What are the benefits of permanent residence in Malta?

A residence permit in Malta when purchasing real estate or another type of investment will allow you to live in the country for an unlimited period. Also, the terms of the Schengen Agreement apply to residence permit holders. In simple words, you will be able to freely travel around European countries without applying for a visa or other difficulties.

How to obtain a residence permit in Malta

There are currently two ways to get Residence permit in Malta:

• First way. It is necessary to buy real estate with a cost of 300 thousand euros, and also pay a state contribution in the amount of 68 thousand euros. For real estate located in popular resorts, the minimum investment amount is 350 thousand euros.

• Second option. Provides for the rental of residential real estate. For the south of Malta and Gozo, the minimum rental cost is 10 thousand euros per year. For the rest of the country, rental prices should start from 12 thousand euros per year. Regardless of the rental price, an additional state contribution of 98 thousand euros is paid.

The property must be owned or rented for 5 years.

An application for a residence permit is considered in the country within 12 months. In this case, the residence permit applicant and his family members receive the documents necessary for legal and official residence in Malta within 60 days after submitting the application.

Advantages of Malta residence permit

Move to Malta worth it because of a number of advantages that the residence permit status provides. Let's look at them in more detail:

• Residence in the countries of the European Union. Within 12 months after receiving a residence permit, you will be able not only to travel, but also to legally reside in EU countries.
• Favorable taxation. Local residents only pay tax on income earned within the country. All external income is tax-free, which makes it profitable to conduct international business.
• Travel without a visa. You will be able to visit many countries of the world without a visa for 90 days within 6 months.
• All family members can count on the status. A residence permit is issued to the applicant's spouse, children who are financially dependent on the applicant, parents, and grandparents.
• There are no mandatory residence requirements in Malta.

Stages of obtaining citizenship in Malta

Obtaining citizenship is carried out through a legal representative from a licensed agency. At the first stage, the applicant needs to choose an agency and enter into an agreement with an accredited agent.

At the second stage, the necessary documents are collected. The agent makes a list of all the required papers, so in the end you will definitely not miss anything. Also at this stage, a fee for submitting documents is paid.

The next stage is review of documents. If the applicant for residence permit status receives a positive response, he pays a state fee and a contribution in the amount of 24 euros.

The final stage is obtaining a resident certificate. At the same time, for 5 years the agency will check how the future citizen complies with the established conditions.

Requirements for residence permit applicants

The applicant must be an adult. The following additional requirements also apply:

• No criminal record for the last 10 years;
• Impeccable reputation – personal and business;
• No sanctions have been imposed in the EU, USA and Canada. Also, the future citizen must have a travel certificate with a current validity period;
• Good health. The future investor must undergo a medical examination and provide all certificates confirming the absence of health problems.

The investor must also have an annual income of at least €100 thousand received outside Malta.