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How South Africans Can Gain Malta Residency By Investment
If the past is anything to go by, there’s no telling what the future holds for South Africa. Taking into account the country’s power agency’s failure to supply consistent electricity, political corruption and an economy that has taken a turn for the worse in the last two years, the outlook may be grim. This is the view held by the many South Africans who are choosing to immigrate overseas to secure a prosperous future for themselves and their families.
In this day and age, the possibilities for transitions abroad are seemingly endless. People are creating new lives for themselves in countries like Vietnam, Panama, the United Kingdom, Australia, Canada and Malta, to name a few.
Malta is fast becoming an increasingly popular destination for South Africans who believe the grass to be greener on the other side of Africa. Here’s why.
South Africans can invest money abroad
Residency by Investment in Malta is a program that offers a sure-fire way for South Africans to get residency status by meeting a few requirements and making a financial investment in the country. This way, people who are becoming reluctant to put their money into South African bank accounts can ensure that their money is safe. Choosing to invest in countries like Malta removes the uncertainty-factor in a country whose economy has previously teetered on the edge of ‘junk’ status.
The global residency program in Malta offers further security during these uncertain times by providing a second country of residence for investors and their families, with the possibility of permanent residency.
Travel in the EU without a visa
When you live in Malta, you will have the Schengen zone at your doorstep. This means you will have better access to 26 states within the EU. When you invest in the Malta residency program, jumping through hoops to obtain a Schengen visa so that you can travel in the EU will be a thing of the past. Immigrants can say goodbye to the expensive and time-consuming visa application process that South African citizens usually have to go through to travel in Europe.
Simple application process
Depending on which consultancy you choose to manage your application process, it can take as little as 3-4 months to secure your ticket to permanent residency in the EU. The application process is efficient and requires you to follow a few simple steps to ensure Malta as your second home.
A future for you and your family in the EU
When you invest in the residency program, you secure long term EU residency rights that take your future into account. Build a stable home for your whole family, including your spouse, parents, grandparents and unmarried children who are still dependent on you. Although residency permits are valid for 5 years, they can be renewed. This means that you can stay in Malta indefinitely.
No minimum presence required
Unlike many other countries that need you to stay for a minimum period to keep your permit, the Malta residency by investment program does not. You can retain your residency status without having to be in the country for prolonged periods.
Low tax rates
Many South African citizens feel crippled by excessive tax rates, which is why they find the tax system in Malta appealing. Tax is done on a remittance basis, with a standard fee of 15%. Also, if you are earning a foreign income, it will not be taxed. Similarly, there is no inheritance tax in Malta.
You can still work in Malta
In contrast to countries like Panama, being a resident in Malta does not exclude you from the prospect of working. You can be a resident while still being eligible for obtaining a work permit. This allows you to earn an income within Malta while you are staying there.
Access to numerous benefits
Moving to Malta means access to institutions that can dramatically improve your quality of life. South African families find the standard of education and the affordability of tertiary education in Malta attractive when compared to South African services. The health care system is also of a high standard, and residents have the choice to opt for private health insurance.
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If you enjoyed this post and have time to spare, why not check out these related posts and dive deeper down the rabbit hole that is homeownership.
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