In the last few years, Malta has evolved as one of the highly progressing hubs that can offer advanced facilities and stability. And that is why of late there are many Indians who seem to be interested in acquiring residency in Malta. One of the reasons why Malta is currently top on the list for getting a residence visa is because it serves as the gateway for European, Middle East, and African markets.
Ways to Acquire Residency in Malta
The only way you can acquire residency in this North African country is by fulfilling the requisites of either of its four residency programs. These include:
- Malta Ordinary Residence Scheme
- Malta Residence Program
- Malta Global Residence Program
- Malta Residency by Investment Program
1. Malta Ordinary Residence Scheme
It covers ordinary, long-term, and temporary residence programs under which anyone who has been on the island for six months or more is considered an ordinary resident of Malta. Financially stable or employed EU/ EEA/ Swiss nationals can apply for the ordinary residency program.
Non-EU citizens can also apply for a residency program in Malta on the condition that either they have an employment offer from a reputed employer from the country or wish to start a business on the island. Students can also apply for residency if they wish to take education in this country. Non-EU citizens can acquire long-term residency permits if they have been residing in Malta for five years or more. But to get this permit, it is important that the person has not left Malta for more than six months in these five years.
The Ordinary Residence Scheme is applicable only to nationals of Switzerland, Liechtenstein, Norway or Iceland, or EU/EEA nationals.
2. Malta Residence Program
This program is especially for EU, EEA, or Swiss nationals with high net worth and not residing in Malta. The program offers lucrative tax status which can be advantageous for those seeking better financial stability. However, there are certain conditions that need to be fulfilled such as having a stable financial income, holding a qualifying immovable property, medical insurance, certificate of good health, valid travel document, and fluency in either Maltese or English.
3. Malta Global Residence Program
The main concept behind this residency program in Malta is to offer better options for optimizing tax. There are two major advantages that this program offers. First, the applicant can benefit from the 15% flat rate on income tax, and secondly, the requirements for qualifying under this program are minimal.
To qualify under this residency program an applicant has to either buy or rent a property in Malta and pay an administrative fee that amounts to EUR 6,000. Also for this program, it is not mandatory for the applicant to stay on the island.
4. Malta Permanent Residency Program
It is the residency program in Malta especially designed for third-country nationals who wish to relocate to this island. Residency can be taken up by an investment program. Through MRVP you receive a lifetime Permanent Residency Certificate and a Malta residence card that allows you and your family to settle and reside in Malta for an indefinite period.