Visa News: Are you considering living in a European country? This country’s Golden Visa program can help you.
Malta’s Golden Visa program has currently become one of the most preferred options for Indian citizens wishing to live in the European Union (EU). The top countries seeking this program include China, Vietnam, India, South Africa and Turkey. According to Moneycontrol, according to investment migration consultancy Henley & Partners, Malta’s Golden Visa program is one of the top residency-by-investment visas. Residency-by-investment or golden visa is a way to obtain immigration, permanent residency or citizenship in another country. Such visa programs help wealthy individuals buy residence rights.
Features of the Malta Visa Program
Several factors are responsible for the surge in demand for MPRP. First, it provides residency in the European Union as Malta is a member country. This allows residents to travel freely in the Schengen area, which includes 27 European countries. According to Rohit Bhardwaj, Country Head, Henley & Partners, Malta is located in the middle of the Mediterranean Sea. It is known for its rich history, excellent architecture and beaches.
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MPRP offers permanent residence, with the possibility of naturalization after 5 years. It is a structured residency-by-investment program based on investment in property and government contributions. The program is especially attractive for families, as it allows applicants to include their spouses, children and dependent parents or grandparents.
Why Indians are liking the visa program
Malta offers many benefits, including better tax structure, investment opportunities, stability and security, high quality of life, English speaking environment and a path to permanent residency and citizenship.
How to get a visa?
The person applying for the visa must be at least 18 years of age. Along with this, the applicant will have to submit an affidavit declaring that he has a capital of at least 500,000 euros on the date of application. 500,000 euros is approximately Rs 4.7 crore.
A single applicant must meet the following requirements:
- Purchase a property worth 375,000 euros or lease a property for 14,000 euros per year.
- If the property is leased, contribute 60,000 euros to Malta’s economy, which is non-refundable.
- Donate 2,000 euros to an NGO.
- Pay an administration fee of 50,000 euros. This is also non-refundable.
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Tax Structure of Malta Golden Visa
RIF Trust’s Nalawade said Malta also has a favourable tax environment, including a flat tax rate of 15 per cent on foreign income, which is attractive to investors. Apart from this, Malta has several double taxation treaties, which help Indian citizens avoid double taxation.
