People living in non-EU countries can expand their opportunities and open new perspectives. All this is possible with a residence permit. Cyprus and Malta provide such papers. It would be best to read more about all the nuances to choose between these two regions.
Understanding Golden Visa Programs
Golden Visa is a special category of law that allows foreign nationals to obtain a residence permit in exchange for a solid investment. Such schemes are common in many parts of the world. Each region has its requirements for applicants and provides unique benefits.
The Cyprus Golden Visa Program
The process of reviewing the application and obtaining all the papers takes, on average, 12 weeks. Naturalization of Cyprus Golden Visa is possible for an investment of 300 thousand euros or more. You may invest in:
- construction projects (commercial, residential real estate);
- shares;
- equities.
Cyprus residency gives grounds for obtaining citizenship. After that, you can return the investment. In the case of the acquisition of real estate, the foreigner will have to pay additional VAT. And when purchasing a commercial property, he must also confirm an income of 50 thousand euros per year. Shares and equities also require proof of stable financial condition.
Benefits of the Cyprus Golden Visa Program
A favorable tax environment affects the popularization of Cyprus among migrants. There is no tax on income received outside the region; the interest rate is the lowest in Europe. Apartment prices are constantly rising, so most foreigners choose this way to implement the scheme.
Once five years have passed after receiving the Cyprus Golden Visa, residents can apply to become full citizens of the country and the EU. A developed economy and a high standard of living make the island a great place for work and business and for life and children’s future. Residents have access to education in prestigious universities and quality medical care.
Requirements and Process to Obtain Cyprus Golden Visa
The Cypriot government has the following requirements for candidates:
- The applicant must be of legal age with no criminal record or previous convictions.
- Clean reputation.
- Legal and stable income from 50 thousand euros per year.
- Availability of health insurance.
- No serious illnesses.
Spouses and children (including those from previous marriages) can be added to the application. There are no special requirements for minors. Children 18-25 years old must have completed education, be dependent on the applicant, and be unmarried. There are also no requirements for children of any age with physical or mental disabilities.
The Malta Golden Visa Program
The state in the Maltese archipelago also offers foreigners cooperation on mutually beneficial terms. Applicants for Malta Golden Visa will take about four months to process. The scheme has been in place for ten years. Cosmopolitans need to rent or buy an apartment:
- Rent. Depending on the location, the minimum annual rent may vary. In the south of Malta and the island of Gozo – 8750 euros, and in the north and center of Malta – 9600 euros. In addition, you must pay an annual tax of 15 thousand euros.
- Buying. The price also depends on the area, 220 and 275 thousand euros. Annual tax and a fee for the purchase must also be paid – a little over 25 thousand euros.
Applicants must also consider additional costs: translation of papers, insurance, etc.
Renewing this permit every year is necessary, which can be inconvenient. However, special agencies assist in these matters. In addition, Maltese permission is an ideal option for those who are not ready to part with a tidy sum at once.
Benefits of the Malta Golden Visa Program
Malta Golden Visa allows you to move around the EU without additional documents and to stay there for up to six months a year. Residents can open a business or get a job if they wish. The loyal tax environment is particularly attractive to foreign entrepreneurs and businessmen.
Malta is a great place to live and relax. Stunning scenery, and a pleasant climate is perfect for adults and children. Owners of Malta residency get access to European-level medical care and education.
Requirements and Process to Obtain Malta Golden Visa
In addition to the standard requirements, the lead applicant must speak English or Maltese fluently. In addition to the investor, the application may include the wife or husband, heirs, siblings, and even the older generation of relatives. The main requirement for all family members in the application is to be sponsored by the main applicant.
Comparison of Cyprus and Malta Golden Visa Programs
According to the expert of Immigrant Invest Zlata Erlach, the choice of scheme depends solely on the capabilities and wishes of the investor. It is worth carefully studying the country’s requirements and assessing your own chances. Consider also the benefits and how important certain advantages are specifically for your situation. The need for annual renewal of the card in Malta may be a disadvantage, while Cyprus offers a passport after five years. It is recommended to seek the assistance of a licensed agent, who will explain in detail all the differences and will take care of your application.
Conclusion
A residence permit for investment is a well-known and popular proposition for wealthy foreigners. A cosmopolitan receives several advantages for contributing to the economic development of the region. Each country has its own requirements for applicants. The conditions and benefits also differ. Make your choice based on your own preferences and change your life for the better!
