May 20th, 2023 at 06:07 am
Malta Golden Visa: Full Application Guide
Malta brings money, talent, and investment to its shores by giving rich foreigners who invest in the island a red-carpet welcome.
Investors can get a “golden visa,” which gives them permanent residency in Malta. Their adult children and parents can also get permanent residency in Malta and move freely in the Schengen area.
People who live in Malta and have a Schengen residence permit can freely move in the 26 Schengen states, which include Switzerland.
The Malta Permanent Residency Program gives permanent residency rights to companies from other countries. Only people who are not from the EU, EEA, or Switzerland will have these rights. The Program gives possible beneficiaries and their dependents the chance to live, settle, or stay in Malta indefinitely. The number of people who can invest each year may be limited to 400.
With the start of the New Malta Permanent Residency Program (MPRP) on March 29, 2021, this program will be cheaper and more appealing. Investing in real estate starts at €300,000
Why Malta?
- The world’s safest country, which is also in Europe.
- Stable political environment, strong economy and investor confidence
- Entry point to the EU with full entry to the EU single market
- Low company taxes make it easy to do business.
- Malta is a full member of both the Schengen Agreement and the European Union.
- Sunny country with warm weather
- Since it used to be a British colony, English is the national language.
- Free travel in Europe and Schengen Area.
- We get a world-class education and health care.
- Chance to invest in the real estate market in Malta.
- The best place for EU yachts to get registered, with VAT perks
- The limited real estate market with the fastest growth.
- Country with many different traditions and friendly people.
- Advantages of international tax planning
Benefits
- Malta Scheme called “Residency by Investment”
- Permanent residency in a country that is part of Schengen (or Gozo)
- Free movement in the Schengen area for six out of the twelve months of the year.
- No requirement to live in Malta
- Low taxes and fees
- There are no rules about who can buy property in Malta or Gozo.
- PR card for friends and family
- Permanent status for family members up to the fourth generation.
- Full permission to live, work, study, and rest for an endless amount of time
- Malta A permanent residence card is given out.
- The way to become a Maltese citizen after staying there for 5 years (not automatically).
For the MPRP golden visa plan, you can invest in one of two ways.
- Renting
- Buying Real Estate
Legal Framework
The Immigration Act covers the MPRP. S.L. 217.26 says that a person from a third country who gets a certificate under these Regulations has the right to live, move, or stay in Malta for as long as they want with their registered dependents.
The Malta Permanent Residence Programme Regulations, 2021 (LN 121 of 2021)
Eligibility
If you don’t meet the basic requirements for either choice, you can’t apply.
The main applicant must have a total of at least €500,000 in assets, including a home worth at least €350,000 and at least €150,000 in cash, stocks, or money in the bank.
1. Renting
The best way to get a Maltese golden visa is to rent a place.
- The MRVA management fee is €40,000 (for the whole family).
- €58,000 from the government; €10,000 a year in rent in the south of Malta.
- NGO gives €2,000 to charity
- All of the legal, professional, and agency fees are covered for the whole family.
- Small fees (residence cards, notary, translation, and confirmation fees) are also needed.
2 . Real Estate:
If you want to buy a home in Malta, you might be interested in the Real Estate choice.
- A house in the south of Malta for €300,000
- €40,000 for the MRVA management fee, which covers the whole family; €28,000 from the government; €2,000 from an NGO to a charity.
- €400 per adult Health coverage for the whole family
- All of the legal, professional, and agency fees are covered for the whole family.
- Extra fees (for residency cards, a notary, a translation, and a confirmation fee)
At the moment, this choice is available through a licensed law firm and investment advisor in Malta.
This program is best for people who don’t want citizenship right now, like in China, India, or the Middle East, where people can’t have more than one citizenship.
Family Expenses
Additional Dependents (parents-in-law and grandparents): €7,500 per person; Spouse of a main applicant who has already been approved: €7,500; Child 18+ of a main applicant who has already been approved: €5,000; Minor child of a dependent child or spouse who has already been approved: €5,000.
Family Members
With the MRV golden visa system, you can include your grandparents and up to four generations of family members in your application. This will set you back more money per person. This is very important because you can’t leave the grandparents out, so you can live as a whole family.
Adding family members is easy, and you can do it whenever you want.
How to Apply?
You can get started by paying the first fee for the service. After the government says yes to your application, you pay the rest. All payments are made in stages or installments over the course of six months, based on the bills. Since the process takes more than six months, we ask clients to apply as soon as possible.
Time to process:
It takes 6 to 8 months to process an MRV application. You have to go to Malta at least once in your life.
Eligibility
Malta has strict rules about who can live there. There are also other rules, like;
- Rent a place in Malta to buy a home
- Coverage for health insurance
- The main applicant has to show that he has at least €500,000 in assets or cash. This can be shown by an evaluation report from a surveyor.
- No crime record.
- Clean way to get money.
Restricted countries:
Applicants who are citizens of or have close ties to the following countries are not allowed to apply:
- Afghanistan
- North Korea
- Iran
- Democratic Republic of Congo
- Somalia
- Sudan, South
- Sudan
- Syria
- Yemen
- Venezuela
Download
You can Download the official MPRP handbook in PDF format.
Download the FAQs in PDF format.
Residency Malta Agency
Residency The Malta Agency is part of the government in charge of running and promoting the residency-by-investment scheme in Malta. The Agency always works hard to bring in good people and families. It does this by using a strict four-step due diligence process that ensures the most thorough screening.
Application forms
Fill out an application
- Form MRVP2 – Personal Details
- Form MRVP3 – Medical Report and Questionnaire
- Form MRVP4 – Dependant Declaration – Adult
- Form MRVP4A – Dependant Declaration – Minor
- Form MRVP5 – Official Compliance Form
- Form MRVP6 – Clearance Form
- Form MRVP7 – Additional Dependant
- Form MRVP10 – GDPR declaration
Identity Forms from the Malta Agency
Malta Real Estate
Covid has caused prices to drop by 10% on the real estate market in Malta. There is still a lot of desire for homes and places to rent. In Budget 2021, the government plans to protect the real estate market in Malta by putting in place steps to boost the economy.
According to a study by the European Commission, house prices went up by 2.3% during the pandemic in Q1 2021 compared to the same time the year before. A Pwc poll from 2021 found that 58% of respondents are thinking about buying property and 16% are looking for property to rent.
Property Taxes in Malta
In Malta, owning property is not taxed because of the way the law works there. The way property taxes work is very easy to understand.
When buying or selling real estate in Malta or Gozo, there is no VAT involved. However, the buyer must pay Stamp Duty on the land.
- (Seller) Withholding tax: 5% (reduced by Covid), paid 1% during the initial sale deal and 4% during the final transfer.
- (Buyer) 1.5% stamp tax on the first €400,000
First-time buyers of real estate won’t have to pay stamp duty on the first €200,000 of the property’s value. Before, they had to pay stamp duty on the first €175,000. The stamp tax on property sales in Gozo is 2% instead of the usual 5%.
This is true for agreements to sell that are signed until March 2021, and the final deed of transfer can be signed until December 31, 2021.
Budget 2021
The First Time Buyers Scheme, the Second Time Buyers Scheme, the Scheme for the Purchase of Vacant Properties in Urban Conservation Areas (UCA), the Scheme for the Purchase of Properties in Gozo, and the Schemes for the Refund of Restoration Costs were all part of the 2021 Budget.
First-time buyers will not have to pay stamp tax on the first €200,000 instead of the first €175,000. I’m also saying that the lower rate of 3.5% will now apply to the first €200,000, even if you’re not a first-time buyer or inherit your own home.
On the first €400,000 of the property’s value, the stamp duty was cut from 5% to 1.5%, and the seller’s capital gains tax was cut from 8% to 5%. These changes will stay in place. This is true for deals to sell that are signed up until March 31, 2021, as long as the contract is signed by December 31, 2021.
Amount that doesn’t have to be paid in taxes when parents give their 27 children a house that the children will use as their home. This amount will go up from €200,000 to €250,000. Any property value above will continue to be taxed at a rate of 3.5%.
From January 1 to December 31 of next year, the final tax rate of 15% will be applied to the full amount of profits or gains from the assignment of any rights acquired through a promise of sale (konvenju). During this time, the effectiveness of this measure will be looked at, and then its future will be decided.
Inheritance Tax
Causa Mortis is about what happens to a person’s real property after they die. The basic tax rate is 5% of the property’s market value on the date of death. Those who receive a property that is already their only home pay a lower rate of 3.5% on the first €175,000 of its value. There are also other exceptions, like when the surviving spouse gets the deceased spouse’s share of the couple’s only home. When children receive their parents’ home, they also don’t have to do any work.
This is true for all real estate in Malta, no matter where the heirs live or what country they are from.
Rental Income
The tax on rental income went down to a flat rate of 15% for both private and business properties. About 6.5% of a property’s value is made up of rental income.
RECOMMENDED
- TOTAL COST OF DV LOTTERY VISA | 2024 GREEN CARD LOTTERY
- EU VISA ROUTE | NEW CHANGES AND ELIGIBILITY REQUIREMENTS | EUSS 2023 CHANGES
- INVITING FAMILY MEMBER TO GERMANY ON FAMILY REUNION, SPOUSE OR CHILD VISA
- HOW TO PROOF YOUR FINANCIAL RESOURCES WHILE APPLYING FOR A GERMAN VISA?