My family and I are applying to become residents in Malta so that my daughter, who is about to graduate from a university in Europe, can have opportunities to work in Europe. We are curious what are the differences between renting rather than buying a property to qualify for the Malta Global Residence Program.
Answers
Both the Rental and the Purchase are an option under the GRP and there are no material legal considerations to favour one or the other when it comes to the qualification for the GRP. So the decision would be based on the requirements of the person in terms of the financial outlay that the person wants to commit too and the rapidity that one wants to conclude this. Most people start off with a rental and then move on to purchase once they get to know the island better and can appreciate/understand better the proposition on offer in terms of price/quality/location. It is ideal to consult a real estate agent who can guide on the types of property and relative prices available for both lease or purchase.
The only advantage of renting a property is the fact that there is no capital outlay on day one. From an investment point of view it would be recommended to buy a property since the value of property in Malta is constantly rising from year to year by approximately 6-8% depending on the location. Whether you buy or rent a property will not effect your application for the global resident programme. Both are perfectly acceptable.
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