The Malta Permanent Residence Programme (MPRP) has been officially launched on the 29th of March 2021, as stipulated in Legal Notice 121 of 2021.
Whilst details of the new programme had been previously announced, the legislation was still pending. The new Malta Permanent Residence Programme Regulations, 2021 of The Immigration Act (CAP. 217), set out the scope, requirements and administration of residency rights on the basis of investment.
The MPRP replaces Malta’s long standing permanent residency programme, the Malta Residency and Visa Programme (MRVP), which was launched in 2016.
The new legislation introduces a number of changes to the permanent residence programme, removing some elements and adding others. Such as, applicants are no longer required to invest in Government bonds or stocks, whilst a new charitable donation has been introduced. Details outlining the changes from the MRVP can be read in the article: Changes to the Malta Residency and Visa Programme.
The MPRP gives third country international investors permanent residency rights – to reside, settle or stay indefinitely in Malta along with registered family dependants. To be eligible for the programme, investors must show they: are fit and proper; hold a clean criminal record; are in receipt of a stable and regular resources; possess health insurance for Malta cover; and be in possession of a valid travel document.
|MPRP Investors must make the following financial investments:|
|Pay an administrative fee to the Maltese Government of €40,000, of which €10,000 will be paid upfront at the time of the initial submission.|
|Purchase or rent residential property for a minimum of five years from the date of issuing the residence certificate. The minimum investment required is €300,000 on the purchase of property and €10,000 for a rental property.|
|Make a financial contribution of €28,000 in the case of purchasing property or €58,000 in the case of renting a property.|
|Donate €2,000 to a local based charity approved by the Agency.|
In addition, investors must be able to demonstrate they are in possession of €500,000 worth of capital assets, of which €150,000 are in the form of financial assets. This must be maintained for a period of five years.
Applications for the MPRP may only be submitted via a Licensed Agent of the Agency. Accreditation is handled by the Residency Malta Agency.
All new permanent residency by investment applications shall now be governed by the new MPRP legislation and no new applications may be submitted under its predecessor programme, the MRVP.
For further information about Malta’s permanent residence programme, please contact us.
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.