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Malta to sell citizenships for 650000 euros
| Published: | 18 Nov at 6 PM |
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Maltese passports will become available shortly for a fee of €650,000, and will allow the holder to move to and live in Malta or in any other country which is part of the Schengen visa zone.
The Maltese parliament voted in the new law last week, with its inception expected by the end of this month. Purchasers will not have to live on the island unless they wish to, nor are they required to invest in the country.
The minimum age for a passport purchase is 18 years, and applicants’ criminal records will be checked. In addition, purchasers can buy citizenship for their immediate relatives at the bargain price of €25,000 per person.
According to Malta’s premier, Joseph Muscat, the programme is intended to attract the wealthy and boost the island’s economy. He is expecting it to bring in €30 million a year and help to reduce the present deficit.
Malta’s opposition Nationalist Party, however, isn't at all in favour of the scheme, and has promised to revoke all purchased passports and citizenships after repealing the law whenever the party is returned to power. Whether their stance will discourage potential purchasers remains to be seen.
The move is similar to Spain’s recent announcement that investors in Spanish property worth more than €500,000 will be granted Spanish residency. However, the investment gives no guarantee of citizenship and allows residency for one year followed by bi-annual renewals, subject to as yet unclear financial requirements.
Perhaps a better deal can be had from the St Kitts and Nevis government, whose offer is conditional on a certain level of investment in sectors in need of extra finance. The St Kitts passport guarantees visa-free entry to more than 130 countries, including the Schengen states, Canada and the UK, and investors don’t even have to visit the country to get the passport once the requested amount has been transferred.
The Maltese parliament voted in the new law last week, with its inception expected by the end of this month. Purchasers will not have to live on the island unless they wish to, nor are they required to invest in the country.
The minimum age for a passport purchase is 18 years, and applicants’ criminal records will be checked. In addition, purchasers can buy citizenship for their immediate relatives at the bargain price of €25,000 per person.
According to Malta’s premier, Joseph Muscat, the programme is intended to attract the wealthy and boost the island’s economy. He is expecting it to bring in €30 million a year and help to reduce the present deficit.
Malta’s opposition Nationalist Party, however, isn't at all in favour of the scheme, and has promised to revoke all purchased passports and citizenships after repealing the law whenever the party is returned to power. Whether their stance will discourage potential purchasers remains to be seen.
The move is similar to Spain’s recent announcement that investors in Spanish property worth more than €500,000 will be granted Spanish residency. However, the investment gives no guarantee of citizenship and allows residency for one year followed by bi-annual renewals, subject to as yet unclear financial requirements.
Perhaps a better deal can be had from the St Kitts and Nevis government, whose offer is conditional on a certain level of investment in sectors in need of extra finance. The St Kitts passport guarantees visa-free entry to more than 130 countries, including the Schengen states, Canada and the UK, and investors don’t even have to visit the country to get the passport once the requested amount has been transferred.
Comments » There is 1 comment
Mallorca Expat wrote 11
years ago:
Sounds a little crazy - 650,000 euros which is just gone and then you may have the passport revoked later (will they at least get their money back?)!! At least under the Spanish Golden Visa scheme you have a property to show for it - and my guess is that anyone who can buy a second home (which they will most probably be much of the time) - or who can afford to buy a 650k passport could meet any financial qualifications that Spain will require in order to prove residency. Yes a passport makes it easier to travel to other non Schengen countries.
