Yes, you can buy empty land and develop it. However, you must retain at least one unit as your ordinary residence. Thus, you cannot sub-lease all the properties.
What types of property are eligible for Malta’s citizenship-by-investment program?
I am working toward applying for Maltese citizenship but am curious about my real estate options. I am aware of the minimum prices and the lease option, but do you have more specifics? For instance, can I buy empty land and develop? What about sub-leasing?
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. The subleasing is not acceptable.
With respect to the qualifying property, said property may either be: purchased (whereby said property would have a minimum value of 350,000 euros); or leased (whereby the annual rent would be 16,000). The law specifies that the property is to be residential, specifically that one would be able to instantly reside in it. Hence, a plot of land may not be purchased and developed. Furthermore, with reference to sub-lease, the property may not be sub-leased from the original lessor, as the law specifies that one must hold a lease. Furthermore, in the lease agreement the law necessarily requires that the details of the landlord as well as his signature. Finally, the property leased as qualifying property with respect to the program may not be sub-leased, as this must be used as a residential property by the applicant.