The Maltese Government has recently launched the Malta Residence and Visa Programme Regulations 2015, through a Legal Notice published on the 28th of August 2015. The Programme was launched with the primary aim of attracting foreign investment to Malta in order to increase employment, increase wealth and enhance the general standard of living on the island.
Due to this, third-country nationals who are looking to benefit from the conditions of this Programme must satisfy the stipulated set of Regulations including the 3-tier structure of the Programme. This involves making a qualifying investment, a contribution and acquiring a qualifying property.
The applicant must make a qualifying investment of an initial value of € 250,000. Such investment is to be made in the form determined by Identity Malta, the Agency in charge of processing the applications for this Programme.
In addition, a contribution of € 30,000 must also be paid by the applicant. Upon submitting the application, the applicant is required to pay a non-refundable administrative fee of € 5,500 and once the application has been approved, the rest of the contribution is to be paid.
The applicant is also bound to purchase a qualifying property in Malta worth not less than € 320,000 or not less then € 270,000 in the case that this is situated in the south of Malta or on the island of Gozo.
In the case that the beneficiary will rent rather than purchase a property, the requirement is a minimum yearly rent of €12,000 or a minimum of €10,000 if the property is situated in the south of Malta or in Gozo.
Once an application is accepted, Identity Malta will issue a Certificate entitling the beneficiary along with any registered dependants to reside or stay in Malta indefinitely as well as to travel within the Schengen area without the need to apply for a Visa. The Certificate will be monitored throughout the first five years following its issuance and every five years thereafter.
In addition, the application process must be carried out through a registered and approved agent or a registered accredited individual. CSB Group is accredited with Identity Malta and may thus assist with the 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.