You can visit Schengen countries without a visa if you have permanent residence in Malta. In addition, it offers you a place of refuge in case of political or economic unforeseen events in your country of origin. It also gives you the opportunity to educate your children in Europe.
In Malta, how many residences by investment programs are there?
Since 2013, Malta has been competing with the UK, Switzerland, Spain, Portugal and Greece in trying to attract wealthy foreigners by issuing residence permits or citizenship by investing in their economy.
Malta is the only country in the European Union where foreigners can obtain a residence permit, permanent residence and citizenship by investment.
There are a variety of ways to obtain a Malta residence permit and a permanent residence permit. The former is called the Malta Global Residency Scheme while the latter is called the Malta Visa and Residency Scheme. Citizenship is earned for exceptional service through direct investment. After receiving a residence permit card for one or three years, the investor can apply for citizenship.
Each of these three programs helps achieve specific goals. For example, with a residence permit, you can travel to the Schengen countries without a visa and you can benefit from a special tax regime. With Maltese citizenship, you can choose to live in any EU country. Maltese permanent residence allows investors to establish a safe haven in the event of unforeseen problems in their home country, provide their children with access to European education, legally reduce their tax liabilities and/or settle in Malta.
Also Read: Learn about the L-1, H-1B and J-1 Internship Visas and for the USA.
Malta Permanent Residence by Investment
Suitable for those who, without necessarily moving to Malta, want to reduce their tax liability legally. They can also get a visa.
In order to obtain Maltese permanent residence in Malta, you must meet the following investment conditions.
● €300,000 – €350,000: purchase of a residential property in Malta. The amount depends on the location of the property: in the north it is more expensive, while in the south and on the island of Gozo it is cheaper. After 5 years, the property can be sold and the initial investment returned.
● €10,000 – €12,000: renting a home for 5 years, annual cost. This is an alternative to buying real estate. However, the rent paid during the five years is not refunded.
● €58,000 or €28,000: non-refundable contribution to the state fund. When an investor buys a home, he pays €28,000; when they rent, they pay €58,000.
● €2,000 non-refundable contribution to a Maltese NGO
● €500,000: minimum required capital for the investor, including €150,000 in financial assets. It is not necessary to invest this amount, but investors must show that they have this amount available.
● €40,000: single non-refundable administrative fee. This includes the cost of obtaining permanent residence, including the Due Diligence check. For their spouse, parents and grandparents, an investor must pay an additional €7,500 per person and €5,000 for each minor child and grandchild included in the application.
These program terms became effective on March 29, 2021 and reduced investor costs.
4 advantages of permanent residence in Malta through investment
1. Fast application processing time. Applying for Maltese permanent residence by investment can be processed in just 6-8 months. Comparatively, it takes 5-6 years without any investment in the economy to obtain permanent residence; in addition, applicants must reside in Malta during this period. In contrast, applicants for the Maltese permanent residence by investment program are not required to obtain a (temporary) residence permit.
2. Living in Malta is not required. Unlike Malta, almost all other European countries require permanent residence applicants to live in the country for at least 6 months a year for 5-6 years.
Having to spend 183 days a year in the country is not always convenient for those applying for permanent residence, especially since many wealthy people consider permanent residence a place of refuge only in case of unrest in their home country. Furthermore, applicants can obtain Maltese permanent residence by investing in the Maltese economy without having to live there.
3. The minimum cost and most of the initial investment is returned. After 5 years, the investor can recoup much of the initial investment by selling real estate and government bonds.
In addition, the value of the Maltese government bonds that participants in the Maltese permanent residency program can invest in offer an average annual return of up to 3%.
4. Rights virtually identical to those of Maltese citizens. You can become a tax resident, get a job in the country, take a management position, and start and run a business. Likewise, the permanent residence card replaces the Schengen visa.
However, a Maltese permanent resident cannot work in the government and does not have the right to live in other EU countries indefinitely. For this, they need to obtain a Maltese passport.
Obtain permanent residence in Malta after 5 years
Suitable for those who already live in Malta and do not plan to change their place of residence.
If you have lived in Malta for more than 5 years as a resident, you can apply for permanent residence. The permanent residence card is renewable every 5 years when the holder’s biometric data is updated.
After 5 years as a resident, you must do the following to obtain permanent residence in Malta:
● provide evidence of permanent residence in the country during the previous 5 years. Also, in this 5-year period, you cannot be absent from the country for more than 6 months in a single year or more than 10 months in total;
● show a stable income, enough to support yourself and your dependent family members. The minimum amount is €20,000 per year and another 20% for each family member;
● indicate and confirm your place of residence for the 5 years prior to the application for permanent residence;
● get health insurance;
● complete the Employment and Training Corporation (ETC) courses on social, economic and cultural information as well as Maltese history and pass the relevant examinations;
● pass the Maltese language proficiency test;
● provide a cover letter describing in detail the history of your stay in Malta and the reason for your initial visit.
Conclusion
There are two ways to obtain permanent residence in Malta: by investment and after at least 5 years of residence in the country.
The Malta Golden Visa for investment program is suitable for those who do not plan to move there immediately permanently. It helps create a haven in the event of turbulence in your home country, allows you to legally reduce your tax liabilities, and allows you to travel within the Schengen Area without a visa. It is faster and easier than obtaining permanent residence without investment.
Permanent residence in Malta living there for 5 years. This option is suitable for those who have committed to living in Malta for the next 5 years.
Immigrant Invest helps its clients to obtain Maltese residence permits, permanent residence and citizenship. Contact us and we will analyze your situation and offer you the option that best suits you.
Categories: Technology
Source: SCHOOL TRANG DAI
