Wealthy South Africans looking towards Malta

About 700 South Africans have applied for a ‘cash-for-passport’ initiative in Malta that has been described as one of citizenship planning group Henley & Partners’ most popular schemes.

The agency’s vice-chairman Andrew Taylor admitted that although the Malta package was more expensive than ones offered in Antigua and Barbuda, it offered easy access to all 28 EU member states as visas would not be required.

Taylor explained that the majority of their clients didn’t want to emigrate at present, but wanted to have the foreign passports as an “insurance policy” for them or their children. He noted that if these people or their kids ever decided to make the move in the future, they would have the choice of Malta or any of the EU countries, which offered significant value.

Those applying for the scheme are required to develop a “genuine link” with the Mediterranean island nation, and must complete the 12-month residency period stated in the terms and conditions.

Taylor pointed out that such citizenship initiatives were also extremely beneficial to the nations offering them, noting that in the time they had worked with the Jamaican government they had generated US$4bn.

The passports don’t come cheaply, though, with applicants having to fork out 650,000 euros for a Maltese one, as well as invest 350,000 euros into property and buy a further 150,000 euros in government bonds.