According to the Malta Residence and Visa Programme Regulations, published in the Government Gazette on 25 August, foreign individuals who invest at least €250,000 in Malta will gain a residency permit, parliamentary secretary Jose Herrera said today.

Speaking at a press conference, Dr Herrera said the investors, which will have to originate from a country outside the European Union, will have to purchase a property which is worth €320,000. In the south of Malta and in Gozo, the property needs to be worth at least €270,000. If the investor decides to rent, he or she will need to spend at least €12,000 a year.

The residency permit will not be a right, but rather a privilege and the investor will need to commit to a strict code of conduct.  The investor needs to be over 18 years of age and have a clean criminal conduct. Relatives who are dependent on the applicant will also benefit from the residency permit.

The due diligence will be carried out by certified professionals – accountants, lawyers or notaries, but will be crossed checked by the authorities.  Identity Malta will have a crucial role to play.

Joe Vella Bonnici, in charge of Identity Malta, was not present at today’s conference. When asked about it, Dr Herrera said he would not answer for others.