Residence by investment in Malta
The Malta Global Residence Programme (GRP) is one of the most attractive schemes for obtaining Maltese residency. It was launched in 2013 for non-EU, European Economic Area or Swiss residents. The main objective of the programme is to attract wealthy foreign nationals by offering them favourable conditions for living and doing business.
It is possible to become a holder of a Maltese residency if one of the conditions is met:
- Property rent: from €8,750 per year (on the mainland) or from €9,600 per year (on the islands).
- Purchase of a housing unit: from €220,000 (for properties on the islands of Gozo and the southern part of Malta) or from €275,000 (for properties on the mainland).
Additional requirements for the investor include:
- Annual contribution. Programme participants are required to pay an annual tax contribution of €15,000.
- Medical insurance. Applicants must have an insurance policy valid for all health risks in all countries of the European Union.
- Evidence of financial stability. Proof of a stable income sufficient to support yourself and your family should be provided.
Not only the investor can relocate to Malta, but also his/her relatives such as a spouse, children under the age of 25, parents, grandparents and domestic staff.
Residence permit requirements in Malta
The following requirements apply to a foreigner:
- Legal age.
- No criminal record.
- Availability of health insurance for EU countries.
- Legal income.
- Conversational level of English or Maltese.
Documents for getting residency in Malta
A foreigner must submit a package of documents:
- An application form.
- A certified copy of the foreign passport.
- Birth and marriage certificates (for relatives, if available).
- Certificate of no criminal record.
- Health insurance policy.
- Proof of residence (utility receipt), rental agreement for the required amount or property purchase certificate.
- Bank letter of recommendation.
- Proof of legal income.
- Confirmation of the legality of the origin of funds.
- 3 photographs.
Cost of residence permit in Malta is from €30,000
The lower threshold to apply for residency in Malta is €8,750. This is the amount of the annual rent when choosing a flat or house on the islands. In addition, you have to pay an annual tax of €15,000 and take into account the cost of all certificates and fees. Thus, the minimum costs start from €30,000.
Investors can also apply for residence for the purchase of property. In this case, you will get an object that can be resold in the future. In addition to the cost of the property purchase (from €220,000), you will have to spend:
- Fees: from €25,300 (11.5% of the value of the object).
- Translation and certification of documents: from €4,000.
- Administration fee: from €5,500 (per family).
- Health insurance: €400 (per person per year).
- Tax: €15,000.
The purchase of a property can also qualify you for applying for a permanent residence. You need to buy real estate for the amount of €300,000, transfer funds to charity, pay administrative fees and confirm financial solvency. In total, the investor must have at least €500,000, of which at least €150,000 is in the form of bank deposits, shares or bonds.
An even higher level of legal residence is citizenship in Malta. It can be obtained for the purchase of property. The minimum amount of spending is €700,000. You will also need to contribute €600,000 to the NDF.
