The Malta Residency Visa Agency (MRVA) today announced changes to the Malta Residency and Visa Programme (MRVP), paving the way for a new permanent residency programme to be introduced.
Subject to Parliamentary approval next week, the MRVP will be replaced with a new programme called Malta Permanent Residence Programme and it will be governed by a new agency – Residency Malta Agency.
The current MRVP will continue to run until the end of March, following which all new applications will fall under the new regulations.
The launch of the new programme will not affect existing applications submitted under the Malta Residence and Visa Programme Regulations (S.L. 217.18), which regulations will remain valid for applications already submitted. New applications under the current MRVP regulations can be still be submitted.
Changes to the existing MRVP include:
| Criteria |
Existing Conditions Malta Residency and Visa Programme (MRVP) |
New Conditions Malta Permanent Residence Programme (MPRP) |
|---|---|---|
| Financial Contribution | €30,000 |
If applicant decides to buy property in Malta, total contribution will be €68,000 as follows: Admin (Gov) fee of €40,000, Gov Contribution of €28,000 If applicant decides to rent property in Malta, contribution will be €98,000 as follows: Admin (Gov) fee of €40,000, Gov Contribution of €58,000 |
| Bonds | Purchase Government Stock worth €250,000 or other stock/equities listed and trading on the Malta Stock Exchange. | No longer a requirement |
| Real Estate |
Rent a property for a minimum of €10,000 in the South of Malta/Gozo or €12,000 in the North and Central Malta. Purchase a property for a minimum value of €270,000 in the South of Malta/Gozo and €320,000 in the North and Central Malta. Under the MRVP, beneficiaries should hold their qualifying property and investments for a minimum of five years from the date of the issuance of their residency certificate. |
Rent – No change Purchase – Increase in minimum property purchase prices: €300,000 - South of Malta/Gozo €350,000 – North and Central Malta Under the MPRP, beneficiaries should hold their qualifying property and investments for a minimum of five years from the date of the issuance of their residency certificate. |
| Income & Capital | Applicants must show they either have an annual income of not less than €100,000 arising outside Malta or has to be in possession of capital assets of not less than €500,000 which must be maintained for as long as the residency status is kept. |
Option to show €100,000 income is removed. Capital of €500,000 requirement remains in place out of which €150,000 must be in the form of financial assets. Applicants must comply with this requirement for the first 5 years of annual compliance only. |
| Donation | None | A minimum donation of €2,000 to an NGO registered with the Commissioner for Voluntary Organizations |
| Health Insurance | Applicants and their dependants should be in possession of a valid travel document as well as a health insurance covering all risks across the EU. | Health insurance is required against all risks in Malta only - EU coverage is no longer required |
For further information about changes to the Malta Residency and Visa Programme, please contact us. Vertex Alliance are accredited agents for the MRVP.
Further Reading
Disclaimer
Whilst we endeavour to provide precise and timely information, there can be no assurance that such article is accurate as of the date it is received. The information provided herein is merely intended for general information purposes and cannot be construed as professional advice without seeking an appropriate consultation.
