MALTA GOLDEN VISA PROGRAMME
The Malta Golden Visa Programme allows residents to enjoy the full benefits of the country in all its glory. The country is known for its stable political relations with other countries in the area and the political scene is largely convergent on economical and national issues. Along with Germany, Malta managed to maintain its financial stability and economic growth during the crisis and recession. Malta has been an EU member since 2004 and enjoys Schengen Residency since 2007. This means that foreigners that obtain the Golden Visa permit has free access to all of the Schengen areas and they are able to stay, work and live in Malta. This is why the programme is so attractive to foreign investors.
Benefits of Malta Golden Visa Programme
Holders of the Malta Golden Visa permit will enjoy permanent residence and the right to reside indefinitely in Malta. Residency will be issued for the first 5 years and will then be freely renewable thereafter. An initial investment is required for the first 5 years and the holder will be classified as an ordinary resident when it comes to their tax residency status. The residence card allows you to travel freely within the country and the Schengen Area, it allows for a work permit, and no minimum physical presence is required to maintain immigration status.
Tax system for the Malta Golden Visa Programme
Holders of the Golden Visa permit will only pay tax on local income and there is no tax on foreign income or foreign capital gains transferred to Malta. No inheritance tax is paid and there is no worldwide basis of taxation. No wealth taxes or local taxes are payable, there are not wealth disclosure obligations and there is no withholding taxes. This favourable tax system is a huge attraction when it comes to Maltese residency.
Eligibility for Malta Golden Visa Programme
The Golden Visa Programme is open to non-EU nationals and it makes provision for family members including spouses/partners, grandparents and parents, and children under 25 years. The applicant must provide proof that he or she makes an annual income of at least 100,000 EUR and has at least 500,000 EUR in their possession. Applicants must rent or purchase property and make a non-refundable contribution of 30,000 EUR – 5,000 EUR will be payable on application and 24,500 EUR payable upon approval. The applicant will have to invest 250,000 EUR in government bonds. The minimum value for the property purchased or rented must be 320,000 EUR or 12,000 EUR per annum (Malta) and 270,000 EUR or 10,000 EUR per annum (Gozo). Applicants must have a valid travel document and EU health insurance.
Process of Malta Golden Visa Programme
The process time of the Golden Visa permit is about 4 months. 2-3 weeks will be spent on preparing and completing documentation before submitting it. It will take 3 months for officials to process it and for due diligence to be implemented. There will also be a 3-4 week compliance period where the applicant will have time to make the necessary deposits into the country.