Buying luxury real estate in Malta can be an excellent investment opportunity, especially if you’re looking to become a resident of this gorgeous island country in the Mediterranean Sea. Whether you’re looking for property in Malta to rent out or if you want your own private villa overlooking the sea, Malta has something to offer any investor who wants to enjoy the lifestyle that’s associated with owning luxury real estate in Malta. Here are some tips on how to get residency and buy luxury real estate in Malta.
Do Your Research
The process of buying luxury real estate in Malta is pretty straightforward and takes place over the course of six months. There are basically three steps:
1) Find the right property.
2) Submit an application for residency to the Maltese government.
3) Apply for a work permit from the Immigration Department. The first step is to find a property that meets your criteria, and if it does, then you need to submit an application for residency with the Maltese government.
Hire an Agent
Finding the right agent is crucial to your success as a buyer. Ask friends and family for recommendations, search online or ask your real estate agent for recommendations. You may also want to consider their level of experience, their cultural background, and whether they specialize in the type of property you are looking for.
The process will be more complex if you are not from an EU country. To buy real estate in Malta, citizens of other countries need to apply for Maltese citizenship through the Citizenship by Investment Program. There are four ways that applicants can qualify: Investing at least €650,000 into government approved projects; investing at least €150,000 into property development projects and then leasing it back to the Government for 50 years; investing at least €1 million in regional developments; or making donations of at least €250000 over five years.
The Malta Individual Investor Programme (IIP)
The Malta IIP is an attractive option for investors looking to relocate to the island for business or personal reasons. In order to qualify for residency, applicants must make a minimum investment of €150,000 into property or companies on the island. There is no minimum residency requirement and residents enjoy tax-free status on income earned from foreign sources.
For example, if your company makes $10 million dollars profit outside of Malta but it’s located in the country, then there will be no taxes applied to that money. Malta has a plethora of benefits available to residents including EU citizenship rights and the ability to apply for EU passports after residing there for five years – this means that you’ll be able to travel throughout Europe without any restrictions.
The Global Residence Programme (GARP)
To apply for the programme, applicants should be 18 years or over, have access to at least €500,000 worth of liquid capital, and have no criminal record.
Once accepted into the programme, applicants are eligible to reside in any GARP country without restriction on their employment status. Applicants need not live in Malta full time, but they must spend 183 days per year (six months) living there. Foreigners who want to stay for more than six months may acquire Maltese residency after five years’ residence.