S.L. 217.26 Art. 9Application for Residence-by- Investment Certificate. 

(1) An individual who has attained the age of eighteen (18) years, as duly represented by an agent, may apply to the

Agency for the issuance of a certificate under these regulations, in such form as the Agency may require. Upon submission of the application, and in accordance with any guidelines which may be issued by the Agency from time to time, the applicant shall pay to the Agency the non-refundable administration fee of fifteen thousand euro (€15,000) representing part of the administrative fee payable to the Agency in accordance with the First Schedule. The Agency may immediately refuse the application if payment of the said non-refundable fee is not received within one (1) month from the date of the submission of the application.

(2) Upon submission of the application, the main applicant, as duly represented by an agent, shall present evidence of possession of assets, to the satisfaction of the Agency:

(a) having a value of not less than five hundred thousand euro (€500,000), out of which a minimum of one hundred and fifty thousand euro (€150,000) shall be in the form of financial assets as the Agency may consider appropriate in its sole discretion; or

(b) having a value of not less than six hundred and fifty thousand euro (€650,000), out of which a minimum of seventy-five thousand euro (€75,000) shall be in the form of financial assets, as the Agency may consider appropriate in its sole discretion..

(3) Where it is established that the main applicant qualifies as a beneficiary, the Agency shall determine in writing that such individual is approved in principle to be issued a certificate under these regulations, and the Agency shall issue a Letter of Approval in Principle to the applicant to this effect.

(4) Within two (2) months from the date of issue of the Letter of Approval in Principle the main applicant, as duly represented by an agent, shall pay to the Agency the balance of the non-refundable administration fee indicated in First Schedule, and the non-refundable administration fee payable in respect of dependants referred to in paragraphs (c) and (d) of the definition "dependant" in regulation 3 as indicated in the First Schedule and within eight (8) months from the date of issue of the Letter of Approval in Principle the main applicant, as duly represented by an agent, shall:

(a) pay to the Agency the contribution indicated in the First Schedule;

(b) present the necessary title to a qualifying property;

(c) make a donation and provide evidence thereof to the Agency;

(d) present a health insurance policy in respect of all risks normally covered for Maltese nationals; and

(e) present any other document required in accordance with these regulations: Provided that if the main applicant is in default, the Agency may take all those measures or actions which it deems necessary in its sole discretion, including the rejection of the application and, or the revocation of the Letter of Approval in Principle issued in terms of sub-regulation (3):

Provided further that the Agency may, in its sole discretion, extend the above-mentioned time-limit upon good cause being shown.

(5) No certificate shall be issued in terms of these regulations, even in the case that the Agency has issued the Letter of Approval in Principle, unless all applicable requirements and conditions in terms of these regulations are satisfied to the full satisfaction of the Agency.

(6) Upon submission of an application in accordance with regulation 9, or of an application in accordance with regulation 11, the applicant shall be entitled to apply for a temporary residence permit valid for a period of one (1) year, for himself and, or any of his dependants, in such manner as the Agency may require, and subject to the applicant providing all information and documentation and complying with such procedures as the Agency may require for this purpose. The said temporary residence permit may be renewed by the Agency for additional periods of one (1) year each, provided that all documentation and information in relation to the application in accordance with regulation 9 or regulation 11 as prescribed by these regulations are submitted to the Agency within six (6) months from the date of said application.