Malta is a European country that offers a citizenship program that be worth taking a closer look for a number of reasons. Malta is an English-speaking country in Europe and as a Maltese citizen you have the right to live and work and study in any EU country. Maltese citizenship program could simply go away in the future therefore it is worth considering taking advantage of it while it is still available.
This program allows non-EU citizens to obtain Maltese citizenship by investing in the country. The cost of the program can vary, but it typically starts at around €650,000, with additional fees for dependents.
Citizenship by investment requirements
The program requires a minimum one-year residency in Malta, as well as a significant investment in government bonds or real estate. In addition, applicants must pass a stringent due diligence process, which includes a thorough background check.
The application process for the Citizenship by Investment program can take around 12-18 months, and applicants are required to provide extensive documentation, including financial statements, health certificates, and criminal record checks. Once the application is approved, the applicant must take an oath of allegiance to Malta and make the required investment.
Malta is known for its tax-friendly environment, which has made it a popular destination for individuals and businesses looking to minimize their tax liability. Here are some of the main tax benefits of Malta:
- Low corporate tax rates: Malta has a corporate tax rate of 35%, which is one of the lowest in the European Union. However, companies that are resident in Malta and meet certain conditions may be eligible for a reduced tax rate of 5%, 10%, or 15%.
- Attractive personal tax regime: Individuals who are resident in Malta are subject to a progressive tax system, with rates ranging from 0% to 35%. However, individuals who are not domiciled in Malta may be eligible for special tax status, which allows them to pay tax only on income that is remitted to Malta.
- No wealth tax: Unlike some other European countries, Malta does not have a wealth tax, which means that individuals and businesses are not taxed on their assets.
When it comes to purchasing property in Malta, one of the key expenses to consider is the property tax. In Malta, the property tax is calculated based on the value of the property and is paid annually. The tax rate is 0.35% for properties located in urban areas and 0.1% for those in rural areas. This means that if you purchase a property in an urban area for €300,000, you can expect to pay around €1,050 in property tax each year.
In terms of property prices, the average price of an apartment in the city of Valletta is around €300,000, while a house can cost anywhere between €400,000 and €700,000, depending on the location and size. In other cities such as Sliema and St. Julian’s, the average price of an apartment is around €250,000, and a house can cost between €500,000 and €1 million.
If you’re looking to purchase a property in the Maltese countryside, the average price of an apartment is around €150,000, while a house can cost anywhere between €300,000 and €600,000. It’s important to note that properties in rural areas tend to be more spacious and come with larger gardens, making them an ideal choice for those looking to escape the hustle and bustle of the city.
When it comes to the property market, it’s worth noting that Malta has a relatively low supply of properties available for purchase, which can make it more challenging to find the perfect property for your needs. However, by working with a local real estate agent, you can gain access to a wide range of properties that are not listed on public platforms.
It’s also important to keep in mind that the purchasing process in Malta can take several months, as it involves multiple steps such as due diligence, contract negotiation, and the payment of a deposit. It’s recommended to work with a reputable lawyer who can guide you through the process and ensure that your interests are protected.
Perfect weather conditions
Located in the Mediterranean Sea, Malta is known for its beautiful beaches, rich history, and warm climate. With over 300 days of sunshine per year, Malta’s weather is a major draw for tourists and expats alike.
Overall, Malta’s climate is mild and sunny, with pleasant temperatures throughout the year. However, it’s important to note that Malta is also susceptible to strong winds, especially during the winter months. The “Sirocco” wind, which originates from the Sahara desert, can bring hot and dry weather to the island and cause discomfort to those with respiratory issues. The “Mistral” wind, on the other hand, is a cool and refreshing wind that blows from the north-west and can bring relief from the summer heat.
In general, the Maltese Citizenship by Investment program is a popular choice for high net worth individuals seeking a second passport in the EU. The program offers numerous benefits, including visa-free travel to over 180 countries, access to the EU single market, and a stable and safe investment environment.