PERMANENT RESIDENCE OF MALTA
Malta – a refined, small and extremely generous with mysterious events related to the past area. In addition, Malta can boast of majestic architecture and a lovely, hospitable people. In 2011, Malta became the country with the most favorable climatic conditions in the world.
Advantages of residence of Malta:
- investing is possible only after the approval of the person applying for participation in the program;
- the ability to attach children in care of at the age of 25, parents not older than 65 years old;
- no requirement for permanent residence;
- there is no need for personal presence to apply for participation in the program;
- the opportunity to live in Europe all year round;
- no need to register the organization and realize its functioning;
- the complete absence of the monthly costs.
How to get a residence of Malta:
To obtain permanent residence in Malta, you must fulfill the following requirements:
- the main applicant for permanent residence in Malta must have a capital of at least $500000;
- of all assets of the main applicant, at least $150000 must be in financial status;
- Applicants must buy or rent a home in Malta under the following conditions:
- The minimum purchase price for real estate is 350,000 Euros or 300,000 Euros for South Malta or Gozo;
- The minimum rent for rented property is 12,000 Euros per year or 10,000 Euros for South Malta or Gozo;
- candidates must make a donation of 2,000 Euros to the Government Organization
- candidates must pay a Contribution of 58,000 Euros
- candidates must pay an administrative fee of 40,000 Euro
- candidates have to pay a check of their dossier of 7,500 Euro for each adult family member, excluding the spouse of the initiator.
The cost of obtaining permanent residence in Malta:
Cost of accompanying the process: 30,000 Euro.
The process permanent residence of Malta:
Step 1. Pre-check and preparation of the record;
Step 2. Payment of the first part of the government's fee;
Step 3. Submission of the record and security screening – Due Diligence (time of inspection, as a rule, no more than two months);
Step 4. After a positive decision, the rest part of the government's fee is paid and redeem bonds and the acquisition or lease of real estate is carried out;
Step 5. Delivery of biometric data (for delivery of biometrics you should visit Malta);
Step 6. Getting the Id-cart of resident. Cards are issued to the applicant personally.
The card validity for five years, after that, it replaces of a technical nature.
THE DEADLINE FOR OBTAINING OF RESIDENCE OF MALTA
- Collection of documentation -14 days
- The obtaining of permanent residence - 6 months.
Documentation requirements to apply for a residence of Malta:
- external passport (photocopy all pages);
- passport (photocopy all pages);
- certificate form 2-Person income tax (about income);
- evidence of higher education;
- extract of the credit institution for 90 days before the application;
- document of the credit institution confirming availability of funds required for investments;
- birth certificate of the applicant and children;
- the certificate of marriage;
- document confirming the absence of infection;
- proof of the address data;
- color photo of size 3.5 x 4.5 in number of 3 pieces;
- the document confirming absence of previous convictions;
- a document confirming the insurance.
Permanent residence of Malta is one of the most popular options for those who wish to change tax residence, and provide yourself and your family alternative accommodation in a safe country with a high level of standard of life. Obtaining of permanent residence permit allows you to do business in the most favorable conditions, and to live and work in the territory of that state. Even if now there is no need to move, the presence of permanent residence will make Malta a great "alternate airfield" in case of any problems in the native country.
The process of obtaining permanent residence by investment regulated by the terms and conditions of the MRVP program, which operates in 2015. According to the rules of the program, the registration of permanent residence by investment is available to nationals of countries outside the EU. The changes that were made to the program in 2017 (cancelled some bureaucratic procedures, eliminated restrictions of permanent residence on the territory of the country, etc.), made it even more attractive and profitable for investors.
The pros and cons of getting permanent residence in Malta:
What are the benefits of permanent residence of Malta?
The main reasons of the popularity of this option:
- visa-free entry to countries of the Schengen agreement;
- the opportunity of optimization of taxation (permanent residence status provides the usage of residents of the benefits of the tax system of Malta – maintenance, planning, benefits);
- no requirements to residence in the territory of Malta (as before the registration status and after);
- an opportunity of business development;
- return of investment after 5 years;
- obtaining a status on the regarding program covers not only to applicant but also to members of his family (children, parents).
The standard of living in Malta deserves special attention: according to the ranking of EU countries, the state is in 5th place in the attractiveness and availability of favorable conditions for moving. Permanent residence status gives the opportunity to European education (this is especially important for applicants with children) to use health services (it is at a high level) and overall provides a security guarantee for the future.
The country has excellent climate, rich history and a rich cultural life (not accidentally that the island attracts huge number of tourists). In addition, in the country was created favorable conditions for permanent residence. The second official language of Malta is English, so the contacts with the representatives of the various countries are simplified.
Among the disadvantages of the migration program of Malta can be called a necessity of acquisition of a residential property (besides main investment), passing the vetting process by all applicants included in the application, as well as the requirement of financial dependence of parents and adult children of the principal applicant.
The process of obtaining permanent residency of Malta:
The program of obtaining permanent residence of Malta for investment – the only method to obtain the status of permanent resident of this state in a short time (other methods of obtaining can take several years). In addition, Malta offers the opportunity to obtain a permanent residence of a European state for two or three months (in other countries of the European Union it is necessary to reside in the country from three to six years for receiving the status).
The conditions of the program include investment in government bonds (250 thousand euros), including the irrevocable administrative fee (the funds are intended to cover the costs of applying for a permanent residence, redemption of government bonds and their return after a five-year period.), the acquisition or lease of real property. Respecting the property, the applicant can choose the most favorable option: either to rent a property (cost of rent can vary depending on the region), or buy a property, the cost of it will be above 270 thousand Euros. The sale of real estate is possible after the five-year period (as in the case of government bonds).
What is the process of the registration status of permanent residence in Malta?
This process consists of several stages:
- preparation and filing of documents;
- security screening – Due Diligence (time of inspection, as a rule, no more than two months) and the payment of the part of administrative fee;
- regarding a positive decision – the implementation of the program (at this stage remaining payments of the administrative fee performs and redemption of bonds, and also acquisition or lease of real estate is carried out the);
- delivery of biometric data (for delivery of biometrics, you should visit Malta);
- obtaining permanent residence cards (card validity - five years, after that it replaces of a technical nature );
- return of investment (the investor has the right to sell bonds and to sell the property or dissolve the rental contract after 5 years).
An important question for every applicant to receive permanent residence status is the probability of failure. The risk of failure exists in the provision of false information by the applicant, the presence of the applicant in the lists of Interpol and the SIS system, as well as in case if the applicant is related to terrorism, war crimes or money laundering. In addition, status may be refused in a situation where the application poses a threat to the security and reputation of Malta and other States.
So, today migration program of Malta has no analogues in Europe, and its benefits greatly exceed some disadvantages that are arbitrary to a large extent. It is no coincidence that Malta is in the top of the charts for the most popular investment programs: a permanent residence of this island nation provides not only the possibility of tax optimization, free movement in the Schengen area and the appropriate conditions for business development, but also comfortable and safe place for permanent residence of all family in case of necessity.
Legal framework for permanent residence in Malta:
Most Frequently Asked Questions and Answers:
Today, the rules of taxation for Maltese residents are clearly and clearly spelled out in the relevant section of the country's legislation. In the event that a person who has made investments in the economy of a power stays on its territory for more than 183 days in a calendar year, then he receives the status of a domicile tax resident. All income received by people of this class, both on the territory of Malta itself and on the lands of any other countries, is subject to income tax in accordance with generally accepted standards.
Citizens who receive permanent residence in Malta for investment, and who live in the country for less than 183 days in a calendar year, have the opportunity to be exempted from paying income tax for all types of realized income. Such people pay state fees exclusively on money transfers carried out within the framework of the accounts of banking structures originally registered in the territory of Malta itself.
According to current legislation, investors who receive permanent residence in Malta through the lease or purchase of real estate can terminate the relevant contracts without any outside problems. However, in order to continue participating in the immigration program, future citizens of the country will need to conclude a new deal.
At the same time, the cost of acquiring or renting real estate must again meet the conditions set forth in the framework of the relevant section of the migration legislation. The investor notifies the accredited agency representing his interests in the country about the change of the rented property.
The main confirmation of the fulfillment of the terms of the investment immigration agreement is a document that is a copy of the agreement on the purchase or lease of real estate. In the event that the investor leases any property, he will need to provide additional paper - a receipt for making the appropriate payments.