INDIVIDUAL INVESTOR PROGRAMME OF THE REPUBLIC OF MALTA REGULATIONS *

SUBSIDIARY LEGISLATION 188.03

INDIVIDUAL INVESTOR PROGRAMME OF

THE REPUBLIC OF MALTA REGULATIONS *

4th February, 2014

LEGAL NOTICE 47 of 2014,as amended by Legal Notice 384 of 2018

and 161 and 235 of 2020.

The title of these regulations is the Individual Investor

Programme of the Republic of Malta Regulations.

Contribution Requirements and Schedule of Fees

1. Contribution Requirements

The following contributions shall be required as a minimum to qualify for

citizenship under the programme

(a) main applicant: EUR 650,000 (six hundred and fifty thousand euro), of

which a non-refundable payment of EUR 10,000 (ten thousand euro)

shall be remitted as a non-refundable deposit prior to submission of the

application;

(b) spouse: EUR 25,000 (twenty five thousand euro);

(c) for each and every child below 18 years of age: EUR 25,000 (twenty

five thousand euro);

(d) for each and every unmarried child between 18 years of age and 26

years of age: EUR 50,000 (fifty thousand euro);

(e) for each and every dependant parent above 55 years of age: EUR 50,000

(fifty thousand euro).

2. Schedule of Fees

The following fees shall be payable under each application

(1)

Due diligence fees

(a) main applicant: EUR 7,500 (seven thousand five hundred euro);

(b) spouse: EUR 5,000 (five thousand euro);

(c) for each and every child aged between 13 years of age and 18 years of

age: EUR 3,000 (three thousand euro);

(d) for each and every dependant unmarried child between 18 years of age

and 26 years of age, EUR 5,000 (five thousand euro);

(e) for each and every dependant parent above 55 years of age: EUR 5,000

(five thousand euro).

(2)

Passport fees and bank charges fees

(a) Passport: EUR 500 (five hundred euro) per person;

(b) Bank charges: EUR 200 (two hundred euro) per application.

(3) The contribution requirements and the fees stipulated in this Schedule shall

apply in respect of applications and grants of citizenship under the programme

notwithstanding the provisions of any other regulations.

In

these

regulations,

unless

the

context

otherwise

requires -

"Act" means the Maltese Citizenship Act;

"Agency" means the Malta Individual Investor Programme Agency

established by the Malta Individual Investor Programme Agency

(Establishment) Order;

"applicant" means the person who applies or on whose behalf it

is being applied for his naturalisation as a citizen of Malta under

the individual investor programme either as a main applicant or as a

dependant;

"application" means an application made under these

regulations;

"application requirements" means the formal and substantial

requirements which each applicant must meet, as set forth in these

regulations;

"authenticated translation" means a translation done by either a

professional translator who is officially accredited to a court of law,

a government agency, an international organization, or similar

official institution, or if done in a country where there are no

official accredited translators a translation, done by a company

whose role or business is professional translation;

"certified copy" means a photocopy of an original document

certified by a duly licensed lawyer, or notary public, a Maltese

consular or diplomatic officer or a senior officer of the

concessionaire to be a true copy of the original;

"concessionaire" means the entity awarded with the public

service concession contract to design, implement, administer,

operate and promote the programme, or any subsidiary of that

entity, duly authorized by the public service concession contract;

"contribution" means a contribution paid under these regulations

twenty per cent of which shall be paid to the National Development

and Social Fund, in accordance with these regulations;

*Repealed by Legal Notice 437 of 2020. See Regulation 31 of the same Legal Notice.

"dependant" means

(a) the spouse of the main applicant in a monogamous

marriage or in another relationship having the same or

a similar status to marriage, unless the Minister

authorises otherwise on a case by case basis;

(b) a child, including an adopted child, of the main

applicant or of his spouse who is less than eighteen

years of age;

(c) a child of the main applicant or of his spouse who is

between the age of eighteen and twenty-six years and

who is not married and who proves, to the satisfaction

of the Minister, that he is wholly maintained by the

main applicant;

(d) a parent or grandparent of the main applicant or of his

spouse above the age of fifty-five years who prove to

the satisfaction of the Minister that they are wholly

maintained or supported by the main applicant and

form part of the household of the main applicant; or

(e) a child of the main applicant or of the spouse of the

main applicant who is at least eighteen years of age, is

physically or mentally challenged, and who is living

with and is fully supported by the main applicant

Provided that such person has the capacity to take an oath

of allegiance;

"Approved Agent" means an audit firm, a law firm, a financial

advisory firm, an intermediary firm or any other person or body

which in all cases has been authorised to act as an authorised

i nter m e diar y fi rm b y t he Agen cy for the purposes o f these

regulations;

"main applicant" means the person who, either as a single

a pp l ic a n t o r a s th e h e a d of a f a m i l y, u nd e rt a k e s t o m a ke a

contribution for the purposes of these regulations and signs the

relevant agreements and undertakings on behalf of his dependants;

"Minister" has the same meaning as assigned to it in the Act;

"National Development and Social Fund" means the fund

established by the Government of Malta to receive the

contributions;

"non-refundable payment" means the portion of the contribution

paid up front at the time of submission of the application;

"police certificate" means a certificate of conduct, report or

statement from a national law enforcement authority or other public

a ut h or i ty in ch a rg e of cr i m in a l r e c o rd s o n t he st a t u s of an

applicant’s criminal record;

"programme" means the Individual Investor Programme of the

Republic of Malta;

"public service concession" means the public service concession

awarded to the concessionaire to design, implement, administer,

operate and promote the programme.

(1) There is hereby established a programme, to be known

as the "Individual Investor Programme of the Republic of Malta",

which shall allow for the grant of citizenship by a certificate of

naturalization to foreign individuals and their families who

contribute to the economic development of Malta, as provided in

these regulations.

(2) The operation of the programme shall be carried out by the

concessionaire.

(3) Approved Agents shall be licensed by the Agency after

carrying out a due diligence process in their regard. They shall be

entitled to introduce prospective applicants to the Agency.

(4) Approved Agents shall pay an annual licence fee and shall

abide by the conditions of their licence.

(5) The Agency shall be entitled to withdraw a licence issued to

an Approved Agent if, after due investigation, it is satisfied that

(a) the Approved Agent has acted in an unethical or an

unprofessional manner and has substantially

prejudiced the programme; or

(b) the Approved Agent has committed a serious breach of

guidelines, codes of conduct or codes of ethics issued

by the Agency from time to time and made specifically

applicable to Approved Agents.

(1) The qualifications and general requirements for a

person to be a main applicant for citizenship under the programme

shall be that any such person

(a) is at least eighteen years of age;

(b) proposes to make a contribution as determined in the

Schedule;

(c) meets the application requirements;

(d) commits himself to provide proof of residence in

Malta, and to provide proof of title to residential

property in Malta in accordance with these

regulations;

(e) commits himself to invest, amongst others, in stocks,

bonds, debentures, special purpose vehicles or to make

other investments as provided from time to time by the

Agency by means of a notice in the Gazette

Provided that beneficiaries of the Global Residence

Programme provided for under the Income Tax Act shall be

allowed to apply for the Individual Investor Programme subject to

satisfying all the additional eligibility r equirem ents of the

Programme.

(2) Applications shall be made on the forms prescribed under

the Citizenship Regulations and shall be accompanied by the

prescribed due diligence and bank charges fees, as specified in the

Schedule, and by the originals or certified copies of the following

(a) a certificate in the form prescribed by the Agency from

a reputable health system to the satisfaction of the

Agency that the main applicant and his dependants are

not suffering from any contagious disease and that

they are otherwise in good health;

(b) a police certificate or certificates, which may however

also be submitted subsequently at a later date but in

any case before the application is approved;

(c) evidence, through due diligence processes, that the

main applicant and his dependants are fit and proper

persons to hold Maltese citizenship;

(d) an undertaking to remit the total of the required

contribution, less the non-refundable payment already

made at the time of submission of the application, of

the amount as specified in the Schedule, when called

to do so by the Agency;

(e) an undertaking to purchase or take on lease immovable

residential property in Malta in accordance with these

regulations;

(f)

an undertaking to make such other investments in

Malta in accordance with these regulations; and

(g) any other document as may be required from time to

time by notice issued by the Agency.

(3) All applications shall be submitted by the main applicant to

the Agency either through Approved Agents or the concessionaire.

(4) Application forms and other accompanying documents shall

be com pleted i n English or, if t he origi nal language o f the

document is not English, the document shall be accompanied by an

authenticated translation.

(5) The main applicant shall, with the exception of the spouse,

provide an affidavit of support for each dependant who is over

eighteen years old.

(6) Each application form shall be completed by the applicant

and if the applicant is unable to complete the forms personally, it

must be completed by a legal representative and signed by each and

every applicant.

(7) The following conditions shall apply to dependants who are

below the age of eighteen years

(a) the forms shall be signed by both parents on behalf of

the dependant; and

(b) in the case where one parent has sole custody of a

dependant, or another person has legal guardianship of

a dependant, the appropriate legal documentation shall

be provided to demonstrate that sole custody or

guardianship was awarded by a court of law or other

relevant authority.

(8) If an applicant makes a false statement or omits information

requested, the application may be declined solely on that basis.

(9) Applications shall only be accepted and processed on

condition that all forms are properly completed, dated and signed,

and accompanied by all required documents, fees and undertakings,

including, but not limited to, an undertaking to remit the required

contribution as called upon by the Agency following the approval

in principle of the application

Provided that police certificates may be submitted at a later

date provided that they are submitted before the application is

approved.

In addition to the qualifications and general requirements

as set out in regulation 4, the minimum eligibility criteria for an

application under the programme, for the applicant and any of his

dependants, shall be as follows

(a) a proper background verification of the applicant and

his dependants over the age of twelve years, as the

case may be;

(b) a police certificate issued by the Malta police as well

as a police certificate issued by the competent

authorities in the country of origin and in the country

or countries of residence where the applicant has

resided for a period of more than six months during the

last ten years, or in exceptional cases where it is

proved to the satisfaction of the Agency that such a

certificate is not obtainable, a sworn affidavit made by

the applicant and any dependants, declaring a clean

criminal record;

(c) the applicant and, or any of his dependants are not

individuals indicted before an International Criminal

Court or who appeared at any time before an

International Criminal Court, whether such persons

have been found guilty or otherwise by such Court;

(d) the applicant and, or any of his dependants, shall not

be persons listed with the International Criminal

Police Organization (INTERPOL) at the time of

application;

(e) the applicant and, or any of his dependants is not, or

may not be a potential threat to national security,

public policy or public health;

(f)

the applicant and, or any of his dependants shall not be

an individual who, at any time, had pending charges

related to crimes of terrorism, money laundering,

funding of terrorism, crimes against humanity, war

crimes, or crimes that infringe upon such Protection of

Human Rights and Fundamental Freedoms as

established by the European Convention on Human

Rights, or who has been found guilty of any such

crimes;

(g) the applicant and, or any of his dependants shall not be

an individual who has been found guilty or has charges

brought against him regarding any of the criminal

offences that disturb the good order of the family,

which criminal offences include, without limitation,

the following

(i)

paedophilia,

(ii)

defilement of minors,

(iii)

rape,

(iv)

violent indecent assault,

(v)

inducing persons under age to prostitution, and

(vi)

abduction;

(h) the applicant and, or any of his dependants shall not be

an individual who at any time was found guilty, or, at

the time of the application, is being interrogated and

suspected, or has criminal charges brought against him

for any criminal offence, other than an involuntary

offence, punishable with more than one year

imprisonment. The applicant shall attach with his

application a sworn declaration before a commissioner

for oaths, lawyer or notary public that the said

information that he has provided is true and correct;

(i)

where a document is required to be produced under

these regulations in support of an application

(i)

such document must be an original document or

if not an original, it must be a certified copy;

and

(ii) the person certifying the document shall provide

the full name, capacity in which the person is

acting, residential or business address, telephone

number and email address.

An applicant who -

(a) provides false information on his application;

(b) has a criminal record;

(c) is the subject of a criminal investigation;

(d) is a potential national security threat to Malta;

(e) is, or is likely to be, involved in any activity likely to

cause disrepute to Malta; or

(f)

has been denied a visa to a country with which Malta

has visa-free travel arrangements and has not

subsequently obtained a visa to the country that issued

the denial,

shall not be approved for citizenship under the programme, unless

the Agency is satisfied that the applicant is still worthy of being

considered for approval due to special circumstances to be

demonstrated by the applicant. In such case, the Agency shall issue

a reasoned opinion as to why such applicant should still be

considered for approval and shall refer such application to the

Minister, who will have the sole authority to grant such approval.

(1) Every application shall be presented to, and examined

by, the Agency, either directly or through the concessionaire.

(2) the Agency shall either directly or through the

concessionaire cause due diligence checks to be performed by one

or more internationally recognized specialised due diligence agents

which in any case are to be approved by the Agency, in respect of

every applicant. Such due diligence checks shall be of a four tier

nature. The Agency shall in any case be responsible for the proper

carrying out of due diligence tests and shall also carry out due

diligence tests independently of the concessionaire.

(3) Where a lawyer or notary public certifies a document to be

a true copy of the original, that document must be authenticated

by -

(a) an apostille in accordance with the provisions of the

Hague Convention of 5th October 1961 Abolishing the

Requirement for Legalisation for Foreign Public

Documents, in the case of a jurisdiction that is a party

to that Convention; or

(b) a validation of the certificate of the lawyer or notary

public by the appropriate government department in

the case of a jurisdiction that is not a party to that

Convention; or

(c) a validation of the certificate by a Maltese consular or

diplomatic representation in the case of a jurisdiction

that is not a party to that Convention.

(4) Within ninety days of the presentation of an application for

citizenship, the Agency shall verify that

(a) the application has been certified as formally correct;

(b) all relevant information provided by the applicant has

been verified by one or more independent due

diligence agents;

(c) the background of the applicant and his dependants, if

applicable, has been verified by one or more

independent due diligence agents;

(d) all required due diligence fees, passport fees and bank

charges fees as well as a non-refundable payment, as

defined in the Schedule, towards the contribution has

been paid;

(e) the source of all funds have been verified; and

(f)

an appropriate risk weighting has been carried out.

(5) Within thirty days from the date of the completion of the

verification referred to above, the Agency shall further review the

application submitted to it, shall carry out appropriate further

background checks, if it deems necessary, and shall notify the

concessionaire and, where applicable, the Approved Agent in

writing, in accordance with the Minister’s instructions, that the

application has been -

(a) approved in principle;

(b) refused; or

(c) delayed for the cause that it is still being processed

Provided that where an application is approved in principle

in accordance with paragraph (a), the Agency shall issue a Letter of

Approval in Principle to the main applicant informing him that he

must provide

(a) evidence that the main applicant and dependants are

covered by a global health insurance policy and they

declare that they are in a position to retain such a

policy indefinitely;

(b) a written undertaking to either

(i)

acquire and hold a residential immovable

property in Malta having a minimum value of

three hundred and fifty thousand euro (EUR

350,000); or

(ii) take on lease a residential immovable property

in Malta for a minimum annual rent of sixteen

thousand euro (EUR 16,000)

Provided further that the proof required under this sub-

regulation shall be provided within four months from the issue of

the Letter of Approval in Principle by the submission of a contract

of purchase or of lease of the said property to the Agency. Property

purchased or taken on lease for the purposes of these regulations

may not, after having been purchased or taken on lease be let or

sublet but such property shall be retained by the applicant for a

period of at least five years from the date of purchase or lease

Provided further that when the applicant has purchased or

taken on lease a residential immovable property in accordance with

these regulations, he shall be entitled to dispose of the property or

terminate the leasehold, provided that he proves to the satisfaction

of the Agency that he has purchased or taken on lease another

residential property in Malta which satisfies all the requisites set by

these regulations and other relevant regulations which may be in

force from time to time and commits himself to retain the said

property until the expiration of the period of five years established

in this sub-regulation.

(6) The main applicant shall provide a written undertaking that

he will make such other investments in Malta to an amount of one

hundred and fifty thousand euro (EUR 150,000), amongst others, in

stocks, bonds, debentures, special purpose vehicles or other

investment vehicles as may be identified from time to time by the

Agency by means of a notice in the Gazette and to retain the said

investments for a period of not less than five years

Provided that the proof required under this sub-regulation

shall be provided within four months from the issue of the Letter of

Approval in Principle by the submission to the Agency of proof

that the said investments have been made.

(7) A personal interview with an applicant shall not be a

mandatory requirement but may be recommended by the

concessionaire and, or considered by the Agency, on a case by case

basis. The procedures applicable to personal interviews shall be

determined by the Agency.

(8) Within five days of the approval in principle under sub-

regulation (5)(a) the main applicant shall be instructed to remit the

contribution less the non-refundable payment already received, to

be received within twenty days from such instruction. Upon receipt

of the contribution less the non-refundable payment, the Agency

shall, provided that the conditions of the Letter of Approval in

Principle have been satisfied, notify the Minister to issue a

certificate of naturalisation.

(9) Within two years but not less than six months from the date

of application and subject to a verification that the conditions of the

Letter of Approval in Principle have been satisfied as provided in

sub-regulation (8), the Minister shall, provided that the conditions

of these regulations are still satisfied, issue a certificate of

naturalisation in the name of the applicant subject to sub-regulation

(11).

(10) Within five days of issuance of such certificates, the

concessionaire shall complete the necessary disbursements of the

contribution to the Agency and shall retain the amount due to the

concessionaire. Upon receipt of the contribution the Agency shall

pay twenty per cent of the same into the National Development and

Social Fund and shall pay the remainder into the Consolidated

Fund.

(11) The certificate of naturalisation shall only become effective

and be made available to the applicant, and the application for a

passport may only proceed, after the oath of allegiance has been

taken by the applicant.

(12) No certificate of naturalisation under these regulations shall

be issued unless the main applicant provides proof that he has been

a resident of Malta for a period of at least twelve months preceding

the day of the issuing of the certificate of naturalisation.

(13) In the event of unavoidable circumstances, which cannot be

attributed to the applicant or his Agent, due to which the terms of sub-

regulations (5), (8) and (9) of this regulation cannot be observed or

met, the Agency can extend these terms as it can be reasonable in these

circumstances.

(1) The due diligence fees and bank charges fees are not

refundable.

(2) The contribution balance, once received in Malta, shall not

be refundable after the letter of approval in principle has been

issued.

(3) Passport fees are refundable in the case where passports

have not been applied for.

No person, except the Agency, the concessionaire or an

Approved Agent shall for gain and without being duly authorised,

advertise, publish or disseminate publicly through any means

whatsoever any information relating to the programme

Provided that Approved Agents shall only advertise,

publish or disseminate publicly any information relating to the

programme in strict compliance with guidelines issued from time to

time by the Agency.

Without prejudice to the provisions of article 14 of the Act,

the Minister shall in all cases be deemed to have reserved the right

to deprive a person of his Maltese citizenship granted under the

programme if an applicant who has been granted citizenship fails to

comply with any requirement to lease, purchase and retain property

in Malta or to make and retain investments in Malta, as established

by these regulations or has become a threat to national security or is

involved in conduct which is seriously prejudicial to the vital

interests of Malta. In such cases the procedure for deprivation of

citizenship stipulated in article 14 of the Act and in any regulations

made under the Act in respect of such deprivation shall mutatis

mutandis apply.

The Agency shall, from time to time, issue procedural

guidelines to specify the operational aspects and interpretations

under these regulations.

The number of successful main applicants, excluding

dependants, shall not exceed one thousand and eight hundred for

the whole duration of the programme.

(1) There shall be a fund to be known as the National

Development and Social Fund into which twenty per cent of

contributions received by the Agency under the programme shall be

paid.

(2) The funds received by the National Development and

Social Fund shall be used in the public interest inter alia for the

advancement of education, research, innovation, social purposes,

justice and the rule of law, employment initiatives, the environment

and public health.

(3) The Fund shall have a separate legal personality and may

also subsequently be established as a foundation, a trust or in the

form of another legal person as may be determined by the Minister

from time to time.

(4) The Fund shall be administered by a Board of Governors

consisting of five members of whom one shall be the Chairman and

another shall be the Deputy Chairman who shall be appointed by

the Prime Minister.

(5) The Board of Governors of the Fund shall be responsible to

ensure the highest level of governance of the Fund and that the

funds held in the Fund are used solely for the said intended

purposes.

(6) The Fund shall publish its audited accounts on an annual

basis and shall report to the Minister responsible for Finance on its

activities as the said Minister may require but in any case not less

than once a year. The audited accounts and the annual report of the

Fund shall be laid on the table of the House of Representatives by

the Minister responsible for Finance.

(7) The Fund shall be subject to being audited by the Auditor

General.

(1) The programme shall be operated with the utmost

consideration of the international obligations of Malta and of

preserving Malta’s good reputation as a worthy, transparent and

reputable financial centre and a jurisdiction for international

business.

(2) The Minister shall every year publish in the Gazette the

names of all persons who during the previous twelve calendar

months were granted Maltese citizenship by registration or

naturalization including those persons who were granted Maltese

citizenship under the programme.

(1) The fees set out in the Schedule shall be paid for the

matters therein respectively specified.

(2) The provisions of the Fees Ordinance shall apply to the fees

set out in the Schedule as if they were fees prescribed under the

said Ordinance.