The new residence and Visa permit programme for foreign investors resident outside the EU was recently launched. This is a new programme of its kind and would increase activity in the property market.
Under these new legal provisions, a residence permit may be obtained by persons over the age of 18, with a clean personal conduct record and that of their dependents and who could prove the ownership of property in Malta – for a minimum period of five years. Qualification requires a property purchase of a minimum of €320,000 or a property investment of a minimum of €270,000 in either Gozo or the south of Malta.
Alternatively, applicants could rent a property for an annual minimum of €12,000 in Malta or €10,000 in Gozo or the south of Malta. Residence could also be obtained if there was proof of income of at least €100,000 annually from sources outside Malta or proof of having a capital of at least €500,000. Applicants would also have to contribute €30,000 to the government and to be bound to invest at least €250,000 in Malta and Gozo spread over a period of five years.
Applications may be managed by approved agents such as lawyers, legal procurators, notaries or accountants and applicants would require a personal health policy and health policies for their dependents.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.