Malta Individual Investor Programme fracasó: Estas 5 alternativas para obtener la ciudadanía de la UE siguen disponibles en 2025

Malta Citizenship Investment Program: Why Its End Was Inevitable

The Malta IIP was controversial from the start. As early as 2014, the European Commission sharply criticised the programme. The reason: Malta was selling EU passports with no real connection to the country.

Here are the facts:

• Minimum investment: €1.15 million
• Residence prerequisite: Just 12 months
• Processing time: 12–14 months
• Success rate: About 95% with proper application

The Political Background to the Failure

In 2020, the European Commission initiated infringement proceedings against Malta. The European Parliament had already called in 2019 for a total ban of all golden passports in the EU.

Why was that?

The EU argued: Anyone who buys a Maltese passport automatically receives EU citizenship. This undermines the Union’s shared values.

There were also security concerns. Various investigations revealed that questionable individuals were slipping through the programmes.

What happens to existing applications?

Good news: Applications submitted before the cancellation are still being processed. Malta has allowed a transitional period until the end of 2025.

This means for you:

• Existing applications remain valid
• Fees already paid will not be refunded
• The processing continues as usual
• New applications have not been possible since October 2020

Refunds and Legal Consequences

This is where it gets complicated. Malta does not refund fees for the stopped programme. That means: Those who have already paid must turn to other programmes.

Various law firms have filed class actions. However, the prospects of success are low since Malta lawfully ended the programme.

My advice: Focus on the available alternatives. That is a better use of your energy.

EU Citizenship by Investment 2025: These 5 Alternatives Still Work

Despite EU criticism, there are still various ways to obtain European citizenship. However, most programmes were significantly tightened for 2025.

Here are my top 5 Malta alternatives:

Cyprus Golden Visa: The Direct Malta Replacement

Cyprus stopped its citizenship-by-investment programme in 2020. But: The residency programme continues and leads to citizenship after 7 years.

The Key Facts:

Why does this still work? Cyprus no longer grants direct citizenship. Instead, you must go the “normal” residency route.

The advantage: You are still an EU citizen and can live and work anywhere.

Portugal D7 Visa: The Insider Tip for Entrepreneurs

Portugal stopped its Golden Visa for real estate in Lisbon and Porto in 2022. But the D7 visa for passive income continues.

The D7 is perfect if you:

• Have regular income from investments
• Run an online business
• Earn rental income from real estate
• Receive dividends from stock portfolios

The Requirements:

• Proof of €760 per month passive income
• Clean criminal record
• Proof of accommodation in Portugal
• Health insurance

After 5 years, you can apply for Portuguese citizenship. That means: For less than €50,000 total cost to EU citizenship.

Spain Golden Visa: Real Estate as Your Key

Spain has tightened its programme, but not stopped it. The minimum investment is still €500,000 in real estate.

But caution: The Spanish government is discussing increasing this to €1 million. My advice: If Spain interests you, act in 2025.

What you get:

• Residence permit for 2 years (renewable)
• No minimum stay requirement
• Family included
• Work permit after 1 year
• Citizenship after 10 years

The catch: 10 years is a long time. However, you can rent out the property and earn a return.

Austria Red-White-Red Card: Qualification Over Capital

Austria has no classic investment programme. But the Red-White-Red Card Plus is attractive for qualified entrepreneurs.

Youll need:

• Recognised qualifications or work experience
• Proof of €4,300 per month income
• German language skills (Level A1, later B2)
• Clean criminal record

Why is this relevant? After 6 years, you can apply for Austrian citizenship. In addition, Austria is highly attractive for holding structures in terms of tax.

Italy Investor Visa: Startup Nation with EU Access

Italy offers various investment visas. The most interesting: The Investor Visa for innovative startups.

The Options:

After 10 years, you can apply for Italian citizenship. You’ll need Italian at B2 level.

Cost Comparison: What Does EU Citizenship by Investment Really Cost?

Here’s where it gets real. The advertised minimum investments are just the tip of the iceberg.

This is the reality:

Hidden Costs Nobody Mentions

With every programme, there are additional costs:

• Legal fees: €15,000–€50,000 depending on complexity
• Due diligence fees: €5,000–€15,000 per person
• Translations and certifications: €2,000–€5,000
• Travel costs: €3,000–€10,000 over the years
• Language courses: €1,000–€5,000 (for some countries)
• Renewal fees: €1,000–€3,000 every few years

ROI Calculation for Investor Visa Programmes

Let’s be honest. An EU citizenship is not just a cost factor—it’s also an investment.

The monetary advantages:

• Visa freedom: Save €500–€2,000 per year on visa costs
• Tax optimisation: Depending on structure €10,000–€100,000 yearly
• Education access: EU tuition fees vs. international (saving: €20,000–€40,000 per child)
• Business opportunities: Access to the EU single market—priceless
• Security: Plan B in case of political change—priceless

My rule of thumb: From €100,000 annual income, every EU programme pays off within 5–10 years.

Tax Implications of the Various Options

This is where it gets interesting for us as tax mentors. Not all EU citizenships are equally tax-advantageous.

The tax highlights:

• Cyprus: 12.5% corporate tax, no withholding tax on dividends for non-residents
• Portugal: NHR programme for 10 years (0–20% tax on foreign income)
• Spain: Beckham rule for high earners (24% flat tax on the first €600,000)
• Austria: Attractive for holding structures, EU withholding tax agreements
• Italy: Flat tax for new residents (€100,000 per year on worldwide income)

Important: Your tax liability is based on residence, not citizenship. Plan your stays strategically.

Citizenship by Investment Alternatives: Step-by-Step Guide

Now it’s practical. Here is my tried-and-tested 6-step method for your successful application:

Due Diligence: Which Programme Fits You?

Step 1: Analyse Your Situation

Answer these questions honestly:

• How much can you invest? (Be realistic)
• How often can you travel to your target country?
• Do you speak the language or are you willing to learn?
• Do you need fast access or is time not an issue?
• What tax goals are you pursuing?

My Recommendation Matrix:

• Budget under €100,000: Portugal D7 visa
• Budget €300,000–500,000: Cyprus Golden Visa
• Budget over €500,000: Spain or Italy
• Tax optimisation key: Cyprus or Portugal
• Fast access wanted: Cyprus or Spain
• Family with children: Portugal or Austria (education system)

Step 2: Check Legal Framework

Check your current citizenship:

• Does your home country allow dual citizenship?
• Are there tax consequences if you renounce your current citizenship?
• Do you have military service or other obligations?

Application: Avoid Typical Pitfalls

Step 3: Prepare Documents

This is the most nerve-wracking part. Here’s my checklist for every application:

• Personal documents: Birth certificate, marriage certificate, divorce decree (if applicable)
• Criminal record checks: From every country where you have lived more than 6 months
• Financial documentation: Bank confirmations, tax returns of the last 3 years
• Investment proofs: Varies by programme
• Health insurance: International coverage required
• Language certificates: If required

Important: All documents must be apostilled and translated into English or the country language.

Step 4: Structure the Investment

This is where most mistakes happen. Each programme has strict rules:

• Real estate: Must be the minimum required amount, not purchase price minus mortgage
• Government bonds: Must be held for the full programme duration
• Business investment: Proof of job creation required
• Bank deposits: Special accounts at approved banks

Timeline: Realistic Expectations for 2025

Step 5: Schedule

Here are realistic timelines based on my experience:

Step 6: Submit and Track Your Application

Once submitted, the waiting begins. But you can take action:

• Request regular updates from your lawyer
• Respond immediately to queries
• Start fulfilling residence requirements
• Begin language courses (if required later)
• Tax planning for your new status

Plan B for Rejected Malta Investors: Immediately Actionable Strategies

Your Malta application was rejected or you invested in the discontinued programme? Here’s my strategy for a fresh start:

Document Recycling: What You Can Reuse

Good news: Many documents can be reused for other programmes. This saves time and money.

Reusable documents:

• Criminal record checks: Valid for 6 months, usable for all programmes
• Apostilled birth certificates: Valid indefinitely
• Translations: As long as the original is unchanged
• Financial documents: Current bank confirmations for all programmes
• Medical certificates: Valid for 6–12 months depending on age

Newly required documents:

• Country-specific application forms
• Investment proofs for the new programme
• Language certificates (if required)
• Additional due diligence as per new requirements

My tip: Keep all documents well organised. A structured archive saves you weeks later.

Lawyer Change: When Is It Worthwhile?

Not every lawyer is optimal for every programme. Here are my criteria for switching:

Switch if:

• Your lawyer has no experience with the new target country
• Poor communication
• Hidden costs have arisen
• You have lost trust

Stay if:

• The lawyer is also licensed in the new country
• You have a good working relationship
• Fee structure is transparent
• References for the new programme exist

Important: Changing lawyers takes time. New lawyers need to get up-to-speed on your case.

Develop Backup Strategies in Parallel

My most important advice: Never put all your eggs in one basket. Develop at least two options in parallel.

The Two-Track Strategy:

• Main route: The optimum programme for you
• Backup route: Faster or more cost-effective programme as a fallback

Example: You’re aiming for Spain (main route), but preparing Portugal in parallel (backup). If Spain tightens requirements, you have an immediate alternative.

Portfolio Approach for Advanced Investors:

If you have more budget, you can even run three programmes in parallel:

• Fast solution: Cyprus Golden Visa (3 months)
• Economical solution: Portugal D7 (6 months)
• Premium solution: Austria or Italy (12 months)

This costs more but gives you maximum security and flexibility.

Geographical Diversification:

Also consider non-EU programmes:

• Switzerland: Investor visa via cantonal schemes
• UK: Innovator Visa (relaunch after Brexit)
• Canada: Provincial Nominee Programmes
• Singapore: Global Investor Programme
• USA: EB-5 programme (despite long processing times)

My philosophy: One EU passport plus a strategic second passport outside the EU offers maximum flexibility.

Ready for your fresh start? The Malta era is over, but your options are better than ever.

If you have questions about your individual situation, feel free to get in touch. As your tax mentor, I’ll gladly guide you through the process.

Yours, RMS

Frequently Asked Questions