Much is being said about the new Permanent Residency scheme that Malta offers to foreign nationals looking at taking up permanent residence in Malta. Finance Minister Tonio Fenech has recently announced that government intends to launch five new schemes to replace the scheme which was suspended late last year. The announcement was made in Parliament following a number of meetings held on the matter. Final details are expected to be published shortly.

An indefinite High Net Worth Individual Scheme specifically for European Union (EU), Swiss and European Economic Area (EEA) citizens will most closely resemble the Permanent Residents Scheme that was suspended at the end of last year.

Another scheme will be made available for non-EU residents who would be given freedom of movement, and eventually EU residence status.

The Global Mobile Permanent Scheme is for non-EU citizens who want to live in Malta temporarily for periods of up to four years. This is particularly attractive for foreigners working on three-year contracts in North Africa who wish to bring their families to live in Malta. This would be cheaper, participants would not get EU citizenship but they would have beneficiary effects on the sale of property. This scheme is non-renewable.

The fourth and fifth scheme is for high net worth individuals – artists, singers and professionals – both from the EU and non-EU citizens who would not participate in any other scheme.

In a statement, the Finance Minister assured that the schemes are being tailor-made to the exact needs of the types of foreign nationals that generally seek residence in Malta and are aimed at making Malta a competitive destination in its field.

Our business partner based in Malta has been a key figure in putting pressure on local authorities to release the new schemes as soon as possible. They, as part of the local Business Chamber, has been in contact with the authorities for the past months, with the aim of assisting in the proposed review of the scheme. In a statement Managing Director, Joseph Lupi stated that ‘Malta has always been active in attracting foreign investment and international interest in its property offering. The Permanent Residency Scheme is one such means, with the Islands offering a whole lot more, including a comfortable lifestyle, a strong economy, an active and secure property investment market (with property appreciating at an average of just under 7% per annum over the last decade, as per statistics issued by the Central Bank earlier on this year), fluency in English, low criminality, very hospitable and friendly locals, a most amiable Mediterranean climate, great choice of properties, optimum education and health services, a rich heritage and myriad of natural beauty and much more.’