14 May 20183

Maltese Citizenship: a lifetime’s worth in the country

How much does the Maltese citizenship? The "price" of the Maltese passport is about 1 million euros, and most of this amount (650 thousand euros) must be invested in the local state fund for socio-economic development. Where are the money spent from this fund? Let’s try to understand, based on the latest news from the Mediterranean jurisdiction.

People with high incomes, in order to find tools to expand their freedom of movement around the world and get better opportunities in the field of tax optimization and opening bank accounts in different parts of the world, understand that having only one passport of the country of birth is little guidance in this matter.

They decide to get second, third and the umpteenth passports, often using long and difficult naturalization abroad for this.

But what’s less well-known is that already in 2018, you can legally issue a passport in just one and a half months, paying the equivalent of the cost of an ordinary two-room apartment in Moscow or Kiev.

Price begins with a mark of 100 thousand US dollars - that is, from the amount that is quite elevating for the vast majority of successful businessmen from the post-Soviet space. Moreover, the price could shrink.

Unfortunately, the most valuable and useful passports are worth more for understandable reasons. As an example, the citizenship of Malta, whose price is 1 million euros. Fortunately, the Maltese passport provides its holder with a number of unique bonuses like visa-free regime in the US, Australia and Canada, as well as many other advantages.

An increasing number of wealthy and successful Russians, Ukrainians, Belarusians, Kazakhstanis and Azerbaijanians are interested in the citizenship of Malta. What does the Maltese passport give? What provides the citizenship of Malta with the advantages? Is it worth investing considering the cost of Maltese citizenship?

As already mentioned above, there are many advantages to the citizenship of Malta, and one of them is the opportunity to live in a country where citizens are cared for not only in words but also in deeds. And the latest news serves as a vivid confirmation.

The Maltese Prime Minister Joseph Muscat reported the launch of a major project in the field of housing construction, financed with the proceeds from the Maltese program "Citizenship by Investments".

The Prime Minister announced that € 50 million received from the "citizenship by investment" scheme in Malta, will be spent on large-scale project for the construction of social housing, in which will create about 500 new individual residential properties in Malta.

 "This initiative, like other social housing projects that we have already launched, shows that the current government is going to implement the largest social initiative of our time, and this will become a part of our heritage. In a few years, we will have about 1 100 new social housing projects with a total investment of 100 million euros, "the head of the Maltese government said.

 This is the second major project, announced in recent months by the National Development and Social Security Fund, which manages income from subsidies under the "citizenship by investment" scheme of Malta. Last month, Muscat announced that 5 million euros from this fund will be donated to the Puttinu Cares project to build new apartments for people with disabilities in central London. Then the critics accused Muscat of trying to manipulate public opinion and thus reduce criticism of the "citizenship by investment" scheme of Malta, sounding from abroad.

Muscat's announcement of the new project launch coincided with government's preparation for publication of an information document on the housing market designed to stabilize the rental services market and to contain abuse among homeowners leading to rental growth. The latter is not profitable scheme to participants "citizenship by investments".

"We will be the first government that will take the courage to take measures to ensure that the rental market is no longer the" jungle "that it is currently. It's time to make a leap forward. We're not doing what happen elsewhere, but it's time to offer greater price stability and give players a certain confidence in the market. We will also introduce new responsibilities and rights for homeowners. Our goal is to create a balance that promotes social justice, which helps homeowners get a fair profit and provide guarantees to tenants", Muscat said.

 "We will also take action against people who try to cheat the system. I want to be very clear - social housing is meant for those who really need it, for those who can’t acquire their own property because of illness or poverty, and not for those who want to be lazy and try to abuse government initiatives «, politician added.

Note that Maltese citizenship can be obtained by naturalization, having previously issued a permanent residence in this country on very favorable terms.

 

 If you have any questions regarding the registration of Maltese citizenship, CASTLE FAMILY OFFICE experts willing to answer them! Write us via email info@castle-familyoffice.sg