The Maltese Government released a new legal notice last Friday related to third country nationals becoming a resident in Malta through a new Scheme, which is meant to incentivize the targeted nationals to invest in Malta. Those that already benefit from the Global Residence Programme and are living in Malta are permitted to apply for the issuance of the certificate, under the understanding that they meet all the extra eligibility requests of these terms.
The new scheme is named “The Malta Residence & Visa Programme Regulations” and is available from immediate affect. The terms of the new regulations are similar to other schemes however thresholds and some criteria are different.
An applicant must either buy a property or rent a property for a minimum of five years. If the applicant is looking to purchase a home the property price must be at least €320, 000 (three hundred and twenty thousand euros) in most parts of Malta whereas if in the South of the Island of Malta or Gozo the minimum property price stands at only €270,000. Should the applicant choose to rent an apartment or house the annual rental property price should be at least €12, 000 (twelve thousand euros) in Malta or €10, 000 in the South of Malta or Gozo.
The applicant is obliged to invest in a qualified investment, which will be determined by the office of the “Identity Malta” of an initial value of €250, 000. The person must also be acceptable and proper as well have an illness insurance that covers the whole of Europe, ideally covering Maltese Nationals, him/herself and his dependents.
Dependents are also eligible and must be a spouse, or similar status, child or adopted child under the age of eighteen, aged between 18 and 26 and not married or economically active, a parent of grandparent or a child of the applicant/’s spouse who is at least eighteen years of age and is certified by the recognized medical profession who has a disability in terms of Equal Opportunities and who is living with, and is fully supported by, the main applicant.
A certificate will be released by Identity Malta based on these standings that would provide the recipient/s the right to live, settle and remain on the Maltese Islands indefinitely though the status will be monitored yearly for five years and every five years thereafter. Those submitting an application shall be represented by a registered approved agent or an accredited person. A non-refundable administrative fee of €5, 500 has to be paid upon application.
Upon receipt of the application, Identity Malta would review it and decide if the applicant is eligible. Should Identity Malta decide that he/she does qualify, a letter of approval in principle is issued, following which the applicant is asked to pay a contribution of €30,000 less the non‑refundable administrative of €5,500 referred to above.
Once Identity Malta is satisfied that the contribution has been paid in full and that all the necessary supporting documentation is presented, the Certificate would be issued to the applicant accordingly.
For more information about the Maltese Real estate Market go to the Real Estate Insights Report.
List of Third National Countries
SAO TOME AND PRINCIPE
BOSNIA AND HERZEGOVINA (*2)
ST VINCENT & THE GRENADINES
CENTRAL AFRICAN REPUBLIC
TRINIDAD & TOBAGO
DEM REPUBLIC OF CONGO
UNITED ARAB EMIRATES
PAPUA NEW GUINEA