5th July 2017
Antoine Saliba Haig, Chetcuti Cauchi
Malta's Golden Visa is now the most favourable residency bond programme. By virtue of Legal Notice 107 of 2017, amendments have been made to the Malta residence & visa programme regulations which was originally launched by Legal Notice 288 of 2015. MSI's Malta law member Chetcuti Cauchi explains further.
As a law firm, Chetcuti Cauchi welcome the amendments done by Identity Malta, after the firm’s proposals aimed at making this programme more attractive for foreign investors. These amendments come into force with immediate effect and new applicants will enjoy the benefits of these new additions to the law.
The main amendments which came into force are the following:
The contribution or application fee of thirty thousand euro (€30,000) now covers the main applicant, spouse, and all the children of the main applicant and/or the spouse at application stage.
If the main applicant and/or the spouse include their parents or grandparents in the application, a fee of five thousand euro (€5,000) applies for each parent or grandparent.
Whilst under the previous legislation, one could only include adult dependant children up to the age of 26. This proviso has now been removed, and allows the main applicant to include in the application, adult children even if older than 26, provided that at the time of the application the child is not economically active and is principally dependant on the main applicant. This therefore means that children over the age of 27 at the time of application can be included, and that children do not lose the residency rights on their 27th birthday.
Approved children of the main applicant will thus retain residency rights under the Malta residence & visa programme, as long as they are not economically active and/or married at application stage.
Even if the adult dependant eventually gets married, the main applicant has the possibility to apply against a non-refundable fee of five thousand euro (€5,000) per person, to include on the main beneficiary certificate the spouse of the adult dependant and his/her children.
Whilst under the previous legislation, the main applicant and the entire family were obliged to spend outside of Malta a period of 6 months consecutively or a period of 10 months in the aggregate in a five year period, this proviso has now been removed. This means that the main applicant and the family are free to reside in Malta indefinitely, although not under any obligation to do so.
Eligibility for long term residency & Maltese citizenship
By virtue of the above mentioned amendments which removed the residency requirements outside of Malta, this opens the possibility for the main applicant and the family to apply for long term residency and eventually citizenship in Malta, subject that the requirements for both options are fulfilled.
Chetcuti Cauchi’s Malta residence & visa programme services
Applications for the Malta residence & visa programme are to be made to and processed by Identity Malta. Applicants must be represented by an accredited person that is a licensed Maltese Authorised Registered Mandatory (ARM). Partners Dr Jean-Philippe holds licence no. IIP 001 and Mr.Kenneth Camilleri holds license no. IIP 124 and have satisfied the additional requirements imposed by the Regulations over and above the requirements for ARMs under other legislation.
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