The value of having a second Maltese passport
Studies have shown that the majority of people would be interested in obtaining a second passport, with an EU passport is most desired given the visa free access it grants to various countries both within and outside the European Union. Apart from travel benefits, applicants would also benefit from tax burdens which would be lower than their current ones, making this opportunity even more attractive. Obtaining an EU passport could be considered as one of the best investments that one can ever make!There are other EU countries that offer citizenship by investment, including Bulgaria, Cyprus, and Austria. Comparing the options available Cyprus ranks as the most expensive to acquire their passport at a steep price of over €2million. A Bulgarian passport on the other hand would be considered cheaper, however the process is rather slow as applicants will be granted a passport after 2 years. Austria would also be a good option if their Citizenship Act wouldn’t generally require the applicant to refuse their current citizenship.
Malta’s Citizenship by Investment Programme (IIP) is considered as the best value in Europe for various reasons. Even though acquiring a Maltese Passport does not come too cheap, it gives its holders a visa free travel to 158 countries! The average cost to acquire the Maltese passport through the IIP is that of €1million. Applicants are required to invest a minimum of €150,000 in government stocks and bonds, purchase a property of a minimum value of €350,000 or rent a property for at least €16,000 annually. In both cases the property is to be kept for the initial 5-year period and can be sold or changed thereafter. The applicant will also be required to remit a government contribution fee of €650,000 for the main applicant and an additional €15,000 for each dependant over 18 years old and for the spouse, while the contribution for a dependent who is aged under 18 is of €10,000.
According to the Global Passport Index (2019), the Maltese Passport ranks 4th in terms of travel freedom. Not only does the Maltese passport allow for easy travel to Africa and is visa free travel to over 160 countries but also offers a free healthcare system and excellent primary, secondary and tertiary education.
There have been 833 investors and 2,109 family members who have obtained Maltese citizenship since the scheme started. And the best part of it is that the passport is hereditary, so once obtained, the right to that passport passes to the future generations of its holder!
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