Malta is an amazingly beautiful country, but it is not the only benefit of it, and there are many more advantages, making people dream of owning Maltese residence. You can get residence in Malta through a special investment program, for which you can apply here, but there are also other ways to go. Find out how to become a resident of this beautiful island country from this article.
Malta is an amazingly beautiful country, but it is not the only benefit of it, and there are many more advantages, making people dream of owning Maltese residence. You can get residence in Malta through a special investment program, for which you can apply here, but there are also other ways to go. Find out how to become a resident of this beautiful island country from this article.
Benefits of Malta Residency
There are plenty of benefits you can enjoy by obtaining Malta residency, including the following:
- You will not need to obtain a visa for traveling to Malta or Schengen countries;
- You will benefit from favorable tax conditions;
- You will enjoy the country’s climate and diverse culture;
- You will be able to live in a safe country with a low criminal rate;
- It is not expensive to live in Malta;
- You will be able to take advantage of highly professional health care services.
Who Can Apply for Malta Residency
There are quick and long ways to go to become a Maltese resident. The first way is to actually live in the country for five or more years. It is applied to different nationals, including those from the EU countries, countries-members of the European Economic Area, and Swiss citizens. They must not leave the island country for longer than 6 months every year within five years.
As for non-EU, it is also possible to obtain a residence permit for them if they are hired to work in the country, or they are about to establish a business matching certain requirements. Also, they can get a Malta residence card by participating in local educational programs.
Obtaining Residency by Investment in Malta
The program has existed since 2013. There are many great benefits offered by it, including the following:
- You can visit different Schengen countries without any visa;
- You will only pay 15% income tax for funds that you transfer to the country;
- You will be able to get a job in the country or earn money in any other legal way;
- You can take your closest relatives with you by paying additional fees.
The requirements of the program are quite simple:
- Buy or rent real-estate objects in Malta;
- Pay a relevant administrative fee and taxes.
When it comes to renting, you can choose one of the following options:
- Spend at least €9,600 annually for renting property in the central or northern parts of Malta;
- Spend at least €8,750 annually in rental payments for a property on Gozo island or in the southern part of Malta.
Within this residence programme, you can also purchase property to get a residency in Malta on the following conditions:
- Spend at least €275,000 to buy a property located in the central or northern parts of the country;
- Spend at least €220,000 to purchase property located on Gozo island or in the southern part of Malta.
All in all, opting for the residence programme by investment is the quickest way to get a second passport.
Other Requirements Related to Obtaining Malta Residency by Investing Your Money
It is also essential to keep in mind other requirements, including the following:
- You will have to get a health insurance policy that can be used in the EU countries;
- Pay an administrative fee ranging between €5,000 and €6,000 depending on the type of investment in property;
- Pay income taxes of 15%;
- If you wish to avoid double taxation, the minimum tax per year will be €15,000.
All in all, getting residence in Malta is possible in different ways but the easiest and quickest one is by the investment program. You do not even have to leave in the country permanently. Not only can you get a second passport but also ensure a stable income by purchasing a property. Additionally, the country allows benefiting from favorable tax conditions, which are attractive for any business.
