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Malta Residence Permit: Requirements and Benefits

PUNJAB NEWS EXPRESS | July 09, 2022 02:21 AM

Malta may be the EU's smallest country. However, natural attractions, Mediterranean culture, and historical splendor make the area popular among visitors. If you wish to stay in Malta temporarily or permanently and take benefit of its enterprises, you need a residency permit. The many ways of applying for a resident permit in Malta are described here.

Program for Ordinary Residents in Malta

One must physically live in Malta for 183 days out of each calendar year to qualify for Ordinary Residency. If you are from the EU or EEA, you may apply for the permit after three months of living in the country to get long-term residence permit in Malta

The following criteria determine the acceptance into the program:

  • Stable finances.
  • Pursuing a career or education in Malta.
  • A relative in Malta.
  • Confirmation of a permanent residence in Malta, such as the purchase or lease of a property.
  • For at least 90 days, you must physically be present in Malta.
  • Ordinary Residence renewals are available every five years.

Nomad Permit

The Nomad Residence Permit, which is available in Malta since 2021, is an enticing program for digital nomads and other remote professionals. This residence permit in Malta entitles its bearers to a wide range of services, including healthcare, and permits them to remain in Malta for up to a year. A valid passport, proof of travel insurance, and sufficient funds to cover living expenses in Malta are all requirements for this permission.

The Malta Permanent Residency Programme

By investing in the country, foreign people and their families may get a Malta permanent residence permit under the Malta Permanent Residency Programme.

Victoria Atanasova, an expert from Immigrant Invest, spells out the specifications of the Malta Permanent Residency Programme -

  • All applicants must be at least 18 years old and not EU citizens.
  • Possess the financial wherewithal to make the required investments.
  • The investment property must be maintained and held for at least five years.
  • Consider purchasing international medical insurance.
  • Provide documentation demonstrating that you have access to and control assets worth at least EUR 500, 000, including at least EUR 150, 000 in liquid assets.

Global Residence Programme in Malta

If you're not from the EU, EEA, or Switzerland, you may qualify for a tax break under the Malta Global Residency Programme (MGRP). This is a top plan for anyone interested in acquiring a Malta residence permit by investment.

Mind the following:

  • When it comes to purchasing or leasing a home, the regulations are identical to those of the Residence Programme.
  • Holders must visit Malta at least once per year; however, there are no annual minimum stay restrictions.
  • Revenues earned in Malta are subject to the standard tax rates in effect there.
  • Transfers of funds to Malta are subject to a uniform 15% tax rate and a minimum yearly tax liability of €15, 000.

Malta Single Permit Application

To lawfully live and work in Malta, people from other countries need to get a Single Permit (Malta residence permit card), which may be reissued when its first term expires.

The following Malta residence permit requirements determine whether you are eligible for the program:

  • Evidence of a permanent residence in Malta, such as the purchase or lease of a property.
  • Working for yourself or running a Maltese business.
  • To work, you have to obtain a valid work permit.
  • Have a business strategy and hire at least three citizens of the European Economic Area, Switzerland, or Malta during the first 18 months of operation.
  • Shareholders of a Maltese firm who have contributed at least €500, 000 in paid share capital are eligible to work as sole proprietors.

Malta residence permit benefits

Numerous investors are attracted to the Malta Residence Program because of its multiple advantages. There is no needed baseline period of physical residence in Malta prior to or after obtaining a residence card, and visa-free traveling to Schengen nations is available. The permanent residency application procedure takes just four months.

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