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The Immigration Act, Malta Residency and Visa Programme Regulations have recently been adopted by means of Legal Notice 288 of 2015. These enable Non-EU/EEA/Swiss nationals and their dependents to obtain a Maltese Residence Permit and henceforth reside indefinitely in Malta by means of paying a contribution to Identity Malta and making a qualifying investment. A qualifying investment is defined in the legal notice as an investment in the amount of €250,000 in assets which are determinable by Identity Malta from time to time.
The following conditions apply with regards to the obtainment of Maltese Residence under the above-mentioned regulations:
- The payment of a non-refundable administrative fee to Identity Malta, in the amount of €5,500
- The payment of a contribution in the amount of €30,000 (this is inclusive of the administrative fee mentioned above. The pending balance is payable after the Residence Permit is issued)
- The purchase or rental of a qualifying property (With regards to purchases, a qualifying property must have a minimum value of €320,000 if situated in Malta and €270,000 if situated in Gozo or the south of Malta. With regards to rentals, a qualifying property is one rented for a consideration of €12,000 per annum if situated in Malta and €10,000 if situated in Gozo or the south of Malta)
- A police conduct certificate showing a clean criminal record.
- Satisfaction of due diligence and a ‘fit and proper’ test.
- A medical certificate from a reputable health system proving that they are not suffering from a contagious disease, that they are in good health and will not be an unreasonable burden on the local health system.
- Applicant(s) must have a minimum annual income of €100,000 or capital in the minimum amount of €500,000.
- Applicant(s) and their dependents must also be in possession of health insurance in respect of all risks across the European Union normally covered for Maltese nationals.
Qualifying properties and investments must be held for a minimum period of five years from when the residence permit is issued. Applicants must also be in possession of stable and regular resources to maintain themselves and their dependents without recourse to the social system of Malta together with a valid travel document.
Applications for the obtainment of residence must be submitted to Identity Malta by means of a Registered Approved Agent or Registered Accredited Agent. Aequitas Legal is recognised by Identity Malta and therefore can take you through the whole process in order for you to obtain residence in Malta and eventually benefit from all that this Mediterranean island, located a stone’s throw away from mainland Europe, has to offer. A low crime rate coupled with high living standards has made Malta a residence of choice for many. This programme now enables many more to share in the peace of mind offered by taking up residence in Malta.