Malta - Permanent Residency - Permanent Resident Scheme

CONDITIONS OF PERMANENT RESIDENCY

Wealth Test: Capital / Income Qualifications -

Applicants must produce evidence of an annual income of EUR23, 500 or over, OR a capital equivalent to EUR352, 500 or over. 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.

Annual Income Remitted to Malta

The minimum annual income to be brought into the country is EUR14, 100 per applicant, with an additional EUR2, 350 for each dependent (spouse, children under 21 years of age and parents/grandparents wholly dependent on the applicant). In other words, a married couple would, for example, have to bring in at least EUR16, 450 per year. However, if you have a mortgage arranged, this amount will go towards paying off your bond repayments. Upon approval and before your Residence certificates are issued, income tax of EUR 4150 will need to be paid.

Acquisition of Property

An applicant for Maltese permanent residency must purchase an apartment in Malta for not less than EUR75, 000. Alternatively, the applicant may opt to lease or rent a property in Malta of which the minimum rental is EUR4, 230 per year.
Twelve months after taking up residence in Malta, a permanent resident is required to produce evidence that you have complied with this condition. There are no limitations to capital investment in Malta. Investments in real estate in Special Designated Areas are unlimited, but are limited to one owner-occupied house or apartment outside such areas.

Employment/Engagement in Business

Applicants may undertake no employment or engagement in business for permanent residency unless authorized by the competent authorities. Interestingly, however, official Government policy welcomes the introduction of overseas expertise and ideas in the tourism, manufacturing and catering sectors.

Successful Applicants

1. You will be required to take up residence (but not necessarily live there) by not later than one year from the issue-date of your certificate.
2. Rent or buy a house or apartment within 12 months of your issue date on your certificate
3. Your must not exercise any occupation or profession, hold any appointment, seek employment, or engage in any form of business in Malta unless authorized by the authorities.
4. You should not participate in political activities; however, should you be interested in local council activities you may contact the Local Councils Department.