require internal border checks.
Although there are criticisms that such programmes are commoditising citizenships, the IIP is administered by an independent government entity specifically focused on the operations of gaining citizenship by investment. The Malta Individual Investor Programme Agency (MIIPA) is responsible for the processing of applications, as well as carrying out due diligence in processing and putting forward recommendations to the government regarding the granting or rejection of citizenship.
Eligibility for Maltese citizenship under the IIP requires the following:
- Make a contribution of €650,000 to the Maltese government. The money is deposited in the National Development and Social Fund;
- Lease a property of a minimum value of €16,000 per year or purchase a property for a minimum value of €350,000 in Malta, that cannot be let or sublet; and
- Acquire €150,000 worth of stocks, bonds, debentures, special purpose vehicles or other investment vehicles as may be identified from time to time by MIIPA.
Applications may also include dependents, and all applicants and every dependent must have a global health insurance coverage of at least €50,000 and must provide evidence that they can maintain it for an indefinite period.