If you are considering obtaining a second residence, then most likely, Malta and Portugal have crossed your mind as viable options.
For a good reason, the Portuguese Golden Visa Programme (PGVP) and the Malta Permanent Residence Programme (MPRP) are two of the most popular in Europe and the world. Both programs have their specific characteristics and depend on your individual needs. One may be more suitable for you than the other.
This article will list all the benefits and requirements of each program to help you make an informed decision.
Since 2012, Portugal has offered non-EU/EEA citizens the opportunity to acquire a special residence permit. The Golden Residence Permit Program (PGVP) grants the investor several benefits in exchange for a 5-year investment in Portugal.
According to SEF, Portugal’s border agency, the programme has granted over 10,000 Investor Visas, translating into a €5.3 billion investment in the economy.
The PGVP allows you to maintain an excellent and affordable quality of life in a safe and stable country. As a resident of Portugal, you gain access to proper healthcare and education prospects, well-connected airports and a great climate.
The Malta Permanent Residence Programme is a unique opportunity offered by the Government of Malta to relocate to the island. The program provides you with the right to reside indefinitely in Malta.
As a European Union and Schengen Area member, this right extends to all 27 EU and 4 EEA countries. Maltese residency allows you to enjoy unrestricted entry into all Schengen countries under the Schengen agreement rules.
Several applicants are attracted to Malta yearly, seeking a better quality of living in a beautiful and culturally-rich country. The excellent climate and relaxed lifestyle are the other factors that make people relocate to the Mediterranean’s heart.
Obtaining a Golden Visa from Portugal comes with several advantages. Some of these include:
Residing in Malta can offer various business, travel, and family benefits. Some of these benefits allow you to:
The applicant must fulfil the following requirements for eligibility:
From a financial perspective, the following are the investment options:
1. Real estate or property acquisition**As of January 2022, as to which territories are still eligible.
2. Investment Fund of €500,000 in a private equity fund in PortugalTo meet the requirements, you must retain the investment for a minimum period of five years. You are also expected to spend a minimum of seven days in Portugal during the first year and not less than fourteen days in each subsequent 2-year period.
Similar to Portugal, a third-country national can relocate to Malta through the Malta Permanent Residence Programme. If you satisfy the following criteria, you are considered an eligible candidate for the Malta PR.
You must:
From a fiscal perspective, the following are the main requirements of the program:
For full contribution:
For reduced contribution:
*The qualifying properties must be held for a minimum of five years.
The initial stage of the application involves submitting a form online, including copies of supporting documentation. Once the request is accepted by Serviço de Fronteiras e Estrangeiros (SEF), you will be invited for an interview. This interview will be conducted in the district in which you have made your investment.
It is highly recommended to seek counsel from a lawyer or immigration advisor since your application will be completed through the lawyer or advisor. The completion of the application may take months.
A processing fee of €533.90 is due for the main applicant and €83.30 for each remaining family member.
If you are approved, you will receive your residency card after ten to twenty days, valid for one year. An approval fee of €5,336.40 for each applicant is due upon approval.
After the first year, you are required to renew your residency permit. This process should take approximately one month to finalise. During this time, you must re-submit Biometrics, criminal records, and a fee of €2,668.20 per applicant. The processing fee is €533.90 for the primary applicant and €83.30 for the consecutive family members.
The new residency card is valid for two years, and post this period, you will need to go through the process of renewal again.
Like the Portugal Golden Visa, a certificate of Maltese residency may take months.
The initial step involves engaging the services of a government-registered Licensed Agent. The applicant, through the assistance of the Licensed Agent, must compile the necessary documentation. The Licensed Agent may conduct initial due diligence checks and background verification reports.
Once the required documents and forms are prepared and compiled, these are submitted to the RMA (Residency Malta Agency). The RMA then conducts due diligence reviews and may request further clarification. Submission to the RMA requires a non-refundable administrative fee of €10,000, which is part of the contribution (full or partial).
Once the RMA issues the letter of approval, the contribution must be paid. Fiscal requirements such as government contribution, donation, and the qualifying property must be fulfilled.
Biometric data will be collected in Malta. A certificate of residence will be issued, and the Malta residence card will be issued.
EU Long-term residency is granted if the resident has lived in Malta for five years. The resident must have proof of stable & regular income and has complied with integration measures.
As outlined in this article, both programs prove to be favourable options if you are seeking to relocate to Europe.
Both Portugal and Malta offer the chance to live the Mediterranean lifestyle, unrestricted access to the Schengen Area and access to excellent healthcare and education. All in all, despite the significant investment that is required, both programs offer many benefits.
If you are a foreign investor seeking access to the EU accompanied by a powerful passport, then the fees and application process prove to be worth it.
All you have left to do is to decide: Malta or Portugal.
Endevio will guide you through the process of realising your goal of relocating to Malta or Portugal. Our immigration specialists can provide you with all the information and assistance you need to make the move a smooth transition.
Whether you are relocating for work, business, retirement, or simply for a change of scenery, Endevio can help you make this a possibility. Get in touch with us today.