Malta Residence and Visa Programme Regulations enables individuals to reside indefinitely in Malta
Malta became a full member of the EU in 2004. It is made up of 3 main Islands (Malta, Gozo and Comino) in the Mediterranean Sea, just south of Sicily. Malta is very much alive with a rich cultural heritage going back to the Neolithic Age and with influences throughout history from the Phoenicians, the Arabs, the Sovereign Military Order of Malta, the British and the Italians. Its geographical location means that the climate is one with plenty of sunshine and mild temperatures, and it is all within a 2-3 hours’ flight from the major European cities.
Malta: Southern Europe’s Best Kept Secret
“A city of palaces built by gentlemen for gentlemen” , Benjamin Disraeli.
Valletta is the capital city of Malta. Located in the central-eastern part of the island of Malta, Valletta is a historical city with a population of a little over 6,000. It was registered as a World Heritage Site by UNESCO in 1980.
Note:Valletta is the 2018 European capital of culture, which has added considerable interest in and focus on the city.
The Republic of Malta is a small country covering a total area of 316 square kilometres. The size of the population of the country is approximately 450,000.
Reasons for some of the factors making Malta what it is are:
- Crystal clear seas and beautiful seaside spots
- Sun. A lot of sun!
- Friendly, easy-going and genuine population
- EU Member country
- Political and economic stability and strong legal system
- Member of the Schengen area
- Official languages are English and Maltese
- First class public and private health services
- Rich cultural history
- An abundance of sea food and a strong Italian and North African influence on its cuisine contributing to an interesting gastronomic destination
- A Mediterranean way of life where life is celebrated. Often!
- An 18-hole golf course, sailing, cliff diving and a variety of water sports
- Skilled workforce
- Stable and sophisticated real estate market
- Daily flights to all major European and North African airports
- Several Low-Cost airlines offering a regular service
- Excellent conditions for persons wanting to take up residence in Malta
Doing Business in Malta
As a member of the European Union, the Council of Europe, the United Nations and the Commonwealth, the rule of law is respected in civil society and power is smoothly transferred following regular, fair and open elections. Malta attracts a significant number of international investors and private corporations due to the attractive business environment, including the Malta tax system. In fact, Malta is one of the EU’s most open economies as a traditional trading nation reliant on import and export.
Because of this the financial services industry in Malta has seen rapid growth in the last ten years, where it has become one of the leading aspiring financial services centres in the world and financial services is now a major contributor to Malta’s GDP. Malta has a skilled and well-educated work force and as the financial services industry is still growing it offers people looking to move to Malta several possibilities.
Malta has seen significant growth in e-commerce activities and several entrepreneurs and corporations are relocating their businesses to the country. Setting up an online business in Malta is a relatively straight forward process and offers several advantages, including tax advantages.
All legislation in Malta is published in Maltese and English. All companies in Malta generally can conduct business in Maltese and English. This makes doing business in Malta a relatively easy task.
The Malta Residency and Visa Programme (MRVP) Regulations
The MRVP is a residence programme whereby Third Country Nationals (ie non-Maltese/EEA/Swiss nationals) can take up residency in Malta. As an accredited agent, Papilio Services Limited can act on behalf of clients and process MRVP applications.
Malta Residence and Visa Program highlights
A Third Country National, his/her spouse in a monogamous marriage or similar relationship, a minor child (including an adopted child) of the applicant or his/her spouse, an unmarried child of the applicant or his/her spouse who is not economically active and principally dependant on his/her parent/s, a parent or grandparent of the applicant or his/her spouse who is not economically active and principally dependant on the applicant or his/her spouse may be eligible for the MRVP.
- The Main Applicant must be at least 18 years of age, considered a fit and proper person and must pass a due diligence test carried out by the authorities.
- The Main Applicant must contribute a non-refundable €30,000 fee to the Maltese authorities, made up of €5,500 on application and the balance upon being issued with the letter of Approval in Principle. An additional €5,000 is payable for parents and grandparents and for a spouse who was not included on the original application.
- The Main Applicant must have an annual income of at least €100,000 arising outside Malta or capital assets of at least €500,000 in his/her possession.
- The Main Applicant must invest at least €250,000 in debt or equity securities listed on the Official List of the Malta Stock Exchange. Investment in these securities may also be achieved through an investment in collective investment schemes that are licensed and are on the Official List of the Malta Stock Exchange. The investment must be held for a minimum period of 5 years.
- The Main Applicant must also purchase a property in Malta for a minimum value of €320,000 (€270,000 if in Gozo or the south of Malta) or rent a property in Malta for a minimum annual value of €12,000 (€10,000 if in Gozo or the south of Malta). The property must be held for a minimum period of 5 years.
- All persons on the application must be covered by a comprehensive sickness insurance policy in respect of all risks across the EU, normally covered for Maltese nationals.
Current Tax Rates
A person holding a residence permit is taxed in Malta at the standard progressive income tax rates (current maximum rate is 35%) applicable to every Maltese resident person on his or her chargeable income. A minimum tax liability of €5,000 per annum is payable by persons having an annual income arising outside Malta of at least €35,000.
How to apply for status under the MRVP
Malta Residence and Visa Programme applications may only be submitted to Identity Malta through the services of an accredited person. As an accredited agent, Thomas Jacobsen may assist you and your family further.