Daily Management Review

Malta lures investors with the new residence permit program


05/30/2016


The Government of Malta launched a program granting a residence permit in exchange for investments. In contrast to all similar programs operating in other countries, the program does not imply residence qualification.



The Government of Malta revealed parameters of the residence permit program ‘Malta Residence and Visa Program’. Now the permission can be obtained in exchange for investments in the country’s economy. The new program will replace old and not really successful Global Residence Program (GRP), which, offered the status of a tax resident in return for an investment. At that, GRP did not give residence permit.

The new program is precisely intended to correct the mistakes and shortcomings of the previous one. As follows from the government’s explanations, candidates for a residence permit in Malta must pay a total of approximately € 250 - 600 thousand of investments in government bonds of Malta, € 270-320 th.- buying property on the island (the price varies by region), € 30 th. Is a duty, which each applicant has to pay. If the applicant does not want to buy real estate, he can rent it for not less that € 10 thousand per year.

As noted in the Government's explanation, the program participant has the right to sell their bonds without losing their status upon five years. Selling their property after five-year ownership counts, too although the participant would have to rent a home to save the residence in this case. The most important thing in the new program is that the candidate’s presence in the country is not required to obtain a residence permit. According to experts, this aspect, combined with the return of investment, is the most attractive in the program.

"Maltese Resident program is interesting for that the candidates are not presented to the usual requirements for living in the country. On the contrary, the program’s rules assume that within five years, the participant must spend at least six consecutive months outside Malta - explains Peter Krummenacher, partner at Henley & Partners, a leading player in the market of location planning. - For many people interested in obtaining a residence permit abroad, the presence or absence of the requirements to stay are key when choosing the country."

The residence permit in Malta allows living and working in the country to become a tax resident, thus reducing the tax payments to a minimum, and have a visa-free entry to Schengen countries. However, the program has one, and extremely unpleasant aspect: its participant is denied the right apply for Maltese citizenship at any time in the future.

source: independent.com.mt






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