Malta has launched a revamped residency program designed to boost job creation and enhance the overall standard of living in the country by attracting foreign investment from non EU-nationals seeking fast-track long-term residence in Malta.
Beneficiaries who comply with the investment requirements and other eligibility conditions will be granted the right to reside and settle in Malta for an indefinite period of time subject to continued fulfillment of applicable rules and regulations. Further, beneficiaries will enjoy the right to visa-free travel within the Schengen area.
Overview of New Malta Residence Visa Program
Investment Requirements for New Malta Residence Visa
In order to qualify under the New Malta Residence Visa Program, eligible applicants must:
• Investment at least EUR 250,000 in Malta,
• Invest in a qualifying property, and
• Make a minimum contribution of EUR 30,000.
The EUR 250,000 investment should be made in asset classes as determined by Identity Malta.
Property investment can be in the form of an outright purchase or an annual lease in Malta. In case of purchase, the value of the property should be at least EUR 270,000 in south Malta or in Gozo or EUR 320,000 if the property is located elsewhere in Malta.
In case of a lease, the applicant must pay a minimum annual rent of EUR 12,000. For properties situated in south Malta or in Gozo, the minimum rental requirement is EUR 10,000 per year.
The minimum contribution of EUR 30,000 is inclusive of a non-refundable administrative fee of EUR 5,500. The contribution is payable after Identity Malta has reviewed and approved the application. Qualifying applicants will be required to pay the balance contribution of EUR 24,500 after approval.
Other Eligibility Requirements
Other requirements to qualify for residence under the New Malta Residence Visa Program include:
- The applicant must submit an affidavit certifying that he/she has an annual income of EUR 100,000 or has net worth of EUR 500,000.
- The applicant must not be a citizen of Malta, Switzerland, or an EEA nation.
- The applicant should be a beneficiary of other residency programs except for the Global Residence Program. Beneficiaries of the GRP can apply under the new program provided they fulfill all additional eligibility requirements.
- Applicant must be of at least 18 years of age and must not have a criminal record.
- The applicant must obtain adequate health insurance for self and dependents in Malta.
Benefits Offered by the New Malta Residence Visa Program
If approved, the program entitles the applicant and his/her dependents to reside, settle, and live in Malta for an indefinite period of time. This permit does not provide the right to work in Malta.
The Residence Certificate will be monitored annually for a period of five years. After five years, the Certificate will be monitored once in every five years. The Certificate will be withdrawn if the applicant ceases to comply with applicable eligibility requirements.
The application process involves submission of the application to Identity Malta through a registered approved agent or an accredited person. The application should be accompanied by the non-refundable administrative fee of EUR 5,500. If rejected, the fee will not be repaid. If the application is approved, the applicant must deposit the contribution of EUR 30,000 less the administrative fee paid along with proof of minimum investment and the purchase or leasing of the property.
Dependents
The New Malta Residence Visa Program offers residence to the following dependents of the applicant:
• Spouse of a monogamous marriage or a relationship with status similar to marriage.
• Minor children including adopted children.
• Children aged between 18 and 26 years provided they are unmarried and economically dependent.
• Child aged 18 years or above provided they are suffering a disability and are dependent on the applicant.
• Dependent parents and grandparents.
Dependents ceasing to fulfill the definition as stated above will be required to apply separately for the right to reside in Malta. The applicant’s permit cannot be inherited by heirs upon his or her death. The definition of dependants does not include drivers, maids, butlers and other personal assistants.
Source: Malta Today