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PERMANENT RESIDENCE SCHEME (rules reflecting position after 1st May 2004) Conditions for Maltese Residence Conditions for the Issue of a Residence Permit: Conditions for the Renewal of a Residence Permit:
Any foreigner, of whatever nationality, may submit an application for a permanent residence permit provided the capital or annual income conditions are satisfied. This permit is issued on an indefinite basis. Conditions for the Issue of a Residence Permit Capital or Income Qualifications Applicants must produce evidence of EITHER: 1. an annual income of €24,000 (US$30,000) or over, consisting in business profits, rents, investment income, pension, or a combination thereof; OR 2. a capital equivalent to €360,000 (US$450,000) or over, in the form of bank account holdings, real estate, investments and other assets situated in any country outside Malta. In either case, the whole amount is not required to be brought into the country, and the value of the property purchased locally is also taken into account as part of the capital requirement, if you proceed to acquire real estate prior to the issue of a permit in your favour. Conditions for the Renewal of a Residence Permit A. Acquisition or Rental of Property Within a year from the issue of their residence permit, permanent residents must purchase their own residence in Malta at a value that is not less than €120,000 (US$150,000) in the case of a house or €72,000 (US$90,000) in the case of an apartment. Alternatively, the applicant may opt to lease or rent a property of which the minimum rental is €4,400 (US$5,400) per annum. While you may invest capital in Malta, investments in real estate outside Special Designated Areas are limited to one owner-occupied house or apartment. For more info on buying property in Malta, click here. B. Annual Income Remitted to Malta The minimum annual income to be brought into the country is Lm6,000 per applicant, with an additional Lm 1,000 for each dependent (spouse, children under 21 years of age and parents/grandparents wholly dependent on applicant). In other words, a married couple would, for example, have to bring in at least Lm7,000 per annum. There is no restriction as to how one must use money remitted under this rule as long as it is not retransferred out to a foreign bank account. C. Employment/Engagement in Business No employment or engagement in business may be undertaken by applicants for permanent residency unless authorised by the competent authorities. Interestingly, however, official Government policy welcomes the introduction of overseas expertise and ideas in the tourism, manufacturing and catering sectors and a number of interesting options are outlined elsewhere. Permanent residents are not allowed to participate in political activities; however, should you be interested in local council activities you may contact the Local Councils Department for more information. Should you have any further enquiries on permanent residence permit applications and on the costs and charges involved, please address them to: |
