Malta's an attractive destination to start a new life for many reasons. It is strategically located in Europe but also very close to Africa and the Middle East. You can take advantage of extremely cheap flights anywhere within the Eurozone and slightly more exotic destinations like Istanbul, Cairo, or Marrakesh.
Malta's a great home base for families from which to travel and is also a very safe country for people who put a lot of value on personal security. There is not much crime, and the nationals of Malta enjoy a very high standard of living. Social services like education and health care are also of very good quality.
Many people desire Maltese residency. Who wouldn’t want to live in an idyllic island nation on the Mediterranean Sea? It is possible to obtain a permanent residence visa in Malta at a price. The requirements for applicants are:
- You have the option of either a lease in the amount of €10,000 ($10,992 USD) in the South of Malta/Gozo or €12,000 ($19131 USD) in the rest of Malta annually or property purchase in the amount of €300,000 ($329,773 USD) in the South of Malta/Gozo or €350,000 ($384,735 USD) in the rest of Malta.
- Nonrefundable payment of either €28,000 ($30,778 USD) if purchasing a property or €58,000 ($63,756 USD) if you are just renting
- A donation made out to an NGO by the applicant in the amount of €2,000 ($2,198 USD)
- And payment to Malta's government of €40,000 ($43,970 USD) in the form of an initial fee of €10,000 ($10,992 USD) and a final fee of €30,000 ($32,977 USD).
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Benefits Of Maltese Residency
Securing the Maltese permanent residence visa program is very advantageous. Another good thing about this visa program is the option to bring along your spouse and/or other immediate family members, so you don’t have to be separated from your families. Maltese residency also allows you visa-free travel around the Schengen region of Europe for up to three months at a time, not exceeding three months during a six-month period. You can visit France, Italy, Germany, or any other country in Western Europe if you want. This is an amazing experience
With the Maltese permanent residence visa program, you have the right to live in Malta indefinitely, so you can make a life there for yourself and your family members if you want. And because Malta's official language is English, there is no requirement to learn a new language, assuming you already speak English. Also, this program is fairly efficient, so you can be granted Malta's permanent residence visa usually in around six months, so you don’t have to wait too long for your papers to be approved. You also have the option to access the high-quality education and health care systems enjoyed in Malta, including free University, which is a big plus. Most families can appreciate having free universities for their kids.
It is important to note that residing in Malta is not a requirement of this program, although you must visit there to apply. This means you can avoid paying Malta's taxes as a resident of Malta if you spend most of your time in another country while still securing Maltese residency if you require it at some point.
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Not everyone is allowed to participate in this program. Individuals or families from the following list of prohibited countries may not apply:
- The Democratic Republic of Congo
- North Korea
- South Sudan
What sort of documents do you need to become an applicant for Malta's residency by investment program? There are actually quite a lot of required files, so you want to make sure you have all your information before you leave for Malta if you intend to apply for this program. You will need the following for both you and your family members:
- Proof of financial means, either through business ownership or a letter of employment
- Bank statements demonstrating your financial solvency
- Your passport (for you and any of your extended family members that will be joining you)
- Birth certificate (again, both you and your family members)
- Certificate of good health
- Demonstration of economic means, if not covered in the 1st and 2nd step
In order to qualify to participate in this program, the applicant must pass the following requirements:
- You must be at least eighteen years of age or older
- Possess a valid travel document
- No criminal history what-so-ever
- You cannot ever have been rejected for a visa from any country that shares visa-free travel with Malta
- You must be able to document the source of your wealth
- You must purchase health insurance coverage for your stay in Malta
- You must have a minimum net worth of €500,000 ($549,622 USD). €150,000 ($164,886 USD) of those assets must be liquid.
- These requirements (except being over 18, as minor children can accompany you) are extended to everyone who you would be bringing with you. Furthermore, there are additional fees for bringing a spouse and dependent minors or dependent parents.
Tax Implications of Maltese Residency
There are no tax implications in and of themselves for securing Maltese residency. That being said, if you spend more than half the year in Malta and create significant ties there, you may be viewed as a Maltese tax resident, in which case you are required to pay tax to the Maltese authorities on any income you earn around the world. Malta does have tax treaties with many nations, so you will probably not be subjected to double taxation, but you can also simply avoid becoming a tax resident of Malta in the first place if that is more advantageous. There is no requirement to become a tax resident of Malta simply because you participate in the Maltese residency by investment program. Malta does have a fairly steep income tax with a top rate of 35% on any income over €60,000 ($65,954 USD). Income from €14,501 ($15940 USD) to €60,000 ($65,954 USD) is taxed at 25%. There is also a value-added tax of 18%.
For all information you need to know about Residencies, Second Passports and Wealth Protection, read this amazing article: The Basics of How To Get a Second Passport Or a Second Residency.
Malta's an amazing country to have residency in. The requirements are more than most countries, but what you will enjoy as a resident will be well worth the effort for applicants. As an applicant, you must ensure to have all requirements are fulfilled and ready to go. The benefits that await you in Malta are numerous.