he Malta government has just announced the Malta Residence and Visa Programme Rules 2015, which have been promulgated by virtue of Legal Notice 288 of 2015. The Malta Residence and Visa Programme Rules 2015 introduce a new residence programme for Non- EU/EEA/Swiss nationals. Beneficiaries under the Global Residence Programme may also apply. A certificate issued under this Programme entitles the beneficiary and his/her dependants to reside, settle or stay indefinitely in Malta. Applicants must satisfy certain conditions including acquiring or renting qualifying immovable property situated in Malta or Gozo and investing in the Maltese economy.
Property
Applicants are required to own a Qualifying Owned Property, being property in Malta purchased for a value of not less than €320,000. If the property is situated in Gozo or in the South of Malta the purchase value should not be less than €270,000. Alternatively, an applicant may opt to rent property in Malta for not less than €12,000 per annum. If the property is situated in Gozo or in the South of Malta, the minimum rent must not be less than €10,000 per annum.
Financial Resources and Insurance
The applicant must provide an affidavit declaring that from the date of the application onwards, he/she has either an annual income of not less than €100,000 arising outside of Malta or else that he/she has a capital of not less than €500,000. Both the applicant and any dependants must hold adequate health insurance covering the EU territory. The individual must satisfy a “fit and proper test” in order to be granted a permit under this Programme.
Investment
The applicant must hold a qualifying investment for at least 5 years from the date of issuing of the certificate. This investment needs to have an initial value of €250,000. The investment can take various forms as permitted by the Malta government. Information in this regard still needs to be issued but is likely to include Malta government bonds.
Dependants
Dependants include the following:
the spouse of the main applicant in a monogamous marriage or in another relationship
a child, including an adopted child, of the main applicant or of his/her spouse, who isless than eighteen years of age;
a child of the main applicant or of his/her spouse who is between the age of eighteenand twenty-six years and who is not married and who proves that he/she is noteconomically active and is principally dependant on the said person;
a parent or grandparent of the main applicant or of his/her spouse who proves thathe/she is not economically active and is principally dependant on the said person; or
a child of the main applicant or of the spouse who is at least eighteen years of age, and who has been certified by a recognised medical professional as having a disability in terms of the Equal Opportunities (Persons with Disability) Act and who is living with,and is fully supported by, the main applicant.
Entry and Stay in Malta
The beneficiary and his/her dependants being awarded a certificate under this Programme are entitled to reside, settle or stay indefinitely in Malta. It is important to note that such a certificate shall be monitored on an annual basis for the first five years from when it is issued and then every five years thereafter.
Registration Fee
A one-time registration fee of €5,500 is levied by the Malta Government. This is deducted from the €30,000 contribution.
Submission of Applications
An application under the Malta Residence and Visa Programme Rules 2015 may only be submitted through the services of a person that qualifies as an Authorised Registered Mandatory. EMD, as an Authorised Registered Mandatory, may assist you with your application for residency under this Programme as well as with any tax and legal requirements.
For further information contact EMD’s Private Clients team, namely Dr. Pierre Mifsud or Ms Charlene Grech.
