The Mediterranean island of Malta is one of the best places to get a residency. It has a strategic location, a stable political climate and excellent air links. How do you become a resident of Malta? The country offers you a number of programs and you can decide which one to apply for. However, one of the most popular programs is the Malta Residence and Visa program. This program enables non-Maltese people the option of getting an EU residence card, which means they can travel without visa in the Schengen area.
Like other visa programs, there are some requirements that you have to fulfill to qualify for this one. These are outlined below:
- You have to invest EUR 250,000 in government bonds, which are retained for a minimum of five years.
- A non-refundable government contribution is also required worth EUR 30,000. EUR 5,500 is government administrative fee.
- Applicants need to either get a property lease of EUR 12,000 per annum or buy property of EUR 320,000.
Opting for the Malta Residence and Visa program (MRVP) can provide people with a number of benefits. You can reside in Malta indefinitely and there is no residence requirement that needs to be fulfilled. Moreover, your family members are also part of the program and only have to make an investment for the first five years. There is no need to obtain a visa to travel across the Schengen area. The five year permanent residence that you receive under this program is also renewable indefinitely.
One of the best things about the MRVP is that application process doesn’t take a lot of time. The application has to be submitted with EUR 5,500, which is a non-refundable deposit. Your application is approved after the due diligence checks have been performed and a residence permit is issued after the qualifying investments have been made.