Malta Residence And Visa Programme Launched
In February 2016, the Maltese authorities issued the Malta Residence and Visa Programme guidelines and they are now in a position to start accepting applications. This Programme entitles a non- EU/EEA/Swiss beneficiary and their registered dependants to reside, settle or stay in Malta indefinitely. This consequently allows free movement within the Schengen area.Dependants of the beneficiary are also entitled to benefit from this scheme. Dependants include the spouse of the main applicant, children under 18 years of age, children between the age of 18 and 26 if they are unmarried and economically dependent on the main applicant, parents or grand-parents of the main applicant or spouse or children of the main applicant or spouse over the age of 18 with a certified disability if fully supported by the applicant.
Individuals must pay a €5,500 non-refundable administrative fee upon application. The individual must also commit to pay a further €24,500 at a later stage (a total contribution of €30,000).
The applicant must commit to a qualifying investment (e.g. Government Bonds) in a form determined by Identity Malta having an initial value of €250,000 for a minimum period of 5 years from the date of issue of the residence certificate.
The individual must commit to hold an immovable property for a minimum period of 5 years from the issuing of the residence certificate:
In ownership, with a minimum value of €270,000 or
As lease for a minimum lease of €10,000 per year.*
The applicant must be at least 18 years of age and must meet the application requirements.
The individual will also need to go through the due diligence process of Identity Malta.
The individual must have an annual income of not less than €100,000 arising outside Malta or he must be in possession of capital of not less than €500,000.
The applicant and their dependants must be in possession of sickness insurance in respect of all risks across the whole of the EU.
*These figures apply where the property purchased or leased is located in the South of Malta or in Gozo. If the property is in any other part of Malta, the minimum investment rises to €320,000 in ownership or €12,000 yearly as lease.