The increase in interest in Malta’s Golden Passport Program from Americans has soared significantly.
A recent report from the global residency firm Latitude revealed that 25 per cent of its US clients are choosing Malta when it comes to European Golden Passport programs, Schengen.News reports.
Recent statistics from the same source show that Malta is becoming a second choice for wealthy US nationals interested in acquiring citizenship in European countries, according to Loving Malta.
The report from Latitude also revealed that about 80 per cent of applicants said that they do not have any immediate plans to relocate, however, they want to obtain a second passport, or a “Plan B” in potential political or economic instabilities.
The Citizenship-by-Investment Program of Malta, known also as the Golden Passport program, offers wealthy non-EU nationals citizenship in exchange for financial investments and meeting some required conditions.
Among the conditions to benefit from this scheme is to make an investment of at least €690,000. Qualified investors can apply for citizenship after one to three years.
Obtaining Maltese citizenship offers several advantages. A Maltese citizen enjoys all EU privileges and benefits. Besides, holding citizenship in Malta through the Golden Passport Program allows visa-free access to the US and Canada.
In addition, Maltese citizens can also travel to Africa, Asia, the Middle East, and several North, Central and South American countries without visas.
Concerns Over Irregular Affairs
In spite of the fact that Malta’s Golden Passport program contributes significantly to the country’s economy, it has often raised concerns about its involvement in irregular affairs.
Furthermore, the European Union has called on the countries that offer Golden Visa and Golden Passport programs to terminate them as soon as possible.
However, in October 2024, EU Advocate General Michael Collins said that the EU countries have the right to sell citizenship through their Citizenship-by-Investment Programsprovided they implement the needed measures to preserve its integrity through rigorous diligence.
In response to Collins’ comments, Eka Rostomashvili of the advocacy group Transparency International stated that a ruling in favour of the Citizenship-by-Investment Program could encourage other bloc countries to relaunch or revive their Golden Passport schemes.
We see a really big risk of other golden passport schemes coming back.
Up to this point, several European Union countries offer Residency-by-Investment and Citizenship-by-Investment schemes for non-EU nationals. However, the rules differ among them.