31 Jul The Malta Residency and Visa Programme regulations
GCS Malta is a Maltese Service Provider that provides several services, such as; accounting, tax, audit, recruitment and relocation. Learn about the Malta Residency and Visa Programme guidelines as updated by the Malta Residency and Visa Agency in this article, written by our team of professionals within the field.
The Malta Residency and Visa Programme is available to all individuals who have a third country nationality. It is also available to the applicants’ dependants, such as spouses, children and parents-in-law. Individuals with an EU/EEA and Swiss nationality are excluded from such an application. This programme was launched by the Parliamentary Secretary for Competitiveness and Economic Growth, Dr. Jose’ Herrera, in 2015.
An applicant is not eligible for this programme should he/she be under the Residents Scheme Regulations, the High Net Worth Individuals (EU/EEA/Swiss Nationals Rules), the Malta Retirement Programme Rules, the Residence Programme Rules, the Qualifying Employment in Innovation and Creativity Rules or the Highly Qualified Persons Rules.
Prior to an applicant applying for the Malta Residency and Visa Programme, he/she needs to have the following qualifications and requirements in order to be eligible:
- Be at least 18 years of age
- Has an annual income of not less than €100,000 arising outside of Malta, or has in his possession a capital of not less than €500,000
- Has stable and regular resources which are enough to maintain him/herself and any of his/her dependants
- Be in possession of valid travel documents
- Be in possession of health insurance in respect of all risks covered for Maltese Nationals
- Be in possession of a Clean Police Conduct from one’s birthplace as well as any country the applicant and his/her dependant/s have resided in for longer than 6 months in the past 10 years.
- Must Provide a certificate from a reputable health system proving that Main Applicant and all his / her dependants are otherwise in good health and will not be an unreasonable burden on the national health system
- Has to a non-refundable Initial Fee of €5,500 that is to be settled upon submission of application
- An additional €5,000 is to be submitted per dependant (excluding children of the main applicant and/or the spouse)
Following the approval of the Residency Certificate, the applicant must meet the following criteria:
- Pay the remaining contribution fee, amounting to €24,500, plus €5,000 per additional adult applicant, if applicable
- Pay card fees amounting to €27.50 per person per year
- Hold a qualifying property for a minimum of 5 years from the date of issuance of the Residency Certificate, either through the:
- Purchase of property of either:
- A minimum of €270,000 for properties situated in Gozo and the South of Malta, or
- A minimum of €320,000 for properties situated in the rest of Malta
- Rent a property of either:
- A minimum of €10,000 per annum for properties situated in Gozo or the South of Malta, or
- A minimum of €12,000 per annum for properties situated in the rest of Malta
- Holds a qualifying investment of not less than €250,000 for a minimum of 5 years from the date of issuance of the Residency Certificate.
Once a Residency Certificate is approved, the Beneficiary and his/her dependants will be granted the following:
- The rights to reside
- Settle or stay in Malta
- The ability to freely move around the countries in the Schengen Area
- The opportunity to live in a country with a moderate cost of living with direct access for the Beneficiary and any approved dependant of age
- The opportunity to apply for a work permit
- The opportunity and the ability to live in a safe country which is both politically and economically stable
- Access to high-level educational institutions and access to renowned English Schools
GCS Malta can assist you with the Malta Residency and Visa Programme application. For further information, get in touch with GCS Malta by sending us an email on [email protected]