PERMANENT RESIDENCE IN MALTA.

Geographical location, warm Mediterranean climate, friendly atmosphere, hospitable English-speaking people, tax advantages and attractive permanent residence permit scheme are the main reasons why an increasing number of foreigners make Malta a strategic stepping stone to the rest of the world.

The citizens of the CIS countries and other non-EU countries visiting Europe, often face various difficulties and delays in obtaining visa or residence permit in an EU country which will allow free movement within the borders of the Schengen Area.

To minimize all the abovementioned problems it is worth considering obtaining a Maltese Permanent Residence Permit. Due to the attractive permanent residence schemes the overseas citizens could obtain a visa-free opportunity to move to any 25 Schengen Area countries.

This immigration status is of great interest to those overseas citizens who do not want to emigrate from his\her mother country.

There are a number of requirements to be qualified as a Permanent Resident of Malta:

1. A prospective Permanent Resident should prove to be receiving an international annual income of not less than Euro 23,500.00 or evidence of Total Wealth outside Malta in excess of Euro 350,000.00;
2. At the moment of application a prospective Permanent Resident should have Euro 14,100.00 on his\her personal account and Euro 2,400.00 per each dependent included in candidate application form.
   Note 1: when applying a main candidate may include dependents, namely children under 18 yrs, spouse, parents and grandparents.
   Note 2: in comparison to some other EU countries there is no obligatory requirement to freeze financial assets on a state account.
3. To pay an annual tax rate from income remitted to Malta in the minimum amount of Euro 4,200.00.
   Note: A flat rate of 15% is chargeable of all income (less personal allowances) received in, or remitted to, Malta from either local or foreign sources. This is subject to a minimum payment of Euro 4,200.00 per annum.
4. To rent a property in Malta for not less than Euro 4,150 per annum;
   Note: to obtain a Maltese Permanent Residency it is not obligatory to register a company or to buy real estate there.
5. To be a person of good character.

After the application has been submitted, the consideration period will take not more than a couple of months. A candidate is not required to be in Malta the whole period of consideration. But after the positive decision has been made it is necessary to arrive to Malta for signing a Permanent Resident Declaration in person.

There are a great number of advantages which overseas people obtain together with the abovementioned status not only in Malta but worldwide.

1. Visa-free migration within the borders of Schengen Area countries with the permission to stay in each country up to 3 months.
   Note: Malta joined Schengen Area on December, 21, 2007 and operates in Euro zone since 2008.
   Schengen Area countries: Austria, Belgium, Hungary, Greece, Denmark, Germany, Iceland, Spain, Italy, Latvia, Lithuania, Luxemburg, Holland, Norway, Malta, Poland, Portugal, Slovakia, Slovenia, Finland, France, Czech Republic, Sweden, Estonia, Switzerland.
2. The opportunity to obtain Permanent Residency Permit without actual resettlement to the country. There is no annual minimum stay requirement which is an obligatory requirement for all EU countries. With Maltese Permanent Residency it is not necessary to stay in the country 183 plus one day.
3. Maltese Permanent Resident could come to the country once a year for the status extension.
4. Maltese Permanent Resident can buy property both as a private person or via registered company for his\her personal needs or as a subject of investment with the number of tax advantages.
5. It is possible for a Maltese Permanent Resident to obtain a mortgage from Maltese banks.
6. Permanent Residents may also take advantage from the double taxation agreements existing between Malta and other countries or considerably minimize taxes. Moreover, an unusually low annual income tax rate of 15% is charged on income received in Malta or remitted to the country from either local or foreign sources. A Permanent Residence permit holder in Malta is not subject to tax on worldwide income.
   Note: Malta signed the agreement with 51 countries worldwide to avoid double taxation.
7. After one receives Maltese Permanent Resident permit it is much easier to also receive the similar status in other European Union countries as well as second passport.
8. The status holders as well as his\her dependents have the opportunity to obtain state Maltese education in English or study at numerous private schools there.
   Note: British colony before 1964, Malta continues traditions of British education system. The prices for private education in Malta 3-5 times lower than in the UK.
9. Malta allows its residents to have double citizenship since 2000.
10. Malta is a country with high level of living standards and medical care.
    Note: by WHO data Malta is on the 5th position in the world rating as to the quality of medical care.

List of Documents to be presented for Application of Permanent Residence in Malta.

1. International passports of each person (main applicant and dependants);
2. Birth Certificates of each person (main applicant and dependants);
3. Marriage and/or Divorce Certificates;
4. 3 Passport – size photos of each person (main applicant and dependants);
5. Police Conduct Certificates of each person over 14 years of age;
6. Financial documentation for main applicant only:
   • Evidence of annual income (templates of Letters from Employer, Accountant, existing Bankers, Lawyers will be provided);
   • Evidence of Total Wealth – optional;
   • Ability to satisfy minimum annual remittance. Certificate/Declaration from Bankers or Accountants certifying possibilities to import into Malta a minimum annual income of main applicant plus for each dependant ( template of Declaration will be provided).
7. Application forms, Immigration forms, Inland Revenue form will be provided.

Fees.

Our fees for professional assistance including preparation of documents, translation, apostille, Maltese lawyers representation fee, opening bank account in Malta for Resident Permit application based on hourly fee at Euro 150.00 per hour. We can offer a flat fee for a three member’s family application in amount of Euro 8,000.00.

Additional Fees

1. Property Acquisition / Rental / Sale.
   • Legal fees 1% of the actual agreed selling price of property for property purchase subject to a minimum of Euro 1,300.00;
   • Notaries fees are estimated at 1% of actual agreed selling price;
   • Legal fees for rentals equivalent to one month’s rent;
   • Legal fees 1% for assistance in processing an application for a home loan from a local bank.
2. Annual Permit Renewal and Tax Compliance fee – Euro 2,400.00.
3. Full relocation services, chargeable at Euro 150.00 per hour.
   1. Additional Residence Permit applications and renewals;
   2. International and Maltese tax consultancy;
   3. Opening of bank accounts in Malta;
   4. Assisting in finding a temporary accommodation for your visits to Malta;
   5. Assistance with obtaining an Identity Card (required for bank account opening);
   6. Assistance with obtaining a new Malta driving license;
   7. Providing information about education and medical care;
   8. Legal assistance with the purchase of motor cars;
   9. Assisting with life insurance;
   10. Interpretation and translation services;
   11. Real estate services.
4. Corporate Services.
   1. Malta company formation;
   2. Corporate management;
   3. Accounting and Audit;
   4. Back office services;
   5. E-gaming, E-commerce, E-payment;
   6. Malta – EU trademark and patent registration;
   7. Ship and yacht registration.
5. Trustees Services.
   1. Trustee & Nominee services;
   2. Offshore company formation;
   3. International tax planning;
   4. Hedge fund licensing;
   5. Investment services advise;
   6. Property management;
   7. Maritime & Aviation services;
   8. Business development.