By way of update following our news item back in January, the Malta Permanent Residence Programme ('MPRP') has launched by virtue of Legal Notice 121 of 2021 and has come into force as of the 29th of March 2021.
The MPRP is a residency-by-investment program which shall entitle a beneficiary to the right to settle, stay and reside in Malta permanently. This new program has also introduced the launch of the new Agency which is responsible for such applications, the Residency Malta Agency.
It goes without saying that one must first satisfy all the eligibility criteria. The following requirements however must also be fulfilled in order to submit an application in accordance with MPRP:
- One must show that they have capital assets of not less than EUR 500,000 and a minimum of EUR 150,000 of which must be financial assets;
- Pay a non-refundable administrative fee of EUR 40,000 (the first EUR 10,000 is required within one month from submission of application. However, the remaining EUR 30,000 is to be paid within two months from the issuance of the Letter of Approval in Principle;
- Rent property for not less than EUR 12,000 per annum if situated in Malta or EUR 10,000 if situated in the south of Malta or Gozo/Purchase property of not less than EUR 350,000 if situated in Malta or EUR 300,000 if situated in the south of Malta or Gozo;
- Pay the Government a contribution of EUR 28,000 if purchasing property or EUR 58,000 if leasing a property. One would be required to pay an additional EUR 7,500 for each additional adult dependent (if applicable); &
- Pay a EUR 2000 donation to a local registered philanthropic, cultural, sport, scientific, animal welfare or artistic non-governmental organization or society registered with the Commissioner for Voluntary Organisations, or as otherwise approved by the Agency.
Whilst the MPRP has just launched, the Residency Malta Agency (formerly known as the Malta Residency Visa Agency) will no longer be accepting applications for the Malta Residence and Visa Programme (MRVP) however they shall be maintaining their monitoring and compliance functions for all beneficiaries who applied for the MRVP prior to March 26th 2021.
Legal Notice 122 of 2021 has amended the Malta Residence and Visa Programme Regulations with the main aim of aligning certain requirements and eligibilities to the newly launched MPRP.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.