In this article, we’ll tell everything about the cost, the advantages and the timeframe of obtaining a Maltese permanent residence. We’ll also take you through the step-by-step procedure of obtaining your residency and tell you about the latest changes in the program.
What are the advantages of a Maltese permanent residence?
- Free movement within the Schengen Area and ability to reside in Malta all 365 days a year.
- Residency for you and your family within 2-3 months.
- Malta’s beneficial tax system and more opportunities for business development and expansion. A quick change of tax residence.
- The possibility to reside in the country with a high quality of life, social and legal protection, to enroll children in highly-valued European learning institutions, and to access world-class medical care.
The cost of a Maltese residence
To obtain it an investor is expected to invest in government bonds, and to purchase or rent real estate, and to pay €30,000 of government fees.
Bond investment: the minimal entrance threshold is €250,000. In 5-year time the Government of Malta would compensate the full amount of investment. Moreover, the investment in government bonds will bring up to 3% of annual interest.
Property purchase: the minimal entrance threshold is €270,000.
The investment can be returned after the applicant completed the requirements under the Malta Residence and Visa Program. For example, if a family up to 4 decide to purchase a real estate object, the total amount of investment will be around €550,000, and only €30,000 is a non-refundable part.
There is also an option of property lease for at least 5 years for the minimum of €10-12,000 per year.
In this case, the investment in government bonds is the only refundable part of the investment. Property lease and government fees are non-refundable part of the investment that will be around €80,000.
NOTE! Please keep in mind that a €5,000 government fee is required for each additional dependant in the application, such as parents and grandparents.
What are steps of applying for a Maltese permanent residence?
Step 1. Submit scanned copies and passports of the applicants. Legalization and notarization of the document.
Step 2. Pay the first part of government fee in the amount of €5,000. In case parents or grandparents are included in the application, additional €5,000 is to be paid for each dependant.
Step 3. Submit the documents, undergo the due diligence check. The application processing is about 1-2 months.
Step 4. Pay the remaining part of government fee in the amount of €25,000.
Step 5. Fulfil the principal requirements of the program, that is, make the investment in government bonds and real estate (either purchase or rent).
Step 6. Obtain the status of a resident and submit documents for e-residence card.
Step 7. Visit Malta to submit biometrics.
The changes implemented in Malta Residence and Visa Program
The following changes have taken effect on July 4, 2017.
Change #1. There are no longer restrictions on time spent outside of Malta. Previously, residency could be lost by staying away from the island for 6 consecutive months or for a total of 10 months in a four-year period. Today, it’s possible to reside outside the country as long as you wish.
Change #2. there is no longer an upper age limit of 27 for financially dependent children, i.e. they no longer lose their status as residents when they reach the age of 27 or when they become financially independent. Also, there is no need to prove that an adult child who has been certified by a recognized medical professional of Authority as having a disability resides with the main applicant and is under his/her financial support.
Change #3. The size of required payments has changed, too. Today, an investor is expected to deposit €5,000 for a parent or a spouse to be included in the application. That is, an applicant deposits €5,000 before the application is reviewed, and the outstanding €25,000 after the review is completed.
Earlier, the order of making the payments for dependent family members was the same, but the sum of first deposit was €5,500, and €24,500 for the second one. The government contribution sum remains unchanged at €30,000. Financially dependent family members may now be included in the applications after the principal applicant gets his candidacy approved.
Change #4. Options for family members have been altered favorably as well. Participation is open not only to newborn biological children but also adopted children of the main applicant or his/her spouse. An adopted child cannot be employed or married.
Additionally, a non-refundable fee of €5,000 can be paid to secure permanent residency for other relatives of the main applicant and of his/her spouse such as grandchildren, daughter-in-law, son-in-law.
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