Malta Retirement Visa | A Complete Guide
What is retirement visa?
Retirement visas are a type of passive income visa that has been popular worldwide since the 1980s. Typically, they are issued to retirees who have sufficient retirement funds or stable income.
In general, global retirement visas have the following characteristics:
1. Applicant Qualifications: Typically, retirement visas require applicants to be retirees, reach a certain age, or have retirement funds.
2. Restrictions on Employment: Visa holders are usually not allowed to work locally.
3. Path to Permanent Residency: After residing in the destination country for a certain period, retirement visa holders can often apply for permanent residency or even citizenship.
If you’re interested in retirement visas or passive income visas, you might want to read our informative article: ‘Global Passive Income Visa | An Incomplete Guide‘.
Malta Retirement Visa:
The Malta Retirement Program (MRP) has been in operation since 2012 and is open to all retirees from both EU and non-EU regions. To apply for this program, you need to meet the following basic requirements:
1. Age and Language Proficiency: You must be at least 55 years old, receive a pension, have no criminal tendencies, have no intention of working in Malta, and be proficient in either English or Maltese.
2. Property Requirement: You must purchase property in Malta valued at no less than €275,000 (or at least €220,000 if in the southern part of Malta or on Gozo Island) or rent a property with an annual rent of no less than €9,600 (or no less than €8,750 if in the southern part of Malta or on Gozo Island).
3. Income and Financial Requirements: You must be retired with a disposable annual income of at least €12,700, with at least 75% of this income coming from your pension and regularly transferred to Malta. You may own company shares and financial assets but cannot hold any managerial position within a company.
4. Health and Fees: You must be in good health, pay a one-time administrative fee of €2,500, and have no intention of immigrating to Malta within the first five years of your initial application.
5. Tax Residency: You must become a tax resident of Malta, which requires you to reside in Malta for at least 183 days each year.
Additionally, if you are applying as an individual, you must pay a minimum annual tax of €7,500 in Malta. For each additional dependent, your required tax payment will increase by €500.
Application Process:
To apply for the Malta Retirement Visa, you must first contact a Maltese consulate or embassy abroad. You will need to prepare a list of required documents and schedule an interview for your visa to enter Malta.
Required Documents for the Program Include:
1. Applicant Identification Documents: This includes valid passports for all primary and secondary applicants, six passport-sized photos, birth certificates, marriage certificates, and other documents proving the relationship between the primary and secondary applicants.
2. Completed Application Form: You can download and fill out the application form online.
3. Income Proof: You must provide proof of income and financial resources, including bank statements from the past six months and a pension certificate, to demonstrate that you meet the income and financial requirements for the retirement visa.
4. Proof of Health Insurance: You need to purchase health insurance that covers Malta for each primary and secondary applicant annually.
5. Medical Examination Certificate: All primary and secondary applicants must undergo a medical examination.
6. Certificate of No Criminal Record: Each adult primary and secondary applicant must provide a certificate of no criminal record from their current place of residence.
7. Proof of Residence in Malta: You need to provide an address in Malta where you can receive mail, either by renting or purchasing a property.
All documents from outside Malta must be notarized, and non-English documents must be translated into English or Maltese.
After obtaining this retirement visa, you can enter Malta now. Once you have completed tasks such as purchasing health insurance and buying or renting a property, you can then apply for the Malta Retirement Residency Permit in person.
The processing time for the Malta Retirement Visa is typically around three months.
Dependents:
For the Malta Retirement Visa, the primary applicant’s spouse, parents, and financially dependent children under 26 can also reside in Malta as secondary applicants.
Visa Validity:
The Malta Retirement Visa is valid for five years and can be continuously renewed under the original conditions upon expiration.
However, the retirement visa is a non-immigrant visa and cannot be converted into permanent residency or a Maltese passport.
Useful Links:
Malta Retirement Program: https://cfr.gov.mt/en/inlandrevenue/itu/Pages/Malta-Retirement-Programme.aspx