Yesterday, Residency Malta Agency, the Government agency responsible for managing the Nomad Residence Permit in Malta issued two important policy changes that are coming into effect shortly.
Increase in minimum annual gross income requirement
With effect from 1st April 2024, new Nomad Residence Permit application will have to show proof of a minimum gross annual income of €42,000, instead of the existing €32,400. It's important to note that this adjustment does not affect current beneficiaries applying for a renewal, who will retain the same income conditions under which they applied originally. Also, this adjustment does not affect applicants who have submitted their applications before 1st April 2024 and whose application is still in process.
Increase in maximum stay period
With effect from 1st April 2024, it will be possible for Nomad Residence Permit card holders to apply for a renewal for a third time, having a maximum stay of 4 years in Malta, instead of the current 3 years. This option is open to all applicants.
Malta Nomad Residence Permit
The Malta Nomad Residence Permit, is open to individuals who can work remotely and independent of location, meaning they are not tied to a specific office or desk. The Nomad Residence Permit enables holders to retain their current employment based in another country whilst legally residing in Malta for up to a year, with the opportunity to renew if the applicants meet the eligibility criteria. If you would like to move to Malta on the Nomad Residence Permit, you will join a global community already present on the island. For more information and to seek assistance in applying for the Nomad Residence Permit, please contact us on info@sciberras.legal. You can also check out our relocation services here: https://sciberras.legal/practice-areas/relocation-services/.
This article is for information purposes only and should not be construed as legal advice.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.