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The already smooth process for permanent residence in Malta has become more accessible
Malta’s popularity has been growing steadily through the years due to its attractiveness to all kinds of foreign investors. The country’s leaders are aware of such a reputation and are far from putting an end to this appealing model. Therefore, from the end of March 2021, the conditions to acquire permanent residence in Malta are being updated. Don’t miss out on them and keep reading for more information.
Malta is one of those countries just suited for pretty much all people involved in the financial world. Whether individual investors or multinational companies, this country’s conditions have proven ideal for many.
For those who didn’t know about this attractive territory, just think of what you would imagine when picturing an utter paradise. Malta is a beautiful archipelago located in the Mediterranean Sea that offers its visitors an unforgettable memory of Southern Europe.
Its fame goes way beyond its investment opportunities, as it has some of the most desired destinations for travelers seeking to discover the Mediterranean.
Its beauty is so breathtaking that it’s common to see many movies being filmed on its coasts and landscapes. In fact, you probably already know Malta as it was a recurrent filming location for Game of Thrones.
You might be wondering what the benefits of acquiring an indefinite residence in Malta are. Keep reading to find out, and don’t panic if you start thinking it is too complicated. Here at Mundo, you’ll find top-of-the-field experts that will guide you through the entire process.
What are the benefits of indefinite Malta residence?
Since 2004, Malta has been part of the European Union. This is amazing news as it granted the country all the inherent benefits of being part of such an organization. This includes the fact that this program gives the beneficiaries visa-free movement in the Schengen Zone for 90 days out of 180.
In short, having Maltese residence will provide you with all the necessary permits to travel throughout the European Union, with no extra visas needed. By holding a Maltese residence, you and your family are welcome not only to live in Malta but also to visit all European Union countries.
Parents and dependent children are all granted such benefits, and you can obtain citizenship according to the regular naturalization rules. Incredibly, the legislation does not stipulate a minimum number of days of actual presence within Maltese territory. Thus, you can apply for the program while traveling through the Schengen territory.
On top of that, all clients participating in the Malta Permanent Residence Program are granted the same civil rights and obligations as any other residents, except entering countries that aren’t part of the Schengen agreement.
It sounds pretty amazing, doesn´t it? Well, it becomes even more amazing once you find out the accessible conditions required to become a Maltese resident.
What do I need to apply to the Maltese residence & visa program?
According to Subsidiary Legislation 217.18, the core requirement when applying for Maltese residence through foreign investments included a minimum investment amount set on €250,000. This investment was supposed to be done in selected Maltese government bonds.
However, the new program eliminates this condition and makes it easier for investors to apply for residence benefits. Starting on April 2021, the requirements are based on real-estate investments within Maltese territory. The requirements are set as follows:
- A minimum €300,000 investment for real estate located in the South Maltese and Gozo region, or a minimum of €350,000 for real estate located in the rest of the country, or
- A property rental with a minimum rent of €10,000 p.a. for real estate located in the South Maltese and Gozo region, or a minimum €12,000 p.a. for real estate located in the rest of the country for a rental period of 5 years.
The new legislation replaces the former investment in government bonds with a unique contribution to be made to the immigration authorities:
- For those leasing properties, the contribution is set to €58,000.
- For those buying properties, the contribution is set to €28,000.
In compliance with the new legislation’s conditions, all applicants must also contribute with an administrative fee of €40,000 to local authorities. Of that amount, €10,000 is payable before the approval of the process, in addition to the mandatory €2,000 payment to be made to any locally registered cultural, sport, scientific or philanthropically-oriented Maltese organization.
To sum up, the amount of capital invested should be a minimum of €300,000 or a rental with a minimum of €10,000 p.a.,
the rest is to be presented in the form of contribution and administration fees to Maltese authorities. The presentation of a health affidavit and a wide health insurance program is also needed.
The Maltese authorities have managed to design a process that, overall, doesn’t take a lot of time for applicants. The process in itself isn’t expensive and the permanent residence will shortly be approved once all the conditions are met, thus becoming a model program for the rest of the world when it comes to reducing bureaucratic procedures.
Do you have a question?
Who exactly will be benefited from this program once approved?
We’ve talked before about how all of your family will be granted the benefits of residence once the residence is approved. But which family members will the program include? Let’s take a look:
- The main applicant’s spouse.
- All children up to 18 years, unrestricted. These include the children from former spouses.
- All children over 18 years who are directly under the applicant’s dependence and are not married.
- Parents and grandparents of the investor and their spouse or civil partner. These persons can be included in the same application if they are dependent on the investor.
Which documentation do I need?
As with any other residence process, you must present a set of documents when applying. These include:
- A copy of the applicant’s passport.
- Health insurance with global coverage.
- Copy of Birth and Marriage certificates.
- Signature certificate.
- Medical certificate.
As Malta offers this program only to reputable persons, there are some extra certifications needed:
- A statement of Source of Funds that certifies the legal precedence of the capital to be invested in Malta. This is a condition commonly requested across Europe to fight against organized crime and terrorism.
- Bank statements and original bank reference letters not older than six months.
- Undertaking to remit total contribution and to rent the property.
- Agreements for real estate sales or purchases.
Malta is calling for you
Malta is undoubtedly one of the best options for all kinds of finance enthusiasts and international corporations seeking to locate their hard-earned capital. Malta offers one of the friendliest tax legislations in the world because its goal is to see new residents who can promote investment and overall development of the country.
This means that only the wealth produced within Maltese territory is subject to taxation, while all your capital gains from foreign companies remain untaxed. In addition, all the property purchased while being a Maltese resident can be acquired without taxes after five years have passed from the residence’s approval.
Moreover, Malta doesn’t enforce inheritance tax, real property tax, nor wealth, or municipal taxes. That’s why so many foreign investors often choose this beautiful country as the ideal place to locate their headquarters and grow their businesses with the immense benefits of being part of the European Union.
If that wasn’t enough, there are other kinds of benefits that should also be taken into account when choosing Malta as your financial home:
- Political stability: As part of the Commonwealth and in tight relation with the United Kingdom, this country has one of the most peaceful, democratic, and politically stable systems in the region.
- Healthcare and Education: Being a Maltese resident allows you and your family access to some of the greatest health and education systems in the European Union.
- Quality of life: Along with that warm climate that provides the Mediterranean with its paradisiac landscapes, Malta’s crime rate is among the lowest in the region. On top of that, there are little to no deficiencies among the public services, modern roadways, and well-connected airports.
All is set for you to begin with the permanent residence process in Malta. You know the benefits, the requirements, and all the information needed for an easy and quickly approvable procedure. What’s next?
In Mundo, we work with first-level experts that can help you receive the best guidance possible in Malta. Our experts are licensed as official agents of the Maltese CBI and RBI programs. Don’t hesitate to contact us right now and we’ll put you in touch with our network of agents, lawyers, and advisers.
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