Denis Foynes – Do you want EU residency? If the answer is yes, Malta’s new property investment scheme may be the way to go.
The Global Residence Program, declared by Parliamentary Secretary Edward Zammit Lewis, offers residency permits to foreign nationals who purchase property and pay their taxes in Malta.
To qualify for residency under the program a non-EU foreigner will need to buy a property of €220,000 or more if the property is in the South of Malta or in Gozo or of a minimum value of €275,000 for properties in Northern and Central Malta.
The new scheme substitutes the High Net Worth Individuals Scheme for non-EU foreigners that had a property value threshold of €400,000.
Alternatively, foreign nationals who are attracted to renting a property, can also do so and they are entitled to residency given that the annual rental value is of €9,600 (or €800 monthly) in Malta and €8,750 (or €730 monthly) in Gozo or the South of Malta.
Having residency will warrant non-EU Nationals for free health care, free education, (including University tuition) and other benefits. This is causing concern among some sections of the public of Malta.
The government of Malta is hoping that the program can attract much needed investment in the country’s property market.
“The MDA (Malta Developers Association) had been insisting for a long time that a program like this has to have attractive conditions to succeed and it appears that now government has come up with a good program with more realistic conditions than had been introduced previously,” the organization stated.