When it comes to your family, I am sure everyone will agree that you would do anything to ensure their safety, success and happiness. In some circumstances this may lead to individuals looking into acquiring another citizenship, increasingly via investment programmes.
One of the leading and most advanced citizenship programmes is without doubt the Malta Individual Investment Programme (MIIP); launched in January 2014, the programme allows a limited number of highly reputable individuals the opportunity to acquire Maltese Citizenship. The MIIP has proven popular among high net worth individuals looking to live and work in the EU. There are, however, very specific benefits for an applicant’s dependents under the programme.
Before we look at the possible benefits, let’s define what we mean by dependents. The Maltese programme recognises the following categories:
- Your spouse: in a monogamous marriage or in another relationship having the same or similar status to marriage.
- Dependants of 18 years of age and under.
- Dependants between the age of 18 and 26 years of age, who are not married and who are wholly supported by the main applicant and form part of the household.
- Dependants over the age of 55 years (e.g. parents or grandparents), who are wholly supported by and who form part of the household of the main applicant.
Malta is a safe jurisdiction to relocate and this is a major reason many individuals consider the jurisdiction in the first place. The government is stable and democratic, the economy is growing and has proven remarkably resilient, and it has strong public services. In addition to this, the legal method by which the citizenship is granted is itself secure, having been approved by the EU, and the citizenship is hereditary – meaning future dependents are covered too.
The key benefit of Malta being an EU country, as well as the Schengen free movement zone, is the ease with which its citizens can travel in Europe, including studying and working. You and your parents and grandparents could all benefit from this ease of travel, but the real benefit will be for your children – the ability to more easily access some of the best universities in the world, to have access to one of the world’s most diverse labour markets, and to be able to freely explore different cultures, will be a huge benefit for any young person. Outside of Europe, it also provides relatively easy travel to Africa and the Middle East.
In addition to the higher education available elsewhere in Europe, Malta itself has an excellent educational system for young dependents, with English-speaking schools based on the British model. Education is compulsory between the ages of 5 and 16.
No Succession taxes
Unlike many other countries, Malta does not have any inheritance or succession taxes. This means that if you are planning on leaving your wealth to your family when you die, they will be able to take full advantage of that wealth without having to worry about onerous taxation.
Malta, a member of the EU since 2004 and a member of the Schengen area since 2007, has fared well during an unstable financial climate as one of only two EU states to maintain economic growth. The stability that Malta can offer coupled with the year round sunshine and crystal waters ensures Malta is a tough option to beat. On top of that, it won’t just make good financial sense – it is also a great option for your children and other dependents.
So how can you make this happen for you? We have a complete guide to who is eligible, how long it takes, what it costs, and what the implications are available as a free download here. If you are interested, get in touch quickly: this popular scheme is due to close after the cap of 1,800 successful main applicants has been reached and the current number of successful applicants stands at over 750, per figures available in August 2016.