Friday, 18 November, 2016

The Malta Residence and Visa Programme

The Malta Residence and Visa Programme Regulations, 2015 (the ‘Programme’) were introduced by virtue of Legal Notice 288 of 2015 and will give the successful main applicant and any registered qualifying dependents the right to reside, settle, or stay indefinitely in Malta, provided that the qualifications of the Programme continue to be satisfied. The Programme has been introduced for individuals who are not nationals of the EU / EEA / Switzerland.

All successful main applicants together with their registered qualifying dependents will be able to travel within the Schengen Zone, subject to certain time limitations. Travelling outside of the Schengen Zone will probably require a separate Visa and conditions would vary depending on the nationality of the successful applicant.

Main criteria for eligibility (main applicant)

  • The following are the main criteria for eligibility for a main applicant. The main applicant:
  • must not be an EU / EEA / Swiss national and must not be resident in Malta under any other scheme or programme
  • must be at least 18 years of age
  • must be in possession of a valid travel document
  • must be in possession of a health insurance policy
  • must have non-Malta annual income of not less than €100,000 or be in possession of at least €500,000 in capital and must be able to financially maintain himself / herself and any registered qualifying dependents in Malta 
  • must purchase or lease immovable residential property in Malta and hold such property for a minimum period of five years from the date of issuance of the residency certificate. The immovable residential property should be acquired for a minimum value of €270,000 (for properties situated in the south of Malta or in Gozo) or of €320,000 (for properties situated in central and northern Malta). The immovable residential property may also be leased, provided that the minimum annual rental value is of at least €10,000 (for properties situated in the south of Malta or in Gozo) or €12,000 (for properties situated in central and northern Malta or in Gozo) 
  • must hold a qualifying investment of an initial value of €250,000 for a minimum period of five years from the date of issuance of the residency certificate
  • must make a one-time financial contribution of €30,000 to the Government of Malta

Eligible dependents

The following are the eligible dependents:

  • the spouse
  • minor children (younger than 18 years)
  • other children over 18 years but younger than 26, who are not married and are maintained by the main applicant
  • children over 18 years who are mentally or physically disabled and are living with and supported by the main applicant
  • a parent or grandparent

Malta tax

The Malta Residence and Visa Programme is primarily a residency programme and it does not specifically address the Malta tax aspects of the successful main applicant and the registered qualifying dependents. Therefore, the Malta tax situation has to be determined in accordance with the individual’s domicile and residence.

In terms of Malta income tax law, an individual who is resident but not domiciled in Malta is subject to tax in Malta on all Malta-source income, and on non-Malta source income which is remitted to or received in Malta.

Additionally, Malta income tax would also apply to capital gains arising in Malta however any capital gains arising outside of Malta are not subject to Malta tax, even if remitted to Malta.

Vistra Malta

Marco Bugelli, the Managing Director of Vistra (Malta) Limited, is authorized by the Malta Inland Revenue to act as Authorised Registered Mandatory (‘ARM’).

As well as obtaining residence status under the programme on behalf of the applicants, Vistra Malta, can assist successful main applicants and their dependents in complying with all necessary recurrent requirements, including tax compliance, permit renewal, and other services.

The above is only a general description of the programme. For more detailed information on the MRVP or any of the other residence programmes available in Malta, please contact Alistair.

 

Contacts

Deputy Managing Director,
+356 22 586 426
Managing Director,
+356 22 586 423