Long-Term Residence in Malta
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In general, visitors from other countries can stay in Malta for 90 days in each half-year period. But since it is such a wonderful country to stay in, many people would like to extend their stay. That's when regular and temporary residency permits come to light. However, the terms are different for EU and third-country nationals, so it is crucial to understand the terms and conditions of getting a permit for permanent residence in Malta. In this article, with the help of specialists from Immigrant Invest, we will talk about getting a regular residency permit in Malta, how it can be converted to a permanent one, and about permanent residence by investment in Malta.
Benefits of Long-Term Residence in Malta
As Victoria Atanasova, an expert from Immigrant Invest, points out, even without being citizens, Malta residents get various advantages from living in the country. Apart from living in a pleasant climate and wonderful nature, Maltese residents can visit Schengen countries without a visa and stay there for 90 days. In Malta itself, they will have a right to apply for a work permit and even start a business. Malta's indulgent tax laws will be of great help if they will decide to register a company here. In terms of service quality, Malta is praised for its healthcare and education system. A long-term residence permit in Malta can be prolonged indefinitely.
Malta Permanent Residence Through Investment
For people wishing to enjoy multiple benefits of permanent residence in Malta, a special residence program was launched in 2015. It is designed for investors out of the European Economic Community wishing to live in Malta together with their families. They are presented with several investment options, which will make it possible for them to apply for residency:
- Lease property with no less than €12,000 annual rent, €10,000 in Gozo and southern regions.
- Purchase real estate worth €350,000, or €300,000 in the regions mentioned in the previous option.
Both options include donating €2000 to the country's charitable NGO of the investor's choice and making a contribution to the government — €98,000 in the first option and €68,000 in the second.
A long-term residency permit is available for third-country citizens who have spent at least 5 years in Malta. The permit is issued for 5 years and can be prolonged indefinitely.
To find out more about the program and see minimal investment requirements for families of different sizes, you can read this article about the Malta Global Residence Program.
Residence Permit Obtaining Conditions
There are several personal and financial requirements for a permanent residence an investor must comply with to take part in the program. Apart from meeting previously discussed investment requirements, they need to be 18 or older and have no serious health issues, criminal record, or evidence of destructive behavior. They must have health insurance and proof of income sufficient to support themselves and their family. Financial requirements for permanent residence status in Malta state that an applicant must have at least €500,000 of assets.
Obtaining Residence Request for EU Citizens
If you have EU citizenship or a residency permit in a different EU country, consider yourself lucky. You can use a much easier program for obtaining a residency permit made specifically for EU citizens and residents. All needed to get a permit through it is to provide proof that you can sustain yourself financially with an income you receive from outside of Malta, have health assurance and a place to live in Malta.
Upon successfully completing an application process, you'll get an electronic ID. The application can be filed after residing in the country for three months under a short-term residence permit. Just as a permit obtained by investment, this one can be prolonged indefinitely.
