Updated: Jul 11
The Malta Permanent Residence Program enables high net worth individuals to acquire EU residency, and possibly an EU passport. It means they can travel freely in the Schengen area, both for work and leisure purpose. More importantly, the program has no limit on language proficiency, educational background or business experiences.
The investment requirements for Malta residency are as follow:
A non-refundable administration fee.
A donation to a non-governmental organization.
A contribution to the Maltese economy (residential property) with rental option available.
The principal applicant has a Maltese insurance covering all medical services provided by the hospital.
Citizenship can be acquired by naturalization after 5 years if following requirements are satisfied:
Have been living in Malta for 4 years during the first 6-year-period, and living in Malta for 12 months in the 7th years.
Show a certain level of language proficiency in Maltese or English.
No criminal record.
Here are some features which makes the country outstanding among those providing residency by investment programs.
For years, the economic and political stability in Malta have been appealing to foreign investors. The per capita GDP in Malta has reached USD 29820, ranking first among European countries. Moreover, it is projected to have the highest economic growth in Europe for 2022. To be specific, property sales in Malta has been increasingly steadily since 2018, with the construction sector registered top three growth in EU.
Given these, it is not surprise that Malta has the largest population growth in EU, with foreigners making up 20% of its total population by 2019. Malta has the lowest percentage in household expenditure on housing among the EU member States. In real estate leasing, 83% of the tenants are foreign nationals. The low living cost boots the sense of happiness to a large extent.
2. Social Welfare
While providing a multilingual environment for children due to its geographical location, Malta also has a well-developed education system with a number of allowance. For example, families with children aged between 16 and 21 years can apply for children's allowance and students' allowance depending on their specific situation. For children who can not communicate in Maltese or English, they will be admitted to an induction course.
Malta has a low unemployment in Europe. Not only it needs foreign workers, it provides free training courses in various areas including literacy, accounting, clerical, and care services, etc. The Malta Qualification Framework acquired by taking the course is recognized throughout Europe thus broadening the scope of job hunting.
Malta puts 30% of its GDP to cover the cost of medical care for its citizens. Free access to public healthcare and medical insurance are guaranteed. The advanced medical instruments and experts that the countries have help it achieve a 5th ranking in the world's medical system. The history of medical care system can be dated back to 1372.
Overall, Malta is a country with a high sense of happiness for families, meanwhile providing a friendly environment for investors. Similar programs in other countries like Hungary and Singapore has been closed down or experiencing dramatic changes. There is no doubt that the requirements will becoming more strict in the future. For more information to apply for Malta permanent residence now, contact Globevisa and start with a free consultation.