|Initial residency validity and renewals||Initial: 1 yearRenewals: 1 year twice, for a total stay of 3 years. After that, must leave Malta for at least 12 months.|
|Financial requirements||Income: €2,700 (~$2,900).Your immediate family members are covered.|
|Safety||Very Safe (2/7)|
|Climate||Very comfortable (1/5)|
|Expat’s cost of living level||Moderate (4/7)|
|Can the DNV lead to permanent residency and citizenship?||No|
|Tax situation||Exempt from income tax|
Source: Sovereign Man’s Cost of Living Index
Quiz: Name a European Union country with a 0% capital gains tax on foreign capital.
AND a favorable cryptocurrency tax regime — with crypto transactions falling out of the country’s income tax policy scope. Meaning: no capital gains tax on your long-term crypto profits, either.
Hello, Malta Digital Nomad Residency program. Thanks for ticking so many boxes.
(Sovereign Research: Confidential members: You might recall that Malta — aka “Blockchain Island” — was one of the greener pastures we featured in our Cryptocurrency Regulations & Taxation Roundup.)
For these reasons, unsurprisingly, Malta has become a top cryptocurrency destination, for both companies and traders.
That mild Mediterranean climate and spectacular views sure don’t hurt to attract expats, either.
But a residency ticket to “Blockchain Island” usually requires some cash. The Maltese Golden Visa, for example, requires you spend at least €150,000.
But now, those clamoring for Maltese residency have a much cheaper option: Malta’s Nomad Residence Permit.
Remote employers, partners or shareholders of a foreign-structured business and freelancers with mostly foreign clients all qualify. You’ll need a minimum gross monthly income of €2,700 (~$2,900).
Your immediate family members, including minor children, are covered by this threshold.
If your application is approved, you’ll receive a 1-year residency permit with the option to renew the residency twice for the same term.
There are specific renewal conditions, however. Besides usual financial requirements, Nomad Residence Permit holders must prove they resided in Malta for a cumulative period of five months or more over the previous twelve months.
The maximum time you can spend in Malta under the DNV is three years, after which you will need to leave for at least 12 months before reapplying. Therefore, the Nomad Residence Permit does not lead to any sort of permanent residency or citizenship.
The application fees are pricey. It will cost you around $350 per applicant.
Also, you have a choice to use the official Premium Visa Service for an additional €300. This is a door-to-door service, which will free you from visiting a Maltese embassy. Your approved visa will be delivered to your doorsteps. For more information, contact Malta’s Central Visa Unit at email@example.com.
What’s awaiting for you in Malta are good Internet speeds — with average downloads ranging from 48-95 Mbps — and still affordable rentals for many. A one-bedroom apartment costs about $1,100 monthly, while a three-bedroom apartment costs about $2,400. If you’re willing to venture beyond the coastal cities on the island of Malta, our service provider advised that the island of Gozo offers cheaper properties.
Another great thing about the Maltese tax system in general is that it’s not taxing foreign-sourced income. So you can enjoy your stay on the island without worrying about taxes (at least Maltese income taxes, you still might be liable to your domicile country).
For more information, refer to Malta’s list of frequently asked questions.
Also, if you’re interested in enlisting the services of a professional who specializes in Malta’s Nomad Visa, we have one in our Rolodex. Our clients have a 100% acceptance rate, compared to a 70-75% acceptance rate for direct applicants. SC members, write to us at firstname.lastname@example.org and we’ll pass along his contact information.
And if you decide to DIY, you can submit the Malta Digital Nomad Residency program application by writing at email@example.com and attaching all supporting documentation. To help you, Malta has conveniently assembled a checklist, which you can access here.