Now in its second year, the Malta Permanent Residence Programme (MPRP) has attracted hundreds of applications since its inception in 2021.
The MPRP is a permanent residence program for third country nationals who invest in Malta. The program offers affluent individuals and their principally dependant family members the opportunity to settle and reside indefinitely in the country.
|WHAT ARE THE KEY ELIGIBILITY CRITERIA?
|The MPRP is open to third country nationals, with the exception of nationals from countries that are currently sanctioned. The current list of ineligible countries includes: Afghanistan, Belarus, Congo, Iran, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, Venezuela and Yemen. This list of ineligible countries may be changed by the Residency Malta Agency at their discretion. Individuals from the European Union, European Economic Area and Switzerland are not eligible to apply.
|Fit & Proper
|The main applicant needs to be at least 18 years of age and prove to have a clean criminal record. Both the Licensed Agent and the Residency Malta Agency are required to undertake due diligence on the investor and their principally dependant family members, who are over 14 years of age at the time of application. All applicants over 14 years of age, must provide a Police Conduct Certificate issued within the last six months by the Federal Authority in their country of origin and also in the countries where they have resided for more than six months in the last 10 years.
|Applicants and their dependants must demonstrate that they do not have a contagious disease or significant health condition. As such, a medical report is required to be submitted on behalf of all applicants, which requires a medical physician to complete. All members of the application must be in possession of health insurance for all risks normally covered for Maltese nationals.
|Financial Resources & Capital
|The main applicant needs to be in receipt of stable and regular resources sufficient to sustain themselves and their family members. The main applicant must show evidence of €500,000 euro worth of assets of which €150,000 needs to be in the form of financial assets. This needs to be shown for a period of five years.
|The Malta Permanent Residence Programme allows up to four generations to be included in an application. The main applicant's spouse can be included in the application. A spouse is defined as a person who is in a monogamous marriage or in another relationship having the same or similar status to marriage. Children under the age of 18 years, of the main applicant and the spouse can be included. Adult children over 18 years and unmarried, parents and grandparents of both the main applicant and spouse, are also able to join the application. In each of these cases, family members must be principally dependant on the main applicant. There are no age thresholds for parents and grandparents applying. The main applicant is required to provide an affidavit of dependency for each dependant over 18 years of age together with documentary evidence showing such dependence. Household staff are not eligible to be considered under the Malta Permanent Residence Programme.
Once eligibility is established, applications for the MPRP are required to be submitted by a Licensed Agent, duly appointed by the Residency Malta Agency.
For further information, please contact us at Vertex Alliance.