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09/01/15

Malta Residence and Visa Programme Regulations 2015

In accordance with Malta’s Immigration Act, the Minister for Home Affairs and National Security has issued Legal Notice 288 of 2015 entitled ‘Malta Residence and Visa Programme Regulations, 2015’.

 

The Malta Residence and Visa Programme Regulations 2015 offer applicants the opportunity to reside, settle and stay indefinitely in Malta, as well as travel within the Schengen area without the need for applying for a visa.

 

Under the Malta Residence and Visa Programme Regulations 2015 applicants and their dependents are offered the opportunity to acquire residential status in Malta subject to the following conditions:

 

The applicant must be a third country national, that is, not a citizen of the European Union, EEA or Switzerland. Once obtained, the certificate issued by Identity Malta under these regulations shall be monitored annually for the initial five years, and the five years following that. It is important to note that such certificate does not entitle the holder to any other rights under the Immigration Regulations apart from residence.

 

An administration fee of €5,500, which is not refundable must be paid on submission of the application.

 

Once it is established that the beneficiary qualifies for such status, he is to pay the contribution of €30,000 less the non-refundable fee that was paid on application; in addition, the applicant must also present the title to the qualifying property and the qualifying investment as well as other required documents.

 

In terms of the regulations, a qualifying property is an immovable property that was purchased for a consideration of €320,000 if situated in Malta or €270,000 if situated in Gozo or the south of Malta. Alternatively a “leased” property also qualifies if it is subject to a rent of not less than €12,000 per annum if the property is situated in Malta or €10,000 if situated in Gozo or the south of Malta.

 

The applicant also needs to make a qualifying investment. A qualifying investment is an investment in the form determined by Identity Malta holding an initial value of €250,000.Malta Residence and Visa Programme Regulations 2015

 

Apart from satisfying the above application requirements, the applicant must also be above the age of 18 and must provide a clean police conduct. The applicant must also satisfy all due diligence checks deeming him a fit and proper person as well as other general requirements. The applicant will only qualify as a beneficiary under this scheme if it holds the qualifying property and investment for a minimum of five years from the date of the issuing of the certificate. The applicant must not benefit under the Residents Scheme Regulations, High Net Worth Individuals – EU, EEA/SWISS Nationals Rules, Malta Retirement Programme Rule, Residence Programme Rules, Qualifying Employment in Innovation and Creativity Rules or the Highly Qualified Persons Rules. An affidavit must also be provided stating that from the date of application onwards he has an annual income of not less than €100,000 arising outside Malta or he is in possession of capital of not less than five hundred thousand euro €500,000.

 

Dependants of the beneficiary are also entitled to benefit from this scheme. In terms of this legal notice, dependants include the spouse of the main applicant, children under eighteen years of age, children between the age of eighteen and twenty- six if they are unmarried and economically dependent on the main applicant, parents or grand-parents of the main applicant or spouse or children of the main applicant or spouse over the age of eighteen with a certified disability if fully supported by the applicant.

 

 

Let's start September with fresh and useful news. Simon Mamo Real Estate agency always try to give answer to the customer requests. 



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