On the 25th of August 2015, the Malta Residence and Visa Programme Regulations, 2015 (Legal Notice 288 of 2015) were published. This programme enables individuals who are not EU, EEA or Swiss nationals to apply for and be issued with a certificate that entitles the beneficiaries (and his registered dependants) to a residence permit.
The residence permit grants the beneficiaries the right to land, reside and to remain permanently or indefinitely in Malta. In order to benefit applicants must satisfy the eligibility criteria and the relevant requirements under the Regulations.
Beneficiaries under this programme must satisfy the following requirements:
- be at least 18 years of age;
- purchase immovable property situated in Malta at a consideration of not less than EUR 320,000 or rent property in Malta for not less than EUR 12,000 per annum, which property needs to remain so held for a minimum period of 5 years from the date of the certificate1;
- hold an initial investment of EUR 250,000 in a form determined from time to time by Identity Malta, which investment needs to remain so held for a period of 5 years from the date of the certificate;
- pay a contribution amount of EUR 30,000;
- possess a valid travel document for the applicant and his dependants;
- possess health insurance in respect of all risks across the whole of the EU for the applicant and his dependants;
- provide an affidavit declaring that from the date of the application he has an annual income of not less than EUR 100,000 arising outside Malta or is in possession of capital of not less than EUR 500,000; and
- meet all application requirements.
An individual who would like to benefit from this programme needs to apply to Identity Malta through a registered approved agent or an accredited person and must pay a non-refundable administrative fee of €5,500 (which forms part of the contribution amount). Ganado Trustees & Fiduciaries Limited is a wholly-owned affiliate of GANADO Advocates and has been approved and licensed by Identity Malta as an accredited person.
The certificate which is issued by Identity Malta is monitored annually for the first five years from issuance, and every 5 years thereafter.
A beneficiary shall cease to benefit from the certificate issued under this programme if:
- he becomes a Maltese, EU, EEA or Swiss national;
- he applies for or acquires the status of a long-term resident in terms of the relevant regulations;
- he does not satisfy the requirements under the programme at any time;
- he becomes ineligible under the programme at any time;
- his stay is not in the public interest; or
- he stays legally and continuously in Malta for a period of four years.
1In the case of property situated in Gozo or the South of Malta the consideration for the purchase is reduced to EUR270,000 and the annual rent payable is reduced to EUR 10,000.