A permit of ordinary residence is intended for people living in Malta, applying for a work permit and seeking employment. This permit is available to people wanting to register their tax residence on the island, due to Malta having a low tax jurisdiction.
With the approval of a work permit, residence is granted automatically. The permit is valid for the employee and his/her spouse. However, the resident permit does not mean the spouse qualifies for a work permit.
Permanent Residency allows you to stay indefinitely on the island, but does not give you the right to work. Physical residence is not required and you are free to come and go from the island whenever you choose to. Applicants must meet financial and property conditions.
Requirements for a permanent residency include the following
- Net worth of 349,000 Euros or an annual income of 23,000 Euros (2009)
- A good character report of applicants (police or a back-check of any criminal records)
- Interview process
Once the permit is issued, the holder has one year to take up residency in Malta and purchase or rent a suitable property. This means a minima purchase price of 70,000 Euros for an apartment, and 117,000 Euros for a house, or 4,150 Euros per annum rent (2009). Permanent residents are required to open a bank account into which they must deposit a yearly minimum which is income taxed. Any deposits that exceed this minimum will not be taxed.
There are many companies that specialise in helping people with the application process for permanent residency. These companies can be found online and are probably the easiest and most efficient way to apply for permanent residency.
An indefinite license gives the right to permanent residency and they are issued to foreign nationals that have a 40% plus share of a company in the manufacturing or financial services sector.