There are plenty of countries selling citizenships and the market is booming. Wealthy people from all over the world can choose from a large variety of countries that sell a passport and the right to become a citizen. These programs are aimed at high net worth individuals and many countries use this as a means of generating money for their economy.
But why would anyone buy a citizenship? The reasons vary and they can be related to tax optimisation, stable economies or safety in the country. It seems like a good idea for a small country like Malta to sell the citizenship, and last year 40% of the income through taxes was generated through the Individual Investor Programme of Malta. However, the country needs to be careful with how it deals with this income so that it will not negatively affect the economy or real estate prices.
The programs of buying citizenships have different requirements and costs, but they also come with different perks. If you want to become a citizen of a European country you have among others the options of Cyprus and Malta. There are some big differences between those two countries, although they are both islands in the Mediterranean. Cyprus’ economy is tied to that of Greece and they are not doing very well at the moment. The banks have been greatly affected by the global economic crisis and the subsequent financial crisis from Greece, and last year they did not pass the ECB stress test. The economy is also not as strong as it could be. Cyprus is not a good choice for someone who wants the citizenship of an economically and financially stable country.
On the other hand offers Malta a stable banking system, all the banks passed the stress test, a growing economy with more companies moving their businesses to the islands and great prospects for the future. You can find more information about the Individual Investor Programme on our website, and if you are interested in becoming a citizen of Malta by means of this investment programme you are welcome to contact us at the legal office of Dr. Werner & Partner.
