As wealthy foreigners rush to get citizenship in Malta under a new program, the residency requirement is taking many forms.
Read more: Malta Offers Citizenship and All Its Perks for a Price - NYTimes.com
Russians rent high-end villas, then stay in five-star hotels when they visit.
An American financier plans to live in Switzerland but occasionally vacation in Malta.
One
Vietnamese businessman, eager to start the clock ticking on the
12-month timetable for residency, sent the necessary paperwork on his
private jet to expedite renting a property he had never seen.
“They
come twice, once to get a residency card and once to get a passport,”
said Mark George Hyzler, an immigration lawyer at a firm here.
Malta’s citizenship program, which offers a passport to those willing to
pay 1.2 million euros, about $1.3 million, has been controversial since
it was introduced more than a year ago. But the residency requirements,
meant to make the program more palatable, are only increasing the
consternation among critics, who say the program has resulted in the
sale of citizenship to the global 0.1 percent.
The
citizenship program also reflects Malta’s present. Malta, which covers
122 square miles and is about 50 miles south of Sicily, has few natural
resources and a population of just 424,000, about half that of South
Dakota. Malta counts on the reliable sun and shimmering blue sea to
attract tourists. Beyond that, it has had to be creative to keep the
country’s coffers filled.
The
tax system, in particular, has been a boon. Some foreign companies can
be structured to pay 5 percent in corporate taxes. Malta also has double
taxation treaties with 65 countries, allowing individuals and
businesses to avoid being taxed in two places.
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