For Non-EU-Nationals: New Malta Residence and Visa Programme launched
Non-EU nationals and their dependents may now reside, settle or stay indefinitely in Malta subject to the conditions of the new Malta Residence and Visa (MRV) Programme, which was officially launched on 22nd March 2016 in Shanghai.
Universal Schengen Visa
This residence scheme offers its beneficiary and dependents the possibility of cross-border movements via a universal Schengen Visa. This means that such residence permit together with a valid travel document (non-EU passport) would allow an applicant and his dependents to travel freely across the Schengen Area without the need for a Visa.
Only foreign source income which is received in Malta and income/capital gains sourced in Malta would be taxable. Foreign source income retained abroad and capital gains, even if received locally, will not be taxable in Malta. Thus applicants will benefit from the remittance basis of taxation, which offers considerable advantages.
Conditions for Application
This Programme is applicable to third-country nationals, who are not long-term residents of Malta, successfully pass all due diligence procedures and who satisfy the following criteria:
- hold a qualifying property in Malta valued at least €320,000 (€270,000 if situated in Gozo or in the south of Malta) or renting it for at least €12,000 per annum (€10,000 if situated in Gozo or in the south of Malta);
- holds a qualifying investment of an initial value of €250,000;
- have an annual income of at least €100,000 or accumulated capital of €500,000;
- pay a non-refundable administration fee of €5,500 and the balance of €24,500 upon approval;
- satisfy all fit-and-proper conditions.
MRV Programme will be internationally marketed
The Programme, which is now also being advertised abroad, will be receiving its first applications in April this year. The MRV’s crucial point is the investment of around EUR 500,000 per applicant which it will bring about, in turn bolstering Malta’s efforts to attract even more foreign direct investment to the country. The new Programme complements the whole framework of other initiatives and investments like the Individual Investment Programme (IIP).
The Programme for Non-EU-Nationals, which is expected to give an even stronger push to the Maltese property market, will be managed by Identity Malta. For more information please contact us at Kresse International, emailing to [email protected].