A Legal notice issued at the end of August 2015 by the Maltese Government has released new terms related to “The Malta Residence & Visa Programme Regulations”.
These rules are applicable only to 3rd country nationals, who will be provided a Certificate awarding them the right to live, settle and remain indefinitely in on the Islands, only if certain terms, conditions and criteria are met.
Recipients
A receiver under these rules is an individual who demonstrates to the satisfaction of Identity Malta that he/she:
- is a third-country national and is not a Maltese, EEA or Swiss national;
- does not receive benefits under the Residents Scheme Regulations, the High Net
- Worth Individuals – EU / EEA / Swiss Nationals Rules, the High Net Worth Individuals – Non-EU / EEA / Swiss Nationals Rules, the Malta Retirement Programme Rules, the Residence Programme Rules, the Qualifying Employment in Innovation and Creativity Rules or the Highly Qualified Persons Rules;
- owns a qualifying piece of real estate for at least a five year period from the date of releasing of the certificate;
- holds a qualifying investment, in the way determined during the period by Identity Malta, for at least a period of five years from the date of issuing of the certificate. The investment obligation is that of an initial value of €250,000;
- is, and his dependents have a valid travel document;
- is in possession of illness insurance related to all risks throughout the whole of the European Union ideally covering for Maltese nationals, for himself and his dependents;
- deliverd an document (affidavit) confirming that from the date of application he receives an yearly income of no less than (one hundred thousand euros) €100,000 arising from beyond the shores of the Maltese Islands or is in possession of capital of nothing fewer than half a million euros; and
- is a acceptable and correct person.
Receivers of the Global Residence Programme are permissible to apply for the issuance of this Certificate, under the understanding that they meet all the extra eligibility requests of these new terms.
Dependants
The policies establish that dependents shall contain:
- the main applicant’s spouse in a faithful marriage or in another relationship having the same or a similar status to marriage;
- a child, as well as a adopted child, of the key applicant or of his partner who may be less than 18 years of age;
- a child of the key applicant or of his spouse who is aged between 18 and 26, that is not married and not economically active;
- a parent or grandparent of the key applicant or of his spouse who has proven that he/she is not economically active;
- a child of the main applicant or of the spouse of the main applicant who is at least 18 years of age, and who has been certified by a recognised medical professional as having a disability in terms of the Equal Opportunities (Persons with Disability) Act and who is living with, and is fully supported by, the main applicant.
Immovable Property Purchase or Rental
If the recipient opts to acquire immovable property, the minimum threshold should be of at minimum €320,000. If the said property is located in the south of Malta or in Gozo, the least value may be that of €270,000.
A recipient under the scheme has the choice to rent a property in Malta or Gozo instead of buying immovable property. The least annual rental value of the property has to be at least €12,000 (twelve thousand euros) if the property is situated in Malta or €10,000 if in Gozo or in the south of Malta.
Rights conferred by the Certificate to the Beneficiary
As referred to above, the Credential issued by Identity Malta in standings of these rules would provide the possessor to live, settle and remain in Malta for an indefinite period. This certificate is subject to an yearly monitoring practice for the first 5 years from its release, and every five years thereafter.
A holder of such Certificate will not be automatically entitled to any other rights mentioned in the Immigration Regulations.
Submission of Applications
Someone who desires to submit an application in terms of the Malta Residence & Visas Programme Regulations, must be represented by a registered approved agent or an accredited person. A non-refundable administrative fee of €5,500 has to be paid upon application.
Upon receipt of the application, Identity Malta would review it and determine whether the applicant qualifies as a beneficiary. If Identity Malta decides that he does qualify, a letter of approval in principle is issued, following which the applicant is asked to pay a contribution of €30,000 less the non-refundable administrative of €5,500 referred to above.
Once Identity Malta is satisfied that the contribution has been paid in full and that all the necessary supporting documentation is presented, the Certificate would be issued to the applicant accordingly.