Why are HNWI applying for a passport in Malta?

Christopher Zenios24/06/20192min
The Mediterranean region is home to many islands and nations, one being the beautiful island of Malta, found south of Sicily. This island is a charming holiday resort full of inspiring beaches, excellent summer weather and residents enjoy an easy going and laid back lifestyle. Malta doesn’t simply offer the best weather, food and lifestyle only, it offers something far more important from the perspective of a High Net Worth Individual who’s looking to invest. Malta offers one of the most attractive passports out there.

Major benefits and reasons HNWIs apply for the passport

The EU member, Malta, grants its holders the opportunity to travel to 168 destinations including the USA and Canada and can be acquired without the need to live in the country. But travelling freely from one country to the next is one of the greatest benefits of a Maltese second passport.

Security is also another element that HNWI individuals look for. When a country is going through a financial or even a warlike crisis, circumstances could prove difficult but with the secondary passport, you could avoid such issues and avoid foreign policy repercussions.

Tax benefits are also one of the major things that HNWI look out for and Malta has the potential to significantly reduce your tax burden. Malta does not impose taxes on worldwide income and assets of high profile individuals but applies a flat 15% tax on money brought into the island.

Among other benefits, it’s one of the cheapest passports to purchase. The price is a minimum of 880,000 euros (£800,000; $1m), rising for each additional family member.

HNWIs invest in property in Malta to have access to the EU

To qualify for a passport by investing in Maltese property, applicants are required to purchase a property worth of at least 350,000 euros or rent one for at least 16,000 euros a year for 5 years.

And according to sources, most HNWI are not too bothered about living in Malta because they can live anywhere they want. They’re mostly interested in having full access to the EU, hence the reason they don’t purchase a home straight away.

The opportunity to travel to and from Malta is always available upon acquiring the second passport from Malta. So HNWI if these individuals and their families want to travel there and enjoy the many benefits they can at any time.

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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