The Malta Individual Investor Programme requires a one year residency in order to be able to apply for a Maltese Passport. Thus, it is important that one first applies for an E-Residence card on the basis of self sufficiency. Once this card issued, one sets in motion the one year residence criteria. One must show a residency in Malta either by providing a lease agreement or else a deed of a purchased property. An initial meeting is set with Identity Malta so that photographs and biometrics are taken.When the E-Residence card is issued this allows visa-free access to over 160 countries. During this stage, a deposit on account of the €650,000 contribution is due: €5,000 for the main applicant and €1,000 per each dependent.
Day 0: The next step is that the accredited agent submits an application to Identity Malta together with the essential supporting documents on behalf of the main applicants and dependents, if any. Without such documents an application will not be accepted. During this stage due diligence fees, passport fees and a deposit of €10,000 on account of the €650,000 contribution, less any payments made for residency are to be made. Chetcuti Cauchi takes care of all the documents which need to be submitted, as applicants must be represented by an Accredited Person, that is, a licensed Maltese Authorised Registered Mandatory (ARM).
Day 90: Here Identity Malta verifies the source of funds and the information supplied. Independent due diligence agents are also used so that Identity Malta makes risk weighting. Within 90 days from the application, Identity Malta must issue the first level of approval, confirming that the required checks have been carried out and that the source of funds has been varified.
Day 120: 30 days after the first level of approval, Identity Malta must issue the In Principle Approval, thus either approve, refuse or delay the application, after it carries out additional background checks if deemed necessary.
Day 125: Identity Malta requests payment of remaining balance on contribution.
Day 145: Deadline for paying balance on contribution.
Day 240: Within four months after the issue of the First Level of Approval, the applicant must have purchased property of at least €350,000 or rented property for at least €16,000 per year. Applicant must also have invested €150,000 in bonds or shares from time to time approved by the Maltese Government. The applicant must also provide proof of a global health insurance in his respect and also covering his dependents.
The Certificate of Naturalisation cannot be issued before six months, or not later than two years, from the date of the application i.e. the date when the due diligence fees are paid and a reference number is issued by Identity Malta. The applicant here must take an oath of allegiance to the Republic of Malta.