Residency Options in Malta
Malta’s Residency Options
Malta is known for its historical landmarks, its English language schools, and its beaches, but Malta offers more than these options. The country has become a popular destination for international businesses and investors, along with their families, looking for a permanent residence permit in Malta.
Malta has become a European Union base for several international entrepreneurs for their businesses, a stepping-stone into the European market over the last decade. More and more foreign investors and their families have obtained permanent residency permits in Malta and some have also been assimilated as Maltese citizens as a result of significant investments made in the Maltese economy over the years. Now, Malta has introduced the; “Nomad Residence Permit” which is a new addition to its business promotion incentives. Check Wikipedia to learn about residence permits.
You can contact us and learn more information about residency options in Malta.
What is a Maltese Nomad Residence Permit?
The Nomad Residence Permit (NRP) is aimed at individuals who want to move to Malta to work remotely from the comfort of their chosen accommodation in Malta. This Nomad Residence program enables foreigners to retain their current employment with an employer based in another country whilst legally residing in Malta. The program is open to individuals who can work remotely using telecommunication technologies.
The Nomad Residence Program is open only to non-EU nationals who prove that they can work remotely. Applicants are responsible to prove that they fall under one of the following categories:
- Employed and registered with a foreign employer and have a contract of work,
- Conduct business operations for a company registered outside of Malta and of which the applicant is a partner or a shareholder,
- Offer to consult of freelance services, mostly to clients whose permanent establishments are in a foreign country, and with whom the applicant has contracts.
Applicants will undergo background verification and must have a monthly income threshold of €2,700 gross of tax and a health insurance policy covering all risks in Malta. Nomads must either rent or purchase property in Malta. You can check mondaq for more information.
Permanent Residence Permits for Malta
The Malta Permanent Residence Program is an attractive residence program granting a permanent residence permit in a European country that is also part of the Schengen Area. Families usually look for European countries that have a mild climate, a high standard of living, a safe environment for younger and older members of the family. Malta ticks all the boxes for an attractive permanent residence jurisdiction and occupies the highest positions in respected international indices for quality living and retirement.
Applicants for permanent residence don’t need to invest in applying and all capital outlays are due only at the end of the immigration process. Upon approval of the residence application, families are required to make a one-time contribution to the government of Malta with the amount of €70,000, which includes the main applicant, the spouse, and all unmarried financially dependent children with no age limitation. Parents and grandparents of both sides of the family can be added to the family application at an additional government fee of €7,500.
Applicants must show that they have purchased a property in Malta of at least €300,000 which must be held for at least five years. Also, families that don’t wish to immediately buy property in Malta are allowed to rent for the first five years, but their one-time government fee is higher, at €100,000. These are some of the residency options in Malta.
Residence Permits leading to Maltese Citizenship
Residents of Malta who provide extraordinary services to the country may be eligible for naturalization as Maltese citizens. Investors holding legal residence in Malta for three years may apply for Maltese citizenship after the expiry of this residence period.
They must pass a detailed examination of their wealth, their background and their reputation, and their health condition. Upon approval, a one-time direct investment is payable to a National Social and Development Fund of the Government of Malta and may proceed to the naturalization process.