Cost of buying Maltese residency set to more than double

The price of purchasing Maltese residency is set to more than double, as the government seeks to make more cash to finance the country’s post-COVID-19 recovery. 

A new version of Malta’s residency program will be set up in the coming weeks following legal amendments that are expected to be tabled in Parliament on Monday evening. 

Residency gives third-country nationals the right to live in Malta and spend up to 90 out of 180 consecutive days in other EU countries. It is distinct from a Maltese citizenship scheme, which confers applicants with a Maltese passport. Parliamentary Secretary Alex Muscat told Times of Malta that the main change to the Maltese residency program will be a price hike in the direct contribution for residency. Currently, applicants for residency have to pay €30,000 as a direct contribution. Under the proposals, that will rise to €68,000 for applicants who purchase a property and €98,000 for those who choose to rent instead. The proposed revisions follow changes made to a separate scheme which allows applicants to obtain Maltese citizenship. That scheme is currently the basis of infringement proceedings which the EU has filed against Malta. Malta’s residency...