Malta Finance Minister in High Networth Individuals Scheme launch this morning

EU nationals must spend a minimum of €400,000 on the property or €20,000 a year in rent.

Malta Finance Minister Tonio Fenech this morning launched the long awaited replacement to the Malta permanent residence scheme which was suspended earlier this year 2011. The new "High Networth Individuals Scheme" is designed to dissuade people from coming to Malta and buying a property without contributing to the local economy.

The new scheme now requires foreigners seeking to buy a property in Malta, to spend a minimum of €400,000, up from the previous minimum of €116,000, and to spend at least 90 days  a year on the Maltese islands.

The new regulations are two-tiered, one for EU nationals and one for third country nationals.

Applications may only be submitted through authorised Maltese warrant holders, registered with the inland revenue department.

Read further details on The Times of Malta online, here.

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