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.