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Looking to apply for residency or citizenship in Malta? This article goes through some programmes which may be of interest to you. If you want to be a resident or a citizen of the EU, Malta is the ideal choice for your application. However, without guidance, your application could be quite a difficult and long process. No need to worry though, since Michael Kyprianou Advocates and Legal Consultants are here to help! Our esteemed Partner, Dr David Meli, is licensed to handle applications for residency and Citizenship in Malta.
Why Choose Malta to Apply for Residency or Citizenship?
Malta enjoys a stable political climate and a bi-partisan political scene that is largely convergent on issues of national and economic importance. Malta has been a member of the EU since 2004 and of the Schengen Area since 2007. However, there are many advantages when applying for Residency or Citizenship in Malta:
- A modern island in the heart of the Mediterranean
- Close proximity to Europe, Africa and Asia
- Member of the European Union since 2004
- Commonwealth member state
- Excellent & diverse economy
- English is an Official language
- Top-class healthcare system
- Excellent education system
- Safety. Malta has a very low crime rate compared to other EU countries
Malta Citizenship by Individual Investment Programme
The renewed Maltese Citizenship Programme offers a secure EU relocation route with a fast and straightforward residency acquisition for the entire family. Passports are issued after one year through the expedited route, and three years through the standard option.
A Maltese passport grants the holder the right to live, work or study throughout the EU, as well as providing global mobility and lifelong family security. Additionally, this scheme provides investors with many fiscal advantages, together with citizenship of the European Union, visa-free travel to over 160 destinations including the United States and the United Kingdom, Schengen Residence status for 1 year prior to issue of passport, better education for children, a stable political system and an overall good quality of life.
Principal Requirements of the Malta IIP
Qualifying investments start from €700,000, with several options. Initial contributions of €600,000 receive a three-year residency, after which time citizenship may be applied for, whereas a €750,000 contribution enables citizenship to become eligible after only one year. Investors have a choice, whether to purchase a property at a minimum real estate value of €700,000 or rent a property at €18,000 minimum per year. In addition, applicants must donate €10,000 to a registered charitable organisation.
The MRVA by Investment
The private sector takes an immense blow as a result of money laundering activities. This is often the case when fraudulent persons use ‘front’ companies. Since ‘fronts’ often have an immense flow of illegal-gotten cash, they are often at a financial and competitive advantage over legitimate businesses, especially in times of economic recession, in which they are better equipped to incur heavy losses. They can also easily disrupt markets by subsidising products and services, to be sold at below-market rates.
This programme entitles successful applicants with permanent residency and visa-free travel across Shengen 90 days out of 190, whilst being open to multiple generations.
Principal Requirements of MRVA by Investment
Investment for this programme requires applicants to either rent a property at a minimum of €12,000 per year in Malta (€10,000 if rented in Gozo or the south areas of Malta) or buy a property at a minimum of €350,000 in Malta (€300,000 if rented in Gozo or the south areas of Malta). Choosing to rent a property requires the applicant to also make a direct contribution to the government of Malta of €58,000. If the applicant chooses to buy a property, then a direct contribution to the government of Malta of €28,000 must be made. Either direct contributions must be effected within eight (8) months following the issuance of the Letter of Approval in Principle. To the applicant’s benefit, payment of direct contributions can be effected in tranches.
Compounded with the above, an non-refundable application fee of €40,000 is also to be made, €10,000 of which is to be paid within one month of applying whilst the remaining €30,000 can be tranched between two (2) months following the issuance of the Letter of Approval in Principle. Subsequently, a €2,000 donation is to be made to a non-governmental organisation (NGO) of the applicant’s choosing.
Finally, other family members who wish to acquire the same status as the main applicant can do so.
The different fees and conditions are as follows:
- Parents and Grandparents – 7,500€
- Spouse of an already-approved main applicant – €7,500
- Spouse of an already-approved dependent child – €7,500
- Child 18+ principally dependent on main applicant after approval – €5,000
- Minor child of an already-approved dependent child and/or of their already-approved spouse
Global Residence Programme
The Global Residence Programme offers individuals the possibility of acquiring permanent residency in Malta without needing to be physically present in Malta for a predefined period of time. This programme has been known to offer selected candidates access to Malta’s wide network of double tax treaties whilst simultaneously offering a privileged tax status.
With this programme, successful applicants acquire Maltese permanent residence status, as well as permanent residence status in Europe. Successful applicants also enjoy a Schengen Visa that provides freedom of movements within the other participating 25 European countries. Whilst the Global Permanent Residence Programme can include spouses and dependents, it may also be inherited. Consequently, successful applicants are not subject to inheritance tax, and are able to make best use of the benefits concerned with the Double Tax Treaty relief scheme as well as being awarded a Tax Residence Certificate whenever necessary.
Principal Requirements of the GRP
- Within twelve (12) months of acquiring permanent status, applicant must prove that they have:
- a) Either purchased property for over €275,000 (or €220,000 if the property is in Gozo or in specially designated areas in the south of Malta) OR b) Rented property for over €9,600 p.a. in Malta (or €8,750 p.a. if the property is in Gozo or in specially designated areas in the south of Malta).
- Demonstrate a minimum tax liability of €15,000.
- Obtain medical insurance coverage for all risks in Malta as well as the rest of the EU.
- Present proof of independent and sufficient means.
- Must not reside in any other jurisdiction for a total of 183 days of over within a full calendar year.
How We Can Help
Τhe Residency team at MK Advocates and Legal Consultants is dedicated to helping individuals and families achieve all of their travel and residency goals. We provide the best information available for successful service performance. The firm consists of determined legal advisors who help clients with sensitive and complex matters, aiming to achieve the best outcome for them.
We harbour expert knowledge and crucial experience in such application processes and offer assistance from start to finish. When planning to reside in Malta, one must be sure of which applications to fill, together with applying with the right departments and authorities as well as planning the right documentation ahead. Applying by yourself may be challenging, but having a partner like us can make your life a whole lot easier. At Michael Kyprianou Advocates and Legal Consultants, we hand-hold our clients each step of the way so that we make sure the process is done correctly, in order for your application to be approved.
Depending on your goals, we can help you steer your way into a Residency Programme in Malta which makes sense for you, whilst avoiding unnecessary bureaucratic hurdles. We thereby provide a quality of service that is client-driven and highly tailored.
The content of this article is valid as at the date of its first publication. It is intended to provide a general guide to the subject matter and does not constitute legal advice. We recommend that you seek professional advice on a specific matter before acting on any information provided. For further information, please contact us at MK Fintech Partners via email at firstname.lastname@example.org or by telephone +356 2016 1010.