Malta Citizenship by Investment Program Officially Closed in April 2025: What It Means for Investors

Malta, once hailed as the best gateway to EU citizenship for global investors, has officially shut down its Citizenship by Investment (CBI) program, often referred to as the "golden passport" scheme. This decision follows a definitive ruling by the European Court of Justice (ECJ) in April 2025, declaring that granting citizenship in exchange for financial contributions alone violates the core principles of EU law.

In this blog, we explore the implications of Malta's program closure, what it means for high-net-worth individuals seeking second citizenship, and where investors can turn next.

The End of Malta's Citizenship by Investment Program

For years, Malta offered one of the most prestigious and structured citizenship-by-investment programs in Europe. Launched in 2014 and later restructured in 2020 as the Maltese Exceptional Investor Naturalisation (MEIN), the program allowed individuals to acquire EU citizenship within as fast as 12-18 months from application till passport delivery.

Applicants were required to:

• Make a non-refundable contribution of €600,000 to special Government fund

• Hold residency for a minimum of one year

• Rent or purchase real estate on the island

• Donate to a local NGO

The program attracted entrepreneurs, global investors, and international families seeking access to the European Union, visa-free travel, and lifestyle stability.

However, the ECJ's 2025 ruling declared that citizenship cannot be commoditized, stating that nationality must reflect a genuine connection to the country – not just a financial transaction. As a result, Malta was legally compelled to shut down its CBI program.

Why Was Malta's Golden Passport Program Closed?

1. EU Legal Pressure

The European Commission had long criticized Malta’s scheme, arguing that selling EU citizenship undermines the principle of mutual trust among member states. Since EU citizenship grants free movement and rights across the bloc, any country offering it commercially effectively opened the doors to the entire EU.

2. Violation of EU Law

The ECJ found that Malta's program breached Article 20 of the Treaty on the Functioning of the European Union (TFEU). The court emphasized that granting citizenship without a substantial link to the country is incompatible with EU values.

3. Reputation Concerns

As announced, Malta's program had faced scrutiny due to concerns over money laundering, insufficient due diligence, and geopolitical misuse. The closure is part of a broader EU move to restore transparency and trust in migration programs. Whereas I have doubts if this is a genuine reason, because Maltese Government had very strict due diligence requirements for the applicants.

What Happens to Existing Applicants?

Although Malta has ceased accepting new CBI applications, it remains uncertain whether existing applications in process will be honored or canceled.

What Are the Alternatives to Malta Citizenship by Investment?

With Malta out of the picture, investors must look elsewhere for second citizenship or residency opportunities. Here are some of the top alternatives:

1. Caribbean Citizenship by Investment Programs

Several countries in the Caribbean continue to offer fast-track citizenship through investment, with relatively low entry points:

• Dominica: Citizenship from $200,000 with crypto-friendly policies and fast processing

• St. Kitts & Nevis: Oldest CBI program;

• Grenada: Offers access to the U.S. E-2 Visa;

• Antigua & Barbuda: Ideal for large families due to lower costs and visa-free access to 150+ countries is another benefit of this CBI program;

• St. Lucia: Offers crypto-friendly government bond and real estate investment options and fast processing

These programs are still legal and widely used by investors seeking a second passport, tax benefits, and greater global mobility.

2. Vanuatu Citizenship by Investment

Vanuatu offers one of the fastest CBI timelines in the world – citizenship in 30 to 60 days. While its passport no longer offers visa-free access to the EU (as of 2022), it remains a popular option for expedited citizenship.

3. EU Golden Visas (Residency Programs)

While EU CBI programs are now off the table, Golden Visa residency programs are still available and legal in several European countries, among most popular and straightforward – Greece, Cyprus and Malta.

Golden Visas provide long-term residency and potential citizenship by naturalization pathways after several years of physical residence in the country.

How This Impacts the Global Investment Migration Market

Malta's program closure is a clear signal: EU nations will no longer tolerate citizenship-for-sale schemes. This development will likely:

• Increase demand for Caribbean citizenship programs

• Push EU-focused investors toward Golden Visas

• Raise compliance standards across the board

Governments, service providers, and applicants will need to shift toward longer-term, residency-based pathways or non-EU programs with clear due diligence frameworks.

Final Thoughts: Is CBI Still a Viable Option in 2025?

Malta's Citizenship by Investment program may be gone, but the concept of investment-based migration is far from over. For investors seeking mobility, security, and opportunity, viable options remain:

• Caribbean nations continue to offer legitimate second citizenship

• Golden Visas are a strong EU alternative

• Speed-focused individuals can still consider Vanuatu

Don’t waste time thinking as all golden visas and citizenship by investment programs tend to increase investment threshold.

The key takeaway? The landscape is changing. Seek expert guidance to navigate the evolving regulatory environment and choose a path aligned with your goals.