Securing a residence permit in Malta offers a gateway to a Mediterranean lifestyle combined with strategic business advantages. Known for its favorable tax regime, robust financial sector, and diverse investment opportunities, Malta is an ideal destination for individuals seeking to establish a new base.
In this article, we’ll explore the top benefits of obtaining a Maltese residence and reveal the five most effective methods to secure your Malta residence permit. Let's dive into the details of how you can make Malta your new home.
Key Takeaways
- Malta offers a favorable tax environment with no double taxation or inheritance taxes.
- Residency in Malta provides visa-free travel across the Schengen Area and access to the European single market.
- The country presents diverse investment opportunities in real estate, finance, tourism, and technology.
- English is widely spoken in Malta, making it an accessible destination for international residents.
- Malta boasts a high quality of life with excellent healthcare, education, and a vibrant culture.
- The Malta Residence and Visa Programme (MRVP) provides a straightforward path to residency through investment.
- The Malta Golden Visa offers permanent residency via significant property investment and government contributions.
- The Nomad Residency Permit is ideal for remote workers and digital nomads.
- The Malta Retirement Programme offers favorable tax rates and a serene environment for EU retirees.
7 Benefits of getting Malta residence permit
The enchanting nature of Malta is not the only benefit that makes you consider obtaining a Malta permanent residence permit. Its strategic location, favorable tax environment, and many more advantages make Malta an attractive choice for investors. We’ve listed 7 of the most vivid benefits for your consideration.
1. Favorable Tax Environment
Coming first on the list, we have taxation as the prime alluring benefit when considering a Malta residency. You might have already done your research, finding out that Maltese residents pay a personal income tax on a sliding scale that tops off at 35%. The taxation in Malta comes with a list of deductions and you will have access to around 70 double taxation conventions. This ensures that your income earned abroad is not taxed twice.
Besides, there are no taxes on inheritance, gifts, dividends, and royalties. Malta also prides itself on one of the lowest VAT(value-added tax) rates in Europe. You can also get your Malta residence permit upon arrival of your application, granting you the right to set up a business.
2. Access to the European Union
Besides its favorable location right in the heart of the Mediterranean, Malta offers you access to the European Union. A Malta residency will open visa-free travel access to the 26 Schengen countries, paving a perfect way for you to establish seamless business operations.
Malta’s location on par with its EU membership makes it an excellent base for individuals looking to expand their ventures across Europe.
3. Investment Opportunities
Investment opportunities are what typically allure business owners to get a Malta residence permit. The Maltese pride themselves with a diversified economy mainly focusing on finance, real estate, tourism, and technology. In 2023, real GDP growth reached 5.6%, with growth forecast reaching 4.3% in 2024.
The real estate market remains highly attractive with solid ROI both for rental and property appreciation.With the forecast market value of Malta’s real estate predicted to reach US$103.80bn in 2024, you can expect your real estate investment to keep growing in value.
Alongside this attractive investment scene, the Maltese government offers grants to incentivize foreign investment. This doubles as the attraction to applying for a Malta residence permit especially if you have goals to grow and diversify your portfolio.
4. Multilingual Society
With English as an official language and Italian widely spoken, Malta is a sought-after destination for business endeavors, education, residency, and daily life. Transitioning life and business for English-speaking residents will be smooth, considering that multilingualism fosters an inclusive environment and diversity.
If you are seeking a Malta residence permit through investment, you will find it easy to communicate and conduct business, supporting your international operations.
5. High Quality of Life
Malta's living standards are quite affordable. It is ranked 18th in Europe in terms of cost of living. The quality of life index is 127.49, which is considered to be moderate. The lifestyle is a mix of modern amenities and a relaxing Mediterranean way of life. You can expect to encounter excellent healthcare and an education system that is as good as other EU countries.
Malta boasts a secure environment with low crime rates and a friendly community. If you love to be in nature, a permanent residence permit in Malta will nest you in the spotless beaches, breathtaking landscapes, and numerous leisure opportunities.
5 ways to get a Malta Residence Permit
Interested in learning more about what a Malta residence permit can bring to the table? Now let’s get down to business and list the most effective ways to get the long-desired Malta residency.
1. Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment (MESDI)
The Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment (MESDI) is designed for high-net-worth individuals willing to make a substantial investment in Malta. This investment program grants citizenship after you become a Malta resident.
Key Requirements:
- Property: Purchase property worth a minimum of €700,000 or lease a property with a minimum of €16,000 annual rate for five years.
- Investment: Invest at least €150,000 in government-approved financial instruments, to be held for a minimum of five years.
- Donation: You need to make a mandatory donation of €10,000 to a registered NGO or society.
- Residency: As an applicant, you must live in Malta for at least 36 months before being granted citizenship.
2. Global Residence Programme (GRP)
The Global Residence Programme (GRP) targets non-EU/EEA/Swiss nationals who wish to reside in Malta. The GRP offers a 15% flat tax on foreign income remitted to Malta requiring a minimum tax contribution each year.
Key Requirements:
- Property: Purchase property in Malta worth at least €275,000 (€220,000 in Gozo or the south of Malta) or rent a property with a minimum annual rent of €9,600 (€8,750 in Gozo or the south of Malta).
- Minimum Tax: Pay a minimum tax of €15,000 annually.
- Income: Applicants must be able to sustain themselves and their dependents financially without relying on Malta's social assistance system.
- Health Insurance: Health insurance coverage for the applicant and dependents.
3. Malta Residence and Visa Programme (MRVP)
The Malta Residence and Visa Programme (MRVP) offers residency to non-EU/EEA/Swiss nationals through investment. This program grants residency rights and allows free travel within the Schengen Area.
Key Requirements:
- Contribution: A non-refundable government contribution of €30,000, plus €5,000 for each dependent parent or grandparent.
- Property: Purchase property worth at least €320,000 (€270,000 in Gozo or the south of Malta) or lease a property with a €12,000 min rate (€10,000 in Gozo or the south of Malta).
- Investment: Invest at least €250,000 in government-approved bonds or stocks, to be held for a minimum of five years.
- Income: Provide proof of an annual income of at least €100,000 from outside Malta or possession of capital of at least €500,000.
The MRVP is an excellent option for investors looking for residency and travel benefits without the commitment required by the MIIP.
4. Malta Permanent Residence Programme (MPRP)
The Malta Golden Visa, the Malta Permanent Residence Programme (MPRP), is a popular option for non-EU nationals who want to get a Malta residence permit through investment. This visa provides a straightforward path to permanent residence, which can be particularly attractive for those looking to establish long-term residence without pursuing citizenship.
Key Requirements:
- Contribution: A non-refundable government contribution of €68,000 if purchasing property, or €98,000 if renting property.
- Property: Purchase property worth at least €300,000 (€250,000 in Gozo or the south of Malta) or rent a property with €10,000 minimum rate (€8,750 in Gozo or the south of Malta).
- Donation: A €2,000 donation to a local non-governmental organization (NGO) registered with the Commissioner for Voluntary Organizations.
- Income/Capital: Applicants must demonstrate a capital of at least €500,000, of which €150,000 should be financial assets.
The Malta Golden Visa is designed for individuals seeking permanent residence through a less intensive investment process than the MIIP.
5. Nomad Residency Permit
Working remotely has become more popular in this economy and it also grants pathways to getting a residence permit in many European countries including Malta. A Nomad Residence Permit is issued for 1 year with renewal availability. You can renew your Malta residence permit as a nomad if you meet the following requirements.
Key Requirements:
- Proof of Employment or Business: You must provide evidence of employment with a company outside of Malta, or ownership of a business registered abroad. Freelancers and remote workers must demonstrate consistent work contracts or client agreements.
- Income: Applicants must prove a minimum monthly income of €2,700. Additional income requirements apply if relocating with family members.
- Health Insurance: Comprehensive health insurance covering all medical expenses in Malta for the applicant and any dependents.
- Proof of Accommodation: Applicants need to show proof of accommodation, such as a rental agreement, for their stay in Malta.
- Background Check: A clean criminal record is requested to qualify for the permit.
This option is suitable for individuals who like to work remotely and want to change their environment and enjoy the scenic views and favorable climate in Malta.
As you can see, there are plenty of options for getting a Malta residence permit through investment and stable employment. If you are still unsure which program better fits your budget, portfolio expansion goals, or investment prospects, book a consultation with our experts to clarify your options and pick the best one.
Conclusion
Getting a Malta residence permit will open multiple doors to you if you are seeking international residency. The favorable tax environment, EU access, visa-free travel to a long list of countries and high quality of life with stunning nature are the advantages that can propel you to choose Malta.
The investment scene is quite attractive and the country offers multiple investment programs catering to different needs, budgets, and goals. All you need now is to choose from the investment programs and kick-start the application process. Typically the process takes 3-6 months for approval. Mirabello Consulting can guide you through the process, relieving the stress and time spent on mundane tasks. Good luck with your international residence search!
FAQ
What is the easiest way to get residency in Malta?
The easiest way to get residency in Malta is through the Malta Residence and Visa Programme (MRVP) or the Malta Golden Visa. Both programs require a mix of property investment, a government contribution, and investment in government-approved financial instruments.
How much money do I need to get residency in Malta?
The amount needed to get residency in Malta varies depending on the chosen program. For the Malta Residence and Visa Programme (MRVP), you will need a government contribution of €30,000, a property purchase worth at least €320,000 (or €270,000 in Gozo or the south of Malta) or a lease with a minimum annual rent of €12,000 (or €10,000 in Gozo or the south of Malta), and an investment of at least €250,000 in government-approved financial instruments.
How long does it take to get residency in Malta?
You should consider waiting from 3 to 6 months to get a Malta residence permit, depending on the specific program and the completeness of the application. Programs like the Malta Residence and Visa Programme (MRVP) and the Malta Golden Visa have streamlined processes designed to facilitate efficient approval times for applicants.
