30 new applicant for the Malta citizenship scheme
Around 30 rich people from the Gulf have signed up for the Maltese citizenship scheme, which is offering European citizenship for 650.000 euros,seven applications already have been submitted to the Maltese officials for approval.
The Malta Individual Investor Program, which was issued and signed into law by the government of Malta in the end of the last year, candidates must make a one-time, lump sum contribution of €650,000 ($885,906) and, assuming they pass all necessary due diligent and requirements, would be given a Maltese citizenship within a number of months.
Malta joined the EU ten years ago, therefore the Malta passport would give successful applicants access to visa-free travel access to more than 145 countries including Canada, the United Kingdom, Switzerland, and free access to all 28 EU countries of the Schengen area.
“We received roughly 30 EoI [expressions of interest] currently at various stage of advancement. Seven applications have either already been submitted or are being prepared,” – told Yann Mrazek, managing partner of Dubai-based law firm M Associates of Law, which is offering the scheme, to the Arabian Business journal.
Applicants can also apply for their spouses and family to be part of the scheme, with an additional cost of €25,000 per spouse and child under 18 years old and €50,000 for children aged over 18 to 25 years old or parents aged over 55.
Maltese sources confirmed that in addition to Chinese and Gulf-based wealthy applicants, a former Formula 1 champion, a well known international pop star, a Gulf royal family member, a Footb all player from South-America, an American press magnate, a Singaporean Business tycoon are among the individuals who are purchasing the Maltese citizenship.
The Malta passport programme is cheaper than the Cypriot scheme and the Mediterranean country has also various residency schemes for the citizens of third countries.