Hotspot for investors in Med
Michelle Funke finds out about Malta’s new residency programme
MADE up of a group of seven islands in the Mediterranean Sea, Malta is considered a melting pot of civilisations. With a history stretching back thousands of years, only the three largest islands — Malta, Gozo and Comino — are inhabited. Its history dates back to the time of the Crusaders, and this ancient land is steeped in culture with a heritage spanning more than 7,000 years.
It is said that a significant prehistoric civilisation existed on the islands prior to the arrival of the Phoenicians who named the main island Malat, which means safe haven. The islands of Malta and Gozo are ideally located as lifestyle and investment destinations.
This is due to the cosmopolitan, crime-free environment, warm friendly people and fantastic weather year round, which also make Malta a popular tourist destination and a highly sought after country in which to reside. Crystal clear seas offer world-class diving, sailing and other watersports while the long stretches of white sandy beaches are a popular drawcard for holiday makers.
English is an official language and the language of business in Malta. In recent years Malta has been accepted globally as a reputable international business, financial and maritime centre and has an excellent reputation and track record. It has the largest free port in the Mediterranean and although an on-shore low tax juris- diction, Malta is not included among those tax havens that have been blacklisted.
“When Malta first joined the European Union (EU) in 2004 and signed the Schengen treaty, their residency programme became highly attractive to nonEU nationals wishing to benefit from visa-free travel within all EU countries,” says James Bowling, CEO of Monarch&Co, a company that specialises in assisting investors in the purchasing property, working or living in the country that most suits their requirements. “However, the high level of interest in the programme resulted in the government introducing the high net worth investor programme and raising the requirements for would-be investors, thus making it a less attractive proposition.”
Bowling explains that the new Global Residence Programme launched last month replaces the High Net Worth Individuals Scheme and eligible applicants can once again benefit from attractive residency and investment opportunities. “This new option offers non-EU nationals great advantages and favourable thresholds with a similar programme being made available to EU nationals shortly,” he says.
In order to qualify for the Global Residence Programme, investment in immovable property has to be at least €275,000. While the minimum value for property bought in the south of Malta or in