From the start of 2021, after changes in Malta Permanent Residency Program, we get a lot of questions regarding these changes and how it is beneficial for foreign investors. We have gotten multiple queries regarding Malta PR, here we are answering all the questions regarding this program. If you are also looking for residency options in Europe, Let us tell you why you should go for Malta Residency.
Malta has become one of the best real estate investment programs in Europe over time. Malta Permanent Residency Program is operating since 2013 but there have been variations taken place on and off. Recently Malta has introduced some new changes to make this program easier and accessible for more and more people. Similarly, Malta’s economy is very sustainable and the political system is also very flexible & supportive towards the people living in Malta.
While investors are looking for a residency option in Europe, Malta is always a prior option for us to suggest to our clients. Recently, some new rental and investment options have replaced the old yet very successful MRVP. Many investors inquire that why these changes have been done and what is the significance of this new program. Let us tell you that how the current aspects of the Malta Permanent Residency Program are better than ever before.
What are the Eligibility Criteria for Malta Permanent Residency?
People with high net worth are ideal people who can apply for Maltese PR. There is no need for any language test or interview to qualify for the PR. Similarly, It is very important that the applicant and dependents have no criminal background. Also, the Applicant needs to be in excellent health conditions.
Who can be included as dependents?
Basically, Malta Permanent Residency Program caters your all family members as dependent. This is one of the best residency programs that include a maximum of your family members. However, family members that can be part of this application are as follows:
- Unmarried Children
- Children with any mental or physical health problem
- Grand Parents
With a very slight additional fee per dependent, you can easily step ahead with your family & live a peaceful in Malta.
What is the duration to get Malta Permanent Residency?
The process of getting PR of Malta has different steps including the submission & verification of the documents. Due diligence and other legalities take some time. Although, the overall processing takes 8 – 12 months. Although, the processing time can vary from case to case.
Processing in Steps:
Visit Malta to explore Property Purchase Options
Due Diligence & Medical Tests
Residency Letter Arrival
What are the benefits of having Maltese PR?
Every residency option comes its own pros & cons, here we will explain you all the benefits you can enjoy having a Maltese PR:
- You will get a Residency card for life which will get a renewal after every 5 years.
- You can add your whole family as dependents and give them a luxury European lifestyle.
- No minimum residency or travel requirement to get a Permanent Residency.
- You will get an EU residence card which will enable you to travel across the Schengen region.
- Moreover, Malta is a tax-neutral country and it will offer you a great relief in taxation on your income and wealth.
Is Maltese Residency leading to Citizenship?
Yes, there is a possibility for Investors who get Malta Permanent Residency to get citizenship in the future. But there is no specific time frame. Afterward, you can get citizenship after 5 years or it can vary from 7 to 10 years as well. However, the residency card you will get is constant and get a renewal.
Recent Changes in Malta Permanent Residency Program
In order to qualify for Maltese PR, a foreign investor will need to:
Purchase a Real Estate Property in Malta:
- 300,000 EUR Property Purchase in GOZO or Southern Malta
- 350,000 EUR Property Purchase in the Rest of Malta
- Additional 68,000 EUR as government fee
- 2000 EUR as a donation to any local NGO in Malta
Basically, the investment amount going for property purchase is refundable. Once the applicant will get citizenship of Malta in the future after completing the residency requirement, the applicant will be free to use this amount.
Rent out a Property in Malta:
- 10,000 EUR amount to pay an annual rent of property in GOZO or Southern Malta
- Non- Refundable 98,000 EUR as government fee
- 2,000 EUR contribution to NGO in Malta
Malta is located in a region that is a business hub. There are countless options for you, for your spouse and children to work and study in a better environment. Malta has a very stable economy. According to Economist Intelligence Unit’s Democracy Index, Malta is in the 18th spot worldwide. It shows how safe and free it is to be in Malta & how the Maltese government relies on public opinion. Whereas, the Legatum Prosperity Index, 2020 ranks Malta as the 25th Prosperous country among 167 countries worldwide.
The above rankings are based on personal freedom, governance & policymaking, social capital, health & education. Also, living in Malta is your direct pathway towards working opportunities in Europe. Your children can get easy access to the world’s best European educational institutes at a comparatively low cost.