The government offers foreigners approval in exchange for a solid investment. These are maltese residency schemes. What is their essence, what are the distinguishing features and benefits, the cost of the program, and the possibilities of these schemes? It is much easier to make a choice and prepare for migration by having the necessary information. Moreover, you can save time and money by comparing schemes and understanding the nuances.
Introduction
Malta Permanent Residence appeared not so long ago, in 2015. However, its rules were updated in 2021. Only residents of countries that are not part of the economic community of Europe can apply for it. Foreigners have used a temporary permit for the past ten years. During this time, thousands of people have gained international travel without obstacles.
Malta Residence Permits
The Malta RP is a scheme for exchanging funds on favorable terms. It is necessary to purchase or rent a living space and pay the state fee. The most attractive thing is that the scheme terms imply that relatives can be included in the application. At the same time, the applicant receives bonuses in payment of fees and is obliged to make annual deductions at a minimum percentage. On average, obtaining the necessary papers takes 3 to 4 months, which is a reasonably quick time compared to other countries.
Eligibility Criteria
The government of the host country sets several requirements for the applicant as well as the relatives who are applying for the corresponding status:
- reaching the age of majority;
- no criminal record;
- not being on the wanted list;
- health insurance contract;
- spoken English or Maltese.
There are no special requirements for a spouse or partner or children under the age of majority. As for heirs under 25 years, it is essential to depend on the lead candidate. Brothers and sisters and older siblings should also be dependent.
Types of Residence Permits
There are several types of Malta residence permit implementation: purchasing an apartment or making a deal with a landlord:
- The investor must rent a house under the terms of the scheme from 8750 euros per year in the southern part or from 9600 euros for properties located in the north and central parts. It is also necessary to pay a fee of 6 thousand euros and a minimum annual tax of 15 thousand euros.
- The candidate can draw up a contract of sale and become the living space owner. The purchase price also varies depending on the object’s location. It is possible to consider options in the southern part of the region from 220 thousand euros, while in the rest of the territory, the price is 275 thousand euros. You must also add the mandatory taxes and fees.
Terminating the lease or selling the apartment is impossible, and you should understand that the permit will lose its validity.
Benefits of Residence Permits
Malta RP has many positive aspects and opens new opportunities for migrants:
- unimpeded access to European lands;
- the right of residence, work, and business;
- loyal tax environment;
- second home;
- access to medical care and a high-level educational system.
It is an excellent opportunity to change your life for the better, as well as to secure a future for your children. All of these benefits apply to the lead candidate and loved ones listed on the application.
Malta Permanent Residence
Malta permanent residence is aimed at foreign nationals whose countries are not part of the EEC. The license does not have an expiration date. It must be renewed every five years. The entire procedure of collecting and processing paperwork takes an average of four to six months. The mechanism is implemented in three ways:
- facilities (purchase or lease);
- contributions to government industries;
- charity.
It is necessary to make all three contributions to obtain the required documents.
Eligibility Criteria
The main applicant seeking to obtain a permanent residence permit must meet several criteria:
- be of legal age;
- have no criminal record;
- not be on the wanted list;
- not be on a sanctions list;
- have a good track record in obtaining visas in the past;
- confirm the legitimacy of the source of income;
- have assets of 500,000 euros, and 150,000 of these must be convertible into cash;
- contract of health insurance.
In addition to the investor, his wife (husband), minor children, adult children who do not have a spouse and are funded by their parents, and dependent members of the older generation can get the same status.
Benefits of Permanent Residence
The benefits of obtaining Malta PR are valued at many times the scheme’s cost. The residents do not need permits to move around the regions of the Schengen Agreement and stay in any state for almost three months. The permit gives the right to legally reside, work in the area, and conduct business. All necessary medical care is available not only in the republic but also in Europe. The candidate, his heirs, or relatives specified in the form have the right to receive education in schools and universities in the EU. The low crime rate attracts migrants with children and wealthy older people. Moreover, in light of the unstable political situation, the land can become an alternate airfield.
Comparison of Malta Residence Permit and Permanent Residence
Immigrant Invest expert Victor Esik notes that despite the more expensive mechanism of PR, its prolonged action more often attracts foreign nationals. Regardless of the scheme, contacting agents who will explain and select the most suitable options is essential. Consultants will find the best properties to buy or rent and help make safe deals. The help of professionals will reduce the waiting time and the amount of money spent.
