New EU Succession Regulation sends UHNW residency work to Malta
In tune with many financial centres wanting more foreign investment, in February 2016, the Maltese government expanded its popular Citizenship by Investment Programme, to attract UHNW to the island. The Malta Individual Investor Programme (IIP) offers citizenship in Malta which includes EU citizenship, giving incoming individuals rights of establishment in all twenty-eight EU countries and Switzerland. In return, applicants commit to retaining a residence in Malta for at least five years, either buying or leasing must make a contribution to the National Development and Social Fund of €650,000 for the main applicant and €25,000 for each spouse and young child.
The latest expansion of the programme also introduces a Malta Residence and Visa Programme, whereby in return for a contribution of €30,000, plus property and investment commitments, an applicant from outside the European Union, EEA and Switzerland can get a certificate of residency in Malta, which allows them and their dependents to stay indefinitely, and to travel within the now controversial Schengen area without applying for a visa.
The changes have attracted growth in applications already. Nadine Cachia is the managing director of the Malta office of JTC, the institutional and private client services provider. She says: “The main focus until now has been on the IIP, but this new scheme is….To read the full article, please subscribe to our e-magazine.