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Huge Summer Surge In Malta Permanent Residence Interest, Applications Up By 249% From Last Year

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There has been a huge surge in the number of wealthy third-country nationals seeking to live in Malta in recent months.

A spokesperson for the Home Affairs Ministry confirmed with Lovin Malta that the Residency Malta Agency received 353 applications for its permanent residence scheme in the past three months, representing a whopping 249% increase over the same period in 2021.

It also indicates a sudden increase in permanent residence applications – with June, July and August generating more than triple the number of applications (103) filed in the first five months of 2022.

A total of 476 applications have been received throughout this year so far, compared to 260 in 2021.

The Ministry didn’t provide information as to how many of these applications have been accepted.

The Home Affairs Ministry has attributed the surge to Malta's energy subsidies

The Home Affairs Ministry has attributed the surge to Malta's energy subsidies

The Permanent Residence Programme offers people the chance to live indefinitely in Malta and benefit from visa-free travel across the EU’s Schengen Area. 

Applicants must have at least €500,000 in capital when applying and they must purchase a property worth at least €350,000 (€300,000 if in South Malta or Gozo) or rent one for at least €12,000 a year (€10,00 if in South Malta or Gozo). 

They must also pay an additional contribution of €28,000 to the government’s consolidated fund (if purchasing a property) or €58,000 (if renting), as well as a €40,000 administrative fee and a €2,000 donation to a NGO.

Considering the average acceptance and refusal rate of recent years, the Home Ministry estimates this year’s residence applicants to translate into around €23.3 million deposited into the Consolidated Fund and €79 million injected into the economy.

Home Affairs Minister Byron Camilleri has suggested that this surge is due to energy subsidies making the island more attractive to investors at a time of global turmoil and uncertainty.

Why do you think the Permanent Residence Scheme has become more popular? 

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Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]

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