How to get a residence permit in Malta through real estate investments?
The program, which provides for the issuance of a residence permit in Malta for investment, started in 2013, along with the program for obtaining economic citizenship..
Thus, the government of the Mediterranean country is implementing a plan to attract foreign businessmen with a high level of income to the development of the economy.
Malta’s residence permit through real estate is issued within 3-4 months from the date of application. In addition to the residence permit, the investor receives a special tax status. This way the cardholder can see the following perspectives:
visa-free travel across the Schengen countries;
operational change of tax residence;
the stable approach tax rate is set at 15%, or 15,000 euros per year.
There are no strict requirements for the duration of mandatory stay in Malta. As well as examinations for knowledge of the language or history of the state.
Malta is often chosen as a” spare airfield ” where you can save capital and wait out turbulent times.
Who can apply for a residence permit and resident status in Malta?
Any adult citizen with sufficient funds can request a Maltese residence permit for investment and resident status. The presence of documents confirming the legality of the capital and the absence of criminal records is mandatory. You will also need a valid medical insurance.
In addition to the main investor, the application can include a spouse, children under 25 years of age and parents over 55 years of age. Material dependence on the main applicant will have to be proved.
Conditions that must be met to obtain a residence permit in Malta for investment
Purchase of real estate in the amount of 275,000 euros (North or center of the country), 220,000 euros (Gozo or southern regions) or rent with an annual fee of at least 9,600 euros (North or center of the country), 8,750 euros (Gozo or southern regions of Malta).
Registration of a medical insurance policy that covers the entire territory of the EU.
One-time payment of the administrative fee in the amount of 6 000 € (if the property is rented / purchased in the North or in the center of the country) or 5 500 € (if the purchase / lease was made on the island of Gozo or the southern territories of Malta).
Paying taxes once a year.
How much does a property cost in Malta?
Malta is a small country where property prices are constantly rising. This is due to the limited number of sites suitable for development and the planned increase in demand for resort and residential facilities. The cost of renting also increases from year to year.
Valetta, the capital of the country, traditionally shows the highest prices for real estate. One m2 here costs about 2,200 euros. Luxury cottages on the first line are sold for 1 million euros. A complex of villas with a swimming pool and a private pier for mooring a yacht will cost at least 7 million euros. For lovers of unusual objects, real castles are being built with views of the endless sea.
But there are also more budget options on sale. A capital apartment in an area far from the sea costs from 100,000 to 250,000 euros. A cottage on the territory of a small town can be purchased for 600,000 euros, in a resort town, real estate will cost more-up to 900,000 euros.