APPLICATIONS for permanent European Union (EU) residency via the country of Malta have certainly stirred considerable interest among South Africans.
A source from South Africa has informed us that since opening their consultancy offices offices in Cape Town seven months ago, more than 500 South African applicants have sought the company’s expertise and service in securing permanent residency in Malta as well as potential property investment opportunities in the Mediterranean country.
At the heart of the Mediterranean, 93km south of Sicily, Italy, Malta is a large island retreat incorporating several smaller islands and is a member state of the EU.
Residency in Malta offers accessible business prospects with fellow EU member states, offshore investment potential, great tax benefits and easy access to countries within the Schengen area — the 25 European countries that have removed border controls between one another.
The increased demand from in particluar the Gauteng province in South Africa, has prompted the company to set up permanent representation in Johannesburg and there are future plans for representation in Pretoria and even Durban as well.
Malta is a country of favourable warm climate, an abundance of natural beauty inclusive of pristine coastal vistas and a history dating back to the Roman Empire.
As part of securing residency in Malta it is required that residency applicants buy or rent a property in Malta or Gozo, one of the nearby smaller islands. For your slice of the Mediterranean lifestyle and all the perks that go with, there are various properties that could be of interest.
On the east coast of Malta is Tigné Point. It is described as “a promontory overlooking the beautiful 17th century walled city of Valletta, the island’s capital and a world heritage site”,
“It is a mix of luxury homes, hi-tech offices, stylish shopping, trendy cafes and state-of-the-art health and leisure amenities,” says Bowling, director of Crusaders. The first phase of the site was launched off-plan in 2002. Block T10, a residential component to the Tigné Point South phase, is almost complete.
Bowling says: “Block T10 comprises a series of spacious foreshore apartments with views of Valletta, a garden, the piazza or open sea. This block offers a varied mix of apartments and duplexes as well as a choice of stunning penthouses.”
The apartments in Tigne Point have refined finishes, quality heating and cooling systems and provisions for ICT connectivity as well as sound and lighting options. The site offers pedestrian walkways, convenient access to nearby shopping facilities and swimming in the Mediterranean waters.
Apparently, out of 239 apartments of a total of 259 at Tigné Point have been sold. Prices of the remaining apartments start from € 400, 000
There is also Portomaso which is on the east coast — a beautiful waterfront residential site offering high end luxury living ideal for the enthusiastic yachtsman. The construction and sale of the residential component started in 2000. Much of the infrastructure, the 120 berth Marina, the Hilton Hotel, the Portomaso Business Tower, and most of the commercial elements were completed and operational in 2000. Residents moved into the first blocks of apartments in the same year too.
95% of the 400 plus apartments have been sold however there are re-sales like in any other project. There are a limited number of sea-fronting, three-bedroom units at 220m² for sale starting from € 880000 and a few one-bedroom landward-looking apartments from € 280000. However, resales are also available at lower prices.
Besides the above mentioned properties, there are other investments properties that are available on offer in Malta. There are over 7 major projects that one could look into. Going at the same level of pricing as Tigne Point and Portomaso, and much lower. There is a limit that you need to spend but you really dont have to break the bank.