A.
Acquisition of Property
B.
Annual Income Remitted to Malta
C.
Capital or Income Qualifications
D.
Employment/Engagement in Business
E.
Post-Issue Conditions
-
Application Package/Forms
F.
Table of Requirements in various
currencies
Any foreigner, of whatever nationality, may
submit an application for a permanent
residence permit provided specific
conditions are satisfied. This permit is
issued on an indefinite basis.
A.
Acquisition of Property
An applicant for Maltese permanent residency
must
purchase an apartment in Malta for not
less than EUR75,000. Alternatively, the
applicant may opt to
lease or rent a property in Malta of
which the minimum rental is EUR4,230
(approx. US$4,900) per year. Twelve months
after taking up residence in Malta, a
permanent resident is required to produce
evidence that you have complied with this
condition. There are no limitations to
capital investment in Malta. Investments in
real estate in Special Designated Areas are
unlimited, but are limited to one
owner-occupied house or apartment outside
such areas.
Compared to the rest of Europe and the
Mediterranean,
housing in Malta remains still
relatively cheap. For instance a two-bedroom
apartment in a good location is likely to
cost from Euro 100,000 (approx. US$270,000)
or more depending on the level of finish,
sea-views and so on. A semi or
fully-detached villa, usually with three to
four bedrooms, a swimming pool and two to
four car garage sell for about Euro 300,000
upwards.
In Malta, no
property taxes, council taxes, rates or
other official costs are due on property
owned freehold. Ground rent may be payable
when a property is not purchased free hold,
but this usually amounts to a negligible
annual payment.
B. Annual Income Remitted to Malta
The minimum annual income to be brought into
the country is EUR14,100 per applicant, with
an additional EUR2,350 for each dependent
(spouse, children under 21 years of age and
parents/grandparents wholly dependent on
applicant). In other words, a married couple
would, for example, have to bring in at
least EUR16,450 per year.
C. Wealth Test: Capital / Income
Qualifications
Applicants must produce evidence of an
annual income of EUR23,500 or over, OR a
capital equivalent to EUR352,500 or over. In
either case, the whole amount is not
required to be brought into the country, and
the value of the property purchased locally
is also taken into account as part of the
capital requirement.
(Lm 1 = approx. Euro 2.329 = approx. USD 2.7)
D. Employment/Engagement in Business
No employment or engagement in business may
be undertaken by applicants for permanent
residency unless authorised by the competent
authorities. Interestingly, however,
official Government policy welcomes the
introduction of overseas expertise and ideas
in the tourism, manufacturing and catering
sectors and a number of interesting options
are outlined elsewhere.
E.
Post-Issue Conditions
Once in possession of the permit:
1. You will be required to take up residence
by not later than one year from the
issue-date of your permit.
2. Your must not exercise any occupation or
profession, hold any appointment, seek
employment, or engage in any form of
business in Malta.
3. You should not participate in political
activities; however, should you be
interested in local council activities you
may contact the Local Councils Department,
at the address shown below.
Application
Package
The following is an indicative list of
documents necessary in support of an
application for residence:
1. Passport copy
2. 5 x passport photographs
3. Birth certificate
4. Marriage certificate (if married)
5. Proof of income / proof of assets
6. Clean criminal conduct certificate
An interview may be requested by the Maltese
Embassy or Consulate in your home country.
Our residence application package, including
the official application form,
easy-to-follow guidelines and a sample
documentation will be provided upon payment
of our initial retainer fee. We will
personally also assist you throughout the
documents preparation process.
F. Table of Requirements in various
currencies
|
|
EUR |
GBP* |
USD* |
|
Min. annual income |
23,300 |
16,000 |
30,000 |
|
Min. total wealth |
350,000 |
240,000 |
450,000 |
|
Minimum tax |
4,200 |
2,900 |
5,400 |
|
Minimum annual remittance (main PR) |
14,000 |
9,600 |
18,000 |
|
Minimum annual remittance (per
additional dependent) |
2,330 |
1,600 |
3,000 |
|
Minimum rental property value if
rental |
4,200 |
2,900 |
5,400 |
*
subject to changes in exchange (European
Central Bank)
|
