Affluent South African nationals wishing to obtain a Plan B abroad are increasingly considering Malta as a host jurisdiction for second country residency. Discover how you can obtain second country residency in this EU member state below:
As a member state of the European Union, Malta is strategically well situated, with good air route connectivity and a stable political climate. It shares time zones with South Africa (GMT + 2), making it ideally suited for conducting local business from abroad.
Apart from the relaxed lifestyle and sun-drenched climate, Malta offers South Africans the ability to obtain residency rights and EU ID Cards, affording them the luxury of visa free travel to and within the European Union. Family members can also be included under the primary resident’s application, and you are not required to permanently reside in Malta in order to be able to obtain residency.
An additional draw card is the relatively friendly taxation requirements – residents are only taxed on their remitted income and Malta based earnings. A 15% tax rate is typically charged in respect of any foreign sourced income remitted into Malta. There is however the option of claiming double tax relief.
In terms of the country’s investment requirements, the following is considered typical: Residency by property investment route: Purchase and retain a property in Gozo or Southern Malta for EUR270,000+, or buy a property worth no less than EUR320,000 in the rest of the country. This investment typically needs to be retained for at least the first 5 years of your residency. Government bonds investment route: You also have the option of investing EUR 250,000 or more in government issued bonds for a minimum period of 5 years as a route to residency. Rental property route: Renting a property in Malta in the range of EUR 10,000 to EUR15,000 per month, depending on where it is situated, can also be used as an avenue for obtaining Maltese residency.
Regardless of which option you choose, you will need to make make a non-refundable contribution of EUR30,000 to the Maltese government, and professional service fees relating to your residency application can cost up to EUR 30,000 or more, depending on the complexity of your application.
As with many other EU residency programmes, the Malta Global Residency Program has several requirements pertaining to financial self sufficiency, international good standing, good health and adequate medical insurance, among other considerations.
Timeframes: Applying for EU second residency typically requires a significant level of participation by the applicant – including the timely submission of documentation and collection of EU ID cards, among other requirements. Depending on the volume of applications and your level of participation, the application process can take from 4 to 6 months.
NB: The above article is for general informational purposes only. It is deemed accurate at the time of publication, however the accuracy of the information is not guaranteed by Maiden & Associates due to the changing nature of the requirements involved. Prospective clients frequently find us for Google searches such as “Malta investor visa” and “Malta investment visas” as well.