Residency In Malta

As with the other countries we’ve discussed in detail so far, you don’t need a visa to enter Malta for up to 90 days. And Malta makes it easier than most EU countries to extend your visit. If you wish to stay on past your tourist visa, you can apply in the country to do so; the process does not need to be started in your home country. This is a temporary visa, of course.

Non-EU nationals can reside under the basic residency visa if they hold an employment license, are self-employed, or are self-sufficient. Individuals and families can obtain residency if they can prove that they have enough money to sustain themselves without assistance. Applicants will also need local or international health insurance and a home rental contract.

If the applicant is a non-EU national, as with the increasing number of U.S. citizens, then the proof of solvency is 50,000 euros. The amount rises for each additional dependent family member by 8.15 euros per week. Generally, applicants receive the self-sufficiency visa and their ID card for five years.

In the case of EU nationals, a single applicant must show a bank account statement with more than 14,000 euros for a year.

Residents under Malta’s Global Residence Program can live and work in Malta, and, of course, they can enjoy all benefits of being a resident of the EU. There are two primary requisites: The resident must pay an additional annual flat tax and must purchase or rent a qualifying property. The flat annual fee is 15,000 euros, which must be paid by April each year.

There are different categories for the qualifying real estate. In Central and North Malta, the immovable property’s price must be at least 275,000 euros. In the south of Malta and Gozo, the minimum investment is 220,000 euros.

Uniquely, leasing property at 9,600 euros on Malta and 8,750 euros on Gozo is also a means to qualify. Malta is the only country we know of that grants residency based on a rental contract.

The program has the following benefits:

• Dependents qualify at no extra cost when applying for this program (the definition for which is loose; the age limitation of children [natural, adopted, or in care] is 25, and also includes dependent brothers, sisters, and direct relatives, in an ascending line)
• The program even allows for employees (anything from a caregiver to a butler) as long as you have been employing them for the preceding two years
• Approval within three months
• A gateway to residency in other countries in the Schengen area
• Holders avail of a flat tax rate of 15% on income remitted to Malta with a minimum tax liability of 15,000 euros per year

You can become a permanent resident after five years, but will then be subject to Malta’s regular income taxes (no longer able to pay the flat rate). However, the permanent resident status opens the gate for citizenship after another five years.

The “Malta Residence And Visa Program” is similar to the Global Residence Program, but applicants of the Malta Residence and Visa Program must invest at least 250,000 euros, making this the real residency-by-investment program of Malta. The applicant must invest the necessary amount in government bonds, which is then retained for a minimum period of five years. The Maltese government also asks for a nonrefundable contribution of 30,000 euros. Officially, this contribution is the “advance government administrative fee.”

The main benefit of this program is that the resident must pay tax only on the Maltese sourced and remitted income. Family members can be included, and the residents can live anywhere if they fulfill the ordinary residency rules of Malta. This is the simpler and more straightforward program from an application process point of view.

Otherwise, the property investment or rent requisites are the same as in the Global Residence Program.