The Government of Malta has officially replaced the successful Malta Residence and Visa Program (MRVP) to introduce a new program called the Malta Permanent Residence Programme (MPRP). The new program is opened to accept new applications with effect from April 1st, 2021. All applications submitted from 29TH March will automatically fall under the new regulations.
The legislation is expected to bring the following changes in the new program format:
Government Contribution: The primary applicant will need to pay EUR 98,000 for administrative fees and contribute if they rent a property from now onwards. The fee is reduced to €68,000 for principal applicants who buy a property. The old MRVP required a non-refundable contribution of €30 000 for the principal applicant only. Applicants are no longer needed to invest in government bonds. Additionally, the applicant will be charged between €7,500 and €5,000 for each dependent over 18 years.
Philanthropic Fee- Earlier, applicants did not require contributing philanthropically, but now the primary applicant must donate at least €2,000 to a Maltese-registered NGO.
Property- Applicant must own a property:
- If the property is in the South of Malta or Gozo, the real-estate value of the same shouldn’t be less than €300,000.
- If the property is in Malta (excluding the South), then the property value will increase to 350,000 Euros.
- Rental rates are identical.
Income or Asset Documentation- The old program gave the primary applicant option to either show a minimum annual income of €100,000 or €500,000 in personal assets. As per the new regulation, the applicant must not control assets less than EUR 500,000, out of which EUR 150 000 must be held in security deposits or available as liquid funds.
Securities Investment- No need for securities investment in the new program.
Proof of Health– The applicant must prove that they do not suffer from any contagious disease.
Age- The primary applicant must be 18 years or above.
The newly introduced Malta Permanent Residency Program is open to only Non-EU nationals who can demonstrate a minimum of EUR 350,000 in capital and 150,000 in financial assets. The requirement is introduced to make sure that applicants applying for the program are financially strong and self-sufficient.
It is worth noting that with the new Malta Permanent Residence Program, the Government aims to attract talented investors and a higher level of investment in Malta.