Renewal permanent residence permits

Hi John,

sorry for the typo!

I'm referring to the opinion of major economists that the Eurozone will not exist in the present form in a year or two.

So 'Maltese EU' means Maltese Euro because it seems clear that Malta will belong to the 'Mediterranean currency zone', some call it 'Southern Euro zone'.

Of course nobody knows how the Euro currency area is going to look this time next year. Even the top economists can only speculate about the future of the Euro as long as the debt can is just kicked down the road.

Considering the high property prices in Malta and the potential for changes within the Euro currency area I feel that the only option at the moment for foreigners with assets in the UK , certain other EU countries and other countries like the BRIC countries is to sit tight and wait.

Cheers and thanks for the question
Ricky

'I said I'd buy a citizenship. Then obviously I'd go live in a developed European country, not a third world one with dog shit everywhere. Either way having a citizenship of an EU country would be mostly helpful and that's my point.'

Looks like it's precisely the point why the scheme was changed - it seems unprofesionals were selling Malta as an EU passport to non Eu people.  Besides Goverment does not want to encourage bummers living off shared flats and same addresses.

And once you partake to the permanent residency you are obliged to live here and not just flitter off to pay minimum taxes

This is the permanent residency scheme we're referring to and not just taking on oridinary residency in Malta. Frankly I cannot understand  what the fuss is about . If one does not qualify there's ordinary residency

With regards to Minister Fenech, I think he's doing an excellent job- Malta is doing suprisingly well considering its minimum size and non accessible location.

I think its sad that this blog is utilised to fling dirt and negativitiy about Malta.  I am one of many who love it !

"If one does not qualify there's ordinary residency " absolutely for EU/EEA citizens, and for nearly all OR was the right one before, never mind now.

However, many non-EU citizens cannot qualify for OR as they don't want to work - there are many wealthy non-EU citizens (eg Americans, Japanese, Canadians) who were considering retiring early to Malta, who were quite happy to pay 6,000 euros for a couple for PR, take out health insurance, and spend tens of thousands of euros in Malta a year. They are not prepared to pay 650,000 plus 50,0000 a year in tax plus 12000 in application fees. These people have been lost.

Its an unfortunate consequence of EU membership that Malta has to issue an OR certificate to an EU citizen with less than  €10,000 of income, who will pay no, or little income tax, but will say no to a non-EU citizen with € 50,000 of income.

"there are many wealthy non-EU citizens (eg Americans, Japanese, Canadians) who were considering retiring early to Malta, who were quite happy to pay 6,000 euros for a couple for PR, take out health insurance, and spend tens of thousands of euros in Malta a year. They are not prepared to pay 650,000 plus 50,0000 a year in tax plus 12000 in application fees. These people have been lost'
Fair enough , but in the long tern these surely cost the goverment far more than Euro 6000 tomaintain with hospitals, education etc.Many don;t stay in Malta anyway.

Unfortunately the abuse by some unprofessionalsmatketing this scheme in places like South Africa has led to this situation.I see your point GeorgeinGozo but this is a  high networth scheme  we're talking about - maybe the floor is too high, but to my mind the concept of distinction betweene EU and non EU is correct.

The govt has seen a problem, and rather then sort out the problem areas, they've just killed the whole thing. Insist they have full health insurance and can't use state education system, rather than asking someone who is 60 years old, has health insurance and no kids of school age for 500,000 to cover things they would never use.

Flinging dirt...I think that's a bit over the top!

Obviously Malta has a lot of good points (or a few majorly good ones) which is why we all moved here but a lot of people do feel that the new scheme is not very realistic. Malta is nice but not THAT nice. My opinion anyway. Rich folks might feel different.

Sunshinemalta: Do you have a problem with South Africans? Aren't you just a special person being Swedish!!!!!

Absolutely no problem! The fact is however that the scheme has to be distinctive between EU and non EU simply because non EU people intended to abuse the scheme as these was how it was sold to them back in South Africa or China.
The scheme was in fact revamped because of this abuse

I did state that the floor is too high. I trust that you misinterpreted my point.

Sunshinemalta: I could possibly has misinterpreted your point - but I still have a problem with your inference that South Africans are not trustworthy 'because non EU people intended to abuse the scheme as these was how it was sold to them back in South Africa or China.'  'Possibly' once again, there are a few bad apples - but on the other hand there are many exceptionally sincere and decent South Africans that want to live in Europe  because they need to move away from a country that has become too  violent to live in. If it has been made easy for them up to this point to purchase property in Malta - a country that has a similar climate to SA but very little crime, why call them abusers! You must have had your reasons for leaving Sweden and going to Malta. Please respect other people and don't refer to all and sundry as abusers.

Hi rooikat,
As you stated this was how it was sold to them. In fact I did state' Unfortunately the abuse by some unprofessionals marketing this scheme in places like South Africa has led to this situation'
I  was certainly not referring to South Africans but unprofessional Maltese Lawyers and estate agents !

Hi Sunshinemalta - I'm pleased to read that you have moved the 'abuse' accusation onto the shoulders of the Maltese themselves. What I still can't get my head around is why non EU people that have taken up the offer of 'inexpensive' permanent residency by the Maltese government are being maligned on this forum. Surely it was their right to accept what was being offered to them by the Maltese government when they became permanent residents?
I, as a non EU have become a citizen of the United Kingdom along with thousands of others that have become naturalized after going through the relevant processes, and as a result am entitled to all that comes with this status - no-one here is pointing fingers at us. If the Maltese government feel they have set their entry requirements too low, then they must fix them (which they have.) The point of the discussion should be whether the levels are correct, and whether the government has over-reacted,not whether non EU permanent residents are shysters!

Rooikat,
Yes I do agree the collateral request  is too high if one wishes to take on residency that would oversee 5 years wherin an  'EU'  type residency commitment comes into the picture .
Then again it is not paying for residence , it is a collateral  which possibly may also render interest.
This is my understanding, I am no adviser!

Is the High Net Worth thing already in effect, as it is presented on the IRS website, or for the time being it is simply a government plan to be discussed and approved in Parliament?
My good sources say that subsidiary legislation is being prepared and could modify some details. So in any case we don't have yet the final plan.
Does someone know when the scheme will be started?
Ren

I've lived here for nearly 2 years and was one of the last to receive their PR as a Non-Eu Citizen and was planing on staying here (possibly buying later next year)... until the new scheme was introduced. I pay 15000 Euro rent/year and the new level takes it 20K while the new property value is ridiculous. I make a good living out of Malta and spend more then half of the year here and spend another 20k easily, but with the new minimums introduced, I'm now shopping for a new country.

Don't you still qualify under the old scheme levels ?

That's how well they've thought it through. The property I was renting has been sold, so now I have to rent (or buy) on the new levels. Enjoyed it here and was planing on staying, but with the new amounts, I'll take the $'s somewhere else. Cyprus for a year then heading to Uruguay for me.

That part of the new regs was really messed up - hopefully will be altered

more serious competitors are rising up
http://bottomline.msnbc.msn.com/_news/2 … rs-propose