Kindly note that in terms of the program, you need to own or rent a "finished" property. Therefore, one would have to be leased until the below mentioned home is completed.
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How can I develop a home as part of my Malta citizenship-by-investment application?
I know there is a real estate requirement of purchasing a property worth at least 350,000 euros. I have found an ideal plot that is selling for that, but it is undeveloped. I want to buy it for that minimum required amount and then build a house, but that will take a few years. Is this undeveloped property valid for my application? Do I need to rent something as well, or can I live in something basic on my undeveloped plot while my application is processed? How can I make this option work for me?
Answers
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The finished property built on the plot can eventually be used for the qualification within the MIIP program. However, the program requires the person to have a place of residence in Malta as from the beginning, and one cannot claim to be living in an undeveloped plot. So while the plot is being built, one has to have another rented place to reside in.
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Buying the plot of land for 350,000 euros will be a smart move, as real estate in Malta is rising. Based on the current real estate climate, it will prove to be a good investment in the future. Unfortunately, you cannot use this property on an application. You will have to rent a property for a minimum of 16,000 euros annually and put that on the application. Once your new home is built and ready to move into, you can then transfer the residence from the rental property to your new home address. This would be the best option.
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From past experience, Identity Malta would need the deed of sale indicating that the price is a minimum of 350,000 euros in order to proceed with the application for the citizenship-by-investment program.
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The rules set a residency requirement. Hence, your proposal to establish a basic residential structure while you develop the building.
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You need to rent a property at any cost for the residency stage and then for a minimum of 12,000/16,000 euros per year for the next five years. You cannot use the plot on an application. You can change your property after your new house will be built and ready to move in.
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