The Malta government on Friday has announced a NEW residency programme for Non EU which added to the other successful programmes continues to make Malta a leader in the global markets.
Says Bernard Cassar, Malta Honorary Consul in South Africa, “Unlike other European countries competing for the South African market, the lucrative property market in Malta is supported by strong business activities in the Tourism (especially the UK markets), Financial Services, iGaming sectors, as well as Aviation and Boating registrations – a safe bet, especially for South Africans.”
The added New Programme gives South Africans more options for investing in brick and mortar in Euros, either for investment only purposes or Plan B. There is no annual tax payable, a once-off government residency fee of € 30,000 (this includes an application fee of €5,500). A €250,000 government investment is payable and refundable after 5 years. The property purchase minimum is €320,000 in main centres (or €270,000 in other specified areas), or a rental property at a minimum cost of €12,000 per annum (or €10,000 pa in the South of Malta or sister island Gozo).
“I encourage those who are interested not to waste time. I’ve seen many clients lose money overnight due to the currency fluctuations”, says Grahame Salt of leading real estate agency.
Included in the residency are financially dependent relatives (spouse, children, parents and grandparents). Permanent Residency includes the full Schengen visa which after 5 years annual review will be renewable every 5 years thereafter. Applicants should have a minimum capital of €500,000 which can include the Malta property purchase or an annual worldwide income of €100,000. The above may only be applied through approved agents or accredited persons.
Dr Pierre Mifsud, director of EMD, an approved agent for applications comments, ‘residency in Europe is in high demand, when considering the whole package on offer in Malta there is nothing like this Programme on the market’.
Merle Whale, a South African living in Malta says, “There is an active SA community here and I often hear them comment that the lifestyle in Malta is wonderful – much safer, the infrastructure is good – and there are no council rates, and utilities are good value for money. Its an excellent option for us, and I’ll gladly show you the ropes”. Another great advantage is that Malta is well connected globally, with over 45 flights a day. Major airlines with flexible routes for South Africans include Lufthansa, Emirates and British Airways. This, together with the Schengen visa, is a gateway to Europe with good routes at competitive prices!
We will be hosting free information sessions in October in Johannesburg and Cape Town, as well as private consultations on a reservation basis.
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