The Malta Permanent Residence Programme (MPRP) aims at granting permanent residency in Malta to third country nationals who can also enjoy visa-free travel within the Schengen Zone for 90 days out of 180.
If you are considering investment through this programme and having Malta as your second home, below is all you need to know before starting the process:
Facts about Malta
Malta is located at the heart of the Mediterranean, 81 kilometres south of Sicily, Italy. Although a small state with an area of 316 square kilometres, Malta is rich in history and has both Maltese and English as official languages. It is a politically stable and secure country enjoying a sunny Mediterranean climate with approximately 300 days of sunshine per year.
Eligibility for MPRP
The MPRP is designed to attract third country nationals. The applicant may include principally dependant family members up to four generations (spouse, children, parents and grandparents of both the applicant and/or spouse). Members of the EU (European Union), EEA (European Economic Area), Switzerland and those on a list of ineligible countries as issued by Residency Malta from time to time are prohibited to apply. Applicants must be in possession of €500,000 worth of assets of which €150,000 shall be in the form of financial assets.
Qualifying property
Applicants are to either purchase or rent a residential property. The minimum value for purchasing residential property is €300,000 in the South of Malta/Gozo or €350,000 in the rest of Malta. For renting a residential property, the minimum value is €10,000 for properties in the South of Malta/Gozo, or €12,000 for properties in rest of Malta.
Monetary contribution
Based on the choice of property, applicants will have to settle a government contribution of €28,000 if the property is purchased or €58,000 if the property is rented. Furthermore, applicants must pay a non-refundable administrative fee of €40,000, and a €2,000 donation to a local Non-Governmental Organisation (NGO).
Visits to Malta
After the Letter of Approval in Principle is received, applicants are required to visit Malta to have their biometric data taken by Residency Malta and apply for the residence card.
Submission of application
Applications must be submitted to Residency Malta, the government entity responsible for Malta’s residency-by-investment programme (MPRP), and Malta’s Nomad Residence Permit (NRP). MPRP applications may only be submitted by Licensed Agents. Vertex Advisory is an Agent licensed to represent applicants in terms of their MPRP application.
Timeline
Applications can be compiled and submitted to the Agency in a matter of 1-2 months. The Agency applies a rigorous four-tier due diligence process and source of wealth analysis. The Agency will present the Licensed Agent with a final decision on the application within 4-6 months from submission (processing time may vary according to each application). Applicants must comply with the programme’s requirements within 8 months from the Letter of Approval in Principle.
For more information about the Malta Permanent Residence Programme please contact us at Vertex Alliance.
