Malta’s New Permanent Residence Programme Replaces the Malta Residence and Visa Programme

On March 29^th, 2021, the new Malta Permanent Residence Programme (MPRP) was officially opened to receiving new residence by investment applications following the overwhelming success of the previous version known as the Malta Residence and Visa Programme (MRVP).

The Malta Permanent Residence Programme is open to non-EU nationals, including UK citizens following Brexit, and gives individuals and families the opportunity to reside or settle indefinitely as a permanent resident in Malta and the right to visa-free travel within the 26 EU Schengen countries.

Main applicants can include their spouse, children, parents, (including parents in law) and grandparents within their application.

To qualify, the main applicant will need to declare that he/she is in possession of a minimum of €500,000 in capital assets. Of which, €150,000 must be shown as available financial assets.

Applicants must demonstrate the ability to financially support themselves and their family members, secure property and health insurance as well as provide a clean police record.

The major change between the MRVP and MPRP is that the government has decided to completely remove the requirement to purchase €250,000 in bonds and has raised the MPRP’s real estate investment minimums from €270,000 to €300,000 in the South of Malta and Gozo and from €320,000 to €350,000 for the rest of the country.

How does one become a permanent resident of Malta? We have outlined the MPRP requirements below:

Requirements

Under the Malta Permanent Residence Programme, the main applicant must:

• Pay a government administration fee of €40,000, and either make a contribution of €28,000 if purchasing a property or €58,000 if renting a property; and
• A charitable donation of €2,000 to a local, registered philanthropic, cultural, sport, scientific, animal welfare or artistic Malta NGO; and
• Rent or purchase a property in Malta and hold for five years:
• Purchase a property with a minimum value of €300,000 in the south of Malta and Gozo or €350,000 in any other area of the country; or
• Rent a residential property for a minimum annual lease of €10,000 in the south of Malta and Gozo or €12,000 in any other area of the country

Qualifying Family Members

The main applicant may also include the following family members in the same Malta Permanent Residence Programme application:

• Spouse
• Unmarried and principally dependent children of the main applicant or spouse
•  Principally dependent parents of the main applicant or spouse (plus €7,500 per parent)
•  Principally dependent grandparents of the main applicant or spouse (plus €7,500 per grandparent)

Timeline

Once an application is submitted, €10,000 administration fee is payable to the government, Residency Malta Agency (RMA) reviews the application & supporting documents. This process takes on average four to six months. Once an application is approved, the rest of the administration fee and contribution must be paid, property must be rented or purchased, and the charitable donation made.

Key Advantages of the Malta Permanent Residence Programme (MPRP)

• Visa-free travel in the EU Schengen Area
• No minimum number of days required to maintain residence status
• Permanent Residence status and right to reside is valid indefinitely
•  Low capital outlay solution and quick process
• Ability to include family members in the same application
• A flexible residence by investment programme offering permanent residence from day one

Ryan Darmanin, Managing Director of Latitude’s Malta office, said, “as a local licensed agent for the Malta Permanent Residence Programme, we applaud the government and the RMA Agency for their progressive approach to revise and launch this new programme. We are thrilled to have worked closely with the government on the changes to the MPRP to ensure the longevity and competitiveness of the programme for clients seeking access and better opportunities with a second residency in Malta. At our local office in St. Julian’s we have experts specialising on the MPRP requirements and they handhold our clients throughout the entire process”.

For next steps on how to become a permanent resident of Malta, please email info.mt@latitudeworld.com or call +356 2260 5173 or contact us.