Explained: Why Malta's golden visa has many Indian takers
What's the story
The Malta Permanent Residency Programme (MPRP), commonly known as the "golden visa," has become a hot favorite among Indians looking to settle down in Europe.
The program offers immediate permanent residency, no mandatory stay requirements, and tax advantages, among others. However, it is its one-of-a-kind benefits that make it so attractive.
The MPRP grants EU residency as Malta is an EU member.
Benefits
Malta's golden visa: A gateway to EU residency
The MPRP is luring people from various nationalities: Indians, Chinese, Vietnamese, South Africans, Turks, and more. The program offers not just permanent residence but also naturalization in five years.
This systematic residency-by-investment scheme is based on property investments and contributions to the government.
It also lets residents travel freely across the Schengen Area of 27 European countries.
Flexibility
MPRP's low physical presence requirement
The MPRP has been especially alluring for families, as applicants can include their spouse, children, and even dependent parents/grandparents.
It also has a low physical presence requirement: applicants can maintain residency by spending very little time in Malta every year.
This flexibility makes it an attractive option for those with commitments across the globe.
Insights
MPRP's appeal to Indian investors
According to Gaurav Nalawade, country head at RIF Trust, the MPRP has become very popular among Indian nationals, owing to the plethora of benefits it provides to aspiring EU residents.
He points out that Malta offers a favorable tax structure, investment opportunities, stability and security, a high quality of life, an English-speaking environment, and a pathway to permanent residency and citizenship.
Requirements
Eligibility criteria for Malta's golden visa
MPRP eligibility requires the main applicant to be 18 years of age and have capital of at least €500,000 (about ₹4.7 crore).
This must include a minimum of €150,000 (about ₹1.4 crore) in financial assets.
Single applicants have to bear property purchase/lease costs, a non-refundable contribution to the Maltese economy, and an administration fee.