ATK
New Delhi [India], November 19: Malta allows foreigners to obtain temporary or permanent residency in exchange for investment. Two investment programmes exist: Malta Global Residence Programme and Malta Permanent Residence Programme. The requirements vary depending on the chosen status.
Igor Buglo, an expert at Immigrant Invest, explains the differences between a residence permit and permanent residency by investment and answers the most frequent questions about both programmes.
Can you explain what the Malta Global Residence Programme and the Malta Permanent Residence Programme are?
Malta Global Residence Programme, or MGRP, and Malta Permanent Residence Programme, or MPRP, allow foreigners to obtain a Maltese residence permit or permanent residence in exchange for investment. Investors receive all the rights in the country as foreigners who obtained residency under other grounds.
Malta Global Residence Programme. The applicant first obtains a temporary residence permit for one year. It can be extended every two years, with no limit on renewals. The acquisition process takes at least three months.
Applicants must fulfill three investment requirements:
* invest in real estate -- they choose whether to buy or rent a property;
* pay an administration fee;
* pay an annual tax.
Malta Permanent Residence Programme. The applicant gets permanent residency for life. There is no need to extend the status, but the residence card must be renewed every five years. The acquisition process takes at least six months.
There are four mandatory requirements to be fulfilled:
* buy or rent real estate -- investors choose one of the options;
* pay administrative and contribution fees;
* donate to a charity;
* prove having assets.
Who can participate in the MGRP or the MPRP?
The requirements for investors are the same under the MGRP and MPRP. The applicant must:
* be over 18;
* have clean criminal record;
* prove the legality of their income;
* buy medical insurance.
To participate in the MPRP, the investor must also have no visa denials from countries with a visa-free regime with Malta and own assets worth at least EUR500,000, including EUR150,000 in liquid assets.
Can investors add their family members to the application?
Yes, both programmes allow inclusion of family members: spouses in official marriage or unregistered partnership, children, parents, and grandparents. Under the MGRP, unmarried siblings can also be included.
All family members, except for spouses, must be principally dependent on the main applicant. For the MGRP, only children under 25 can be included.
How much do applicants need to invest for a Malta residence permit and permanent residence?
The minimum investment amount for the MGRP is EUR30,000, while under the MPRP the applicant spends at least EUR150,000.
What are the requirements for real estate investment?
For both programmes, investors buy or rent real estate, but the cost requirements differ based on the chosen status.
For the Malta residence permit, the investor must choose between:
* renting real estate for EUR8,750 in the southern Malta and on the Gozo island or for EUR9,600 in the north and centre of Malta;
* purchasing a property for EUR220,000 in the south of Malta and the island of Gozo or for EUR275,000 in other parts of the country.
For the Malta permanent residence, the requirements are the following:
* rent real estate for at least EUR10,000 per annum in southern of Malta and on the Gozo island or for at least EUR12,000 per annum in northern or central Malta;
* or buy a property for at least EUR300,000 if it is located in the south of Malta and on the island of Gozo or for EUR350,000 or more if it is located in the north and centre of Malta.
Can you list other investment requirements?
The investor pays an administrative fee and an annual tax for the temporary residence permit, and an administrative fee, a contribution fee, and makes a donation for permanent residence. All requirements are obligatory.
Administration fee. Under the Malta Global Residence Programme, the investor pays an administrative fee of EUR5,500 if they buy a property in southern Malta or on the island of Gozo. In other cases, the fee is EUR6,000.
Under the Malta Permanent Residence Programme, the required sum is EUR40,000.
Contribution fee is paid under the MPRP. The fee depends on whether the investor buys or rents real estate. When purchasing a property, the investor pays EUR28,000, while in case of renting one, the contribution fee is EUR58,000.
Charitable donation. Under the MPRP, the investor also pays a donation of EUR2,000 to a charitable organisation.
Tax payment. Participants in the Malta Global Residence Programme must pay an annual income of EUR15,000 for a family. There are no other income taxes.
Are there any additional expenses?
Yes, investors pay for medical insurance for all family members included in the application. The minimum cost of the insurance is around EUR400 per person.
The expenses for document preparation, including translation, notarisation, and apostille, amount to at least EUR4,000 per application.
What is the process of obtaining a Malta residence permit or permanent residence?
The procedures for obtaining both statuses are similar. The process takes at least 3 months for a residence permit and at least six months for permanent residence.
1. Preliminary Due Diligence. Immigrant Invest conducts a preliminary background check to reduce refusal risk to 1%.
2. Collection of documents. Lawyers assist in preparing documents, notarising, apostilling, and completing government forms. Usually, the list of required papers includes valid passports, birth and marriage certificates, a certificate of no criminal record, bank statements, and source of wealth and fund documents.
3. Main Due Diligence. Maltese authorities review the investor's background. For residence permits, the Inland Revenue Department conducts the check, while for permanent residence, the Residency Malta Agency handles Due Diligence.
4. Investment. The investor selects a property to rent or buy, pays all the required fees, and fulfills other requirements.
5. Submission of biometrics. The investor and family members included in the application travel to Malta to submit their fingerprints.
6. Issuance of residency cards. Temporary residence permit cards are to be collected in Malta in person. Permanent residence cards can be sent to investors by courier.
Are there any differences between the two processes?
Even though the processes are similar, differences still exist.
1. Interview. For a residence permit, the investor undergoes an interview at the IRD office. No interview is required for permanent residence.
2. Tax status. Malta Global Residence Programme participants must obtain tax status and number to pay the minimum EUR15,000 tax per annum.
3. Compliance checks. Investors with permanent residence must meet the programme's requirements for five years, with annual reviews by the Residency Malta Agency. These checks do not apply to residence permit holders.
4. Extension of the status. Residence permits are initially valid for one year, with indefinite two-year renewals. The extension process is the same as the initial application. Permanent residence does not require renewal, but residence cards must be updated every five years.
Can foreigners get citizenship after a residence permit or permanent residence in Malta?
Foreigners can obtain citizenship by naturalisation, which is possible after five years of holding temporary or permanent residency.
To qualify for citizenship, applicants must:
* live in Malta for 12 continuous months before applying and for at least 4 months in the last 6 years;
* prove knowledge of English or Maltese;
* have a permanent place of residence;
* demonstrate good conduct;
* find two Maltese sponsors.
What are the pros of both programmes?
Some of the most appealing benefits include:
Access to the Schengen Area. Malta residents can travel freely within the Schengen Area for up to 90 days within any 180-day period.
Relocation to Europe. Investors can live in Malta, enjoying its stable economy and safety.
Residency for the whole family. Both programmes allow including dependents, such as a spouse, children, parents, and grandparents.
Access to quality healthcare and education. Residents have access to healthcare and education in Malta and across Europe.
How to contact Immigrant Invest
Immigrant Invest is a licensed agent for the Malta Global Residence Programme and the Malta Permanent Residence Programme. Certified specialists will guide you through the investment requirements and support you throughout the entire process.
Contact Immigrant Invest to book a consultation and take the first step towards your residency in Malta.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by ATK. ANI will not be responsible in any way for the content of the same)
