Malta: Country and Foreign Investment
Entry and Residence
As a member state of the European Union from May, 2004, Malta no longer applies restrictions to the movements of nationals of other EU member states.
As of December 21, 2007, Malta became part of the Schengen area. European Commission President José Manuel Barroso announced ahead of the enlargement of the area that:
"As from this week, people can travel hassle-free between 24 countries of the Schengen area without internal land and sea border controls- from Portugal to Poland and from Greece to Finland. I wish to congratulate the nine new Schengen members, the Portuguese presidency and all EU Member States for their efforts. Together we have overcome border controls as man-made obstacles to peace, freedom and unity in Europe, while creating the conditions for increased security".
Following enlargement, all citizens of the enlarged Schengen space will benefit from quicker and easier travelling. From December 21, 2007 onwards, a citizen can travel from the Iberian Peninsula to the Baltic States and from Greece to Finland without border checks
At the time of writing, eight Visa Facilitation Agreements (VFAs) are in force between the European Union and certain third countries on the facilitation of the issuance of visas. The VFA sets the cost of a visa at EUR35 and shortens the processing period. The current VFAs cover Albania, Bosnia and Herzegovina, Moldova, Montenegro, Macedonia/FYROM, Russian Federation, Serbia and Ukraine. For other countries, a single-entry and transit visa charge of EUR60 applies. Visas are valid for 90 days.
Anyone who wishes to reside permanently in Malta must apply for a residency permit. An applicant must provide evidence of a minimum annual income of EUR24,000 or total net worth exceeding EUR350,000. The applicant must remit to Malta a minimum sum of EUR14,000 plus an additional EUR2,400 for each family member annually. Within a year of approval of the application, the applicant must purchase or rent a property in Malta. The purchase must be in line or exceed minimum average property price in Malta. For rentals, the annual rent must be at least EUR4,200. The accommodation cannot be shared with non-family members.