The Global Residence Programme will officially take effect next week when a legal notice will be published in the Government Gazette, Parliamentary Secretary Edward Zammit Lewis has said.

The scheme allows non-EU nationals who buy or rent property in Malta and direct their income to the island to benefit from a residence permit.

In order to qualify for residency, a non-EU foreigner must purchase a property worth €220,000 or over (if the property is in the south of Malta or in Gozo) or of a minimum value of €275,000 for properties in central and northern Malta.

Foreign nationals interested in renting a property are eligible for residency if the annual rental value is €9,600 (or €800 monthly) in Malta and €8,750 (or €730 monthly) in Gozo or the south of Malta.

The Global Residence Programme replaces the High Net Worth Individuals Scheme introduced in September 2011, which required much higher thresholds for non-EU foreigners to apply.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.