Malta Launches Revamped New Residence Scheme

Malta Launches Revamped New Residence Scheme

Following on the success of the Maltese Individual Investment Programme, leading to citizenship, the government of Malta has recently enacted changes to its residence scheme – with the launching of a new Residence and Visa Programme seeking to attract high-net worth individual investors.  The new residence scheme, shall seek to provide a more definitive and long-lasting base to applicants, as compared to the Global Residence Programme, whereby residence was renewable on a yearly basis.  The main applicants would be high net worth individuals, or retirees, seeking to make Malta their permanent base, whilst relocating to a stable and reputable jurisdiction, within the Schengen area.

Applicants of the new scheme must be persons over the age of 18 and with a clean police conduct.   The latter requirement would also extend to his dependents. Eligibility criteria would also mandate the acquisition of immovable property for a value ranging from EUR 270,000 to EUR 320,000 (depending on location), or alternatively to a rental of immovable property ranging from EUR 10,000 to EUR 12,000 per year.

The application could also be eligible for residence, if he can shop an income of at least EUR 100,000 annually as well as own funds in excess of EUR 500,000.  A condition to the attainment of the residence permit shall be the contribution of an investment of at least EUR 250,000 in approved government bonds, which need to be retained for a minimum of five years.

Contrary to the Maltese Individual Investment Programme, there would be no limitation on the number of applicants.  Applications would be subject to the strictest probity, and must be channeled via approved government agents.  Such residence permits, once approved, would extend to the applicant, and his immediate family, and would be retained, insofar that the residence conditions, and ‘fit and proper’ test would be adhered to on a continuous basis.