Requirements and How to Obtain Residency through Investment (Golden Visa) in Malta
For those who do not reside in European Union countries, benefiting from the Schengen treaty’s free movement of people can be a challenge. This implies that non-EU citizens visiting an EU country will require a tourist or short-stay visa, with visits limited to 90 days. Thankfully, there’s a swift and straightforward way for high-net-worth individuals from Latin America, Asia, or Russia to establish residency in the European Union: the Golden Visa or investment residency in Malta.
Understanding the Maltese Golden Visa and its Purpose
The Maltese Golden Visa is designed for non-EU individuals seeking to establish themselves in Malta. It offers a flexible solution for high-net-worth individuals and their families who wish to reside in this English-speaking Mediterranean country. Acquiring a second residence in Malta is an intelligent investment for families interested in having a European base, providing a safe harbor, a Mediterranean lifestyle, and access to top-notch English-language education.
Who Can Apply for the Maltese Golden Visa?
Individuals can apply for the Golden Visa in Malta if they meet the following criteria:
- Non-resident in the European Union.
- Make a designated investment in real estate, funds, or companies in Malta, or make a donation to the Maltese government.
- Demonstrate sufficient financial resources to support residence in Malta.
- Have private health insurance coverage in Malta.
All applications must be submitted by an authorized agent who provides evidence to the Maltese authority that the applicants are fit and proper individuals. A rigorous four-level due diligence process awaits the applicant and their dependents.
In addition to meeting the investment requirement, applicants must have:
- Regular resources sufficient to sustain themselves without relying on Malta’s social assistance system.
- Assets with a minimum value of €500,000 globally, of which at least €150,000 must be in the form of financial assets.
The Threefold Investment Requirements of the Maltese Golden Visa
Unlike the Spanish and Greek Golden Visas, the Maltese program has a certain level of complexity due to its threefold investment or triple requirement:
– If purchasing property, the minimum property value must be €350,000 if located in Malta, or €300,000 if located in Gozo or the southern part of Malta.
– If renting, the minimum annual rental value must be €12,000 for property in Malta, or €10,000 for property in Gozo or the southern part of Malta.
– When purchasing property, the contribution is €28,000 plus €7,500 for each parent or grandparent of the main applicant or spouse.
– When renting property, the contribution is €58,000 plus €7,500 for each parent or grandparent of the main applicant or spouse.
Make a donation of €2,000 to a local non-governmental organization registered with the Commissioner for Voluntary Organizations or approved by the Agency.
Additionally, an administrative fee of €40,000 per application is required, with an initial payment of €10,000 upon submission and the remaining €30,000 upon approval.
Recommendations for Golden Visas with Real Estate Assets
In Malta, there’s a considerable amount of informality and poor practices in the Golden Visa sector. It’s common for individuals lacking legal knowledge, such as real estate agents, client networks of the applicant’s nationality, or even quasi-criminal organizations, to handle the Golden Visa application process. Despite whether you ultimately proceed with the Relocate&Save team’s assistance, we recommend the following:
- Engage reputable real estate agents for property acquisition, not immigration lawyers. Seek specialized experts, not mere intermediaries.
- Conduct real estate due diligence. For high-value property acquisitions, consult with urban planning and real estate experts to assess burdens and risks.
- Manage the Golden Visa process with immigration lawyers, not real estate agents or client networks.
