London is a popular address among the extremely wealthy. According to data research company WealthInsight, it is home to over 4,200 people whose net worth exceeds $30 million, a number which dwarfs that of any other city on earth.

So it is perhaps unsurprising that the first international event promoting Malta’s Individual Investor Programme took place in the city, and equally unsurprising to note that the company managing the programme, Henley and Partners, explicitly mentioned the right to live in the UK as one of the main advantages of having Maltese citizenship.

“If you are interested, Maltese citizenship enables you to live and work and study in Europe and the UK without any limits throughout the year,” the managing director of a Henley and Partners subsidiary had written in an email to prospective Russian clients last October, before the programme was actually approved in parliament.

But the UK itself has its own programmes to attract wealthy residents, and they appear to be growing in popularity.

Figures disclosed following a Freedom of Information request by the Daily Mail show that 530 so-called investor visas – together with 1,038 visas issued to investors’ dependents – were issued during the 2012-13 fiscal year, up from 423 in the previous year. The number of visas issued to Chinese investors nearly doubled, from 95 to 171: the number issued to Americans increased from 19 to 66 while the number issued to Russians increased from 99 to 125.

The UK also offers an entrepreneur visa, which requires considerably lower financial commitments but which includes more stringent conditions.

Comparisons have been drawn between the Maltese programme and the UK visa programmes, but there are significant differences between the two: the UK visas do not provide immediate citizenship or even permanent residency, although they do provide a path to both.

And a quick analysis of both programmes suggests that investors who would only desire Maltese citizenship to move to the UK – a clear possibility, if Henley’s email is any indication – may find the UK’s investor or entrepreneur visa a simpler, faster option.

The investor visa

Investors and entrepreneurs are two of the five “Tier 1” categories included in the UK’s points-based system for high-value migrants, which is handled by the UK Border Agency.

The investor visa requires the highest financial investment, but its requirements are otherwise low: it is the only immigrant visa category which does not require applicants to be proficient in the English language.

Investors have to invest at least £1 million in the UK, either in businesses or in government bonds, and can apply for settlement – permanent residency – after continuous residence of five years, in which they cannot be outside the UK for more than 180 days in any 12 consecutive months.

Higher investment speeds up the process: only three years’ residence is required for those investing at least £5 million, and just two years are required for those investing £10 million.

An inquiry by the Migration Advisory Committee, which researches and reports on migration issues for the UK government, shows that most investor visa applicants pick the simpler option: investing in low-risk government bonds.

It found that some investor visa recipients would hold on to their bonds for five years – enough to apply for settlement – and sell them immediately afterwards, effectively making their “investment” a loan.

The entrepreneur visa

The entrepreneur visa requires a more hands-on investment than the investor visa, but applicants will only require initial access to £200,000 – which can be reduced to £50,000 under various conditions. This threshold excludes, however, any funds required to acquire property or to sustain oneself in the UK.

Applicants must register as self-employed or as directors of new or existing companies within six months, and cannot obtain any other employment.

They can also apply for settlement after a continuous residence period of five years. This period, however, can be reduced to three years if they create at least 10 new full-time jobs or have registered income from business activity of at least £5 million.

Visa applications are handled by the UK Border Agency – no concessionaires are involved – and application fees are relatively modest, reaching up to £1,426 per person for both entrepreneur and investor visas.

The way through Malta

In its current incarnation, the Individual Investor Programme requires paying a €650,000 non-refundable donation, investing €150,000 in local stocks or bonds, and either purchasing property worth €350,000 or renting it for €16,000 a year – in addition to the processing fees payable to Henley and Partners.

Maltese citizenship is immediately granted, with no residence necessary, although the process takes 6-24 months.

The lack of a residency requirement is the main advantage the IIP presents over the investor visa for those whose plan is to move to the UK. And while visa applicants need to apply to extend their stay half-way through – facing scrutiny once again – and apply for settlement after the required period, EU citizens are spared this process.

The IIP, obviously, also does not limit successful applicants to the UK: Maltese citizens can live, work and study throughout the 28-nation bloc, as Henley’s promotional material declared.

But if Britain is a prime target for individuals seeking EU citizenship – as Henley’s promotional material suggests – then the UK’s investor or entrepreneur visas may present a more attractive option, particularly in terms of cost, since the only non-refundable costs are the application fees.