The Malta Residence and Visa Programme Regulations, 2015 have recently been launched by the Maltese government through a Legal Notice published on the 28th of August 2015. These new Regulations have been introduced to further draw third-country national investors to Malta. This Programme will allow Identity Malta Agency, the Agency responsible for the Programme, to issue a Certificate that will entitle the beneficiary and his registered dependants to reside, settle or stay indefinitely in Malta, as well as travel within Schengen area without the need for applying for a visa.
The applicant must satisfy a three-tier structure: Contribution, Qualifying Property and Qualifying Investment.
An individual interested in applying for this Programme is to make a contribution of €30,000, of which €5,500 is a non-refundable administrative deposit and paid upon submission of the application. Once it is established that the beneficiary qualifies for such status, he is to pay the contribution, less the non-refundable fee which was paid on application.
In terms of these Regulations, an applicant must also obtain a qualifying property. An individual who chooses to benefit from this Programme must purchase a property in Malta for a consideration of not less than €320,000. On the other hand, if the property is situated in Gozo or the South of Malta the property must have a minimum value of €270,000.
The applicant may opt to rent instead of purchasing property on the island. Indeed, an applicant may choose to rent property in Malta with a minimum yearly rent of €12,000 or if the property is situated in Gozo or the South of Malta the yearly minimum rent shall be that of €10,000.
Since the main aim of this Programme is to attract investment to Malta in order to create jobs, increase wealth and enhance the standard of living, the applicant must make a qualifying investment, having an initial value of €250,000, which shall be made in accordance to the form determined from time to time by Identity Malta.
It is important to note that an applicant will be admitted as a beneficiary under this Programme after the necessary due diligence procedures have been carried out in line with the qualifications, general requirements and eligibility criteria laid down by the Regulations.
The Certificate issued under these Regulations will be monitored for the first five years and every five years thereafter.
Any individual interested in applying for this Programme is required to do so through a registered approved agent and/or a registered accredited person. CSB Advocates is accredited with Identity Malta and may thus assist, handle and submit Programme applications.
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.