The Malta Residence and Visa Programme Regulations, 2015 was launched by Parliamentary Secretary for Competitiveness and Economic Growth Dr Jose’ Herrera in 2015. It provides international investors with residency rights.
The new programme falls under the Immigration Act and is available to both the applicant and also their dependants subject to the certain conditions and qualifications which are listed below.
In July 2017, the Maltese Government also issued legal notice 107 of 2017, confirming changes in the Malta Residence and Visa Programme, in order to ensure it is more appealing to foreign investors wanting to relocate to Malta.
There is now no restriction on the number of days spent in Malta or outside of Malta and applicants may apply for Long-term residence. Under the new legal notice, unmarried and economically dependent children may also apply, with no restriction on the age limit.
When a foreign national takes up residence in Malta, he/she will be resident but not domiciled in Malta for tax purposes and taxed in Malta on:
- Income and Capital Gains arising in Malta.
- Foreign income which is received in Malta.
Any Capital Gains arising outside Malta are not taxed even if they are received in Malta.
Conditions / Qualifications
In order to qualify for residency under the MRVP, a non-EU national will need to satisfy the following conditions:
- Must be at least 18 years of age.
- Must pay a contribution fee of €30,000 upon submission of the application, this covers Main Applicant, spouse and the children of the Main Applicant and / or the Spouse.
- Must pay an additional non-refundable contribution fee of €5,000 per parent or grandparent of the Main Applicant or of the spouse at application stage.
All applicants are subject to a thorough due-diligence process done by both local and foreign entities.
- Property to be purchased should not be less than €320,000 unless it is a property purchased in Gozo or in the south of Malta, in which case a minimum amount of €270,000 is required. An individual may also opt to rent a property, in which case a minimum amount of lease should be of not less than €12,000 per annum for a property situated in Malta and €10,000 for a property situated in Gozo.
- Upon approval, the applicant needs to invest the amount of €250,000 in official government bonds or stocks, , and hold this investment for a minimum period of five years.
- The main applicant must provide an affidavit declaring that from the date of application he has either an annual income of not less than €100,000 arising outside Malta or has in his possession a capital of not less than €500,000.
Should you have any questions about this scheme, the experienced staff at Pierre Faure Real Estate are available to assist you. We can help with the whole procedure to obtain this residency status, from start to finish, using a network of highly competent professionals.