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New rules for issuing "golden passports" in Malta


				23.11.2020
						

The Government of Malta has developed and introduced new rules for granting citizenship to foreigners in exchange for investment. No more than 400 applicants per year will now be able to obtain citizenship.

According to the new rules, foreign citizens do not have the right to apply for citizenship immediately after acquiring the right to reside in Malta. Now they will be able to apply for a passport of a citizen of this country only after one to three years from the date of obtaining resident status, depending on the amount of investment in the Maltese economy.

Moreover, applicants for Maltese citizenship must pass a detailed legal check, and after obtaining such citizenship by foreigners, the public authorities of Malta will conduct continuous monitoring for five years. This rule is due to the desire of the state to study the sources of income of investors and to minimize the risks of legalization and laundering of funds obtained by criminal means.


The system of State control has also undergone changes. Now, a new structure called Komunità Malta will deal with the issues of granting citizenship, and the Agency that previously dealt with the individual investor program will stop working in January 2021.


Link to source:

https://www.gov.mt/en/Government/DOI/Press%20Releases/Pages/2020/November/20/pr202341.aspx

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