Maltese developers welcome revamped residence program

The Malta Developers Association (MDA) welcomed the Maltese Government's launch of the revamped Residence and Visa Programme for Malta, saying this will lead to a further strengthening of the property market and will further economic growth.

In a statement, the MDA said that "through this Government programme, more investors are going to be attracted to our country and encouraged to buy or rent quality property. At the same time the minimum price established for property will avoid competition with buyers for cheaper properties."

According to the Malta Residence and Visa Programme Regulations, published in the Government Gazette on Aug. 25, foreign individuals who invest at least 250,000 euros (around 280,000 U.S. dollars) in Malta will gain a residency permit.

The investors also will have to purchase a property which is worth at least 320,000 euros (358,000 dollars) in north and central Malta, or 270,000 euros (302,000 dollars) in the south of Malta and Gozo, Malta's second largest island. Or else, the investors need to spend at least 12,000 euros (13,400 dollars) a year for rent.

The investor needs to be over 18 years of age and have a clean criminal conduct. Relatives who are dependent on the applicant will also benefit from the residency permit.

The MDA stressed the need for a serious due diligence process to ensure that those who have been accepted for this program will be qualified people with a clean legal record, so that the program will be truly successful. Endit