Introduction
The Parliamentary Secretary for Citizenship and Communities, Hon. Alex Muscat, in an official accredited agents’ briefing announced the introduction of the new Malta Permanent Residence Program.
The new Malta PR Program is expected to replace its popular predecessor Malta Residence and Visa Program (MRVP) by March 2021.
Additionally, a new agency called the ‘Residency Malta Agency’ is also being established to administer the new program.
Highlights of the New Malta Permanent Residence Program
-
The New Malta Permanent Residence Program to replace the previous Malta Residence and Visa Program (MRVP).
-
Possible link of Permanent Residence to Maltese Citizenship by Investment Regulations.
-
Two Paths:
-
Full Contribution Option: €98,000 while renting a property.
-
Rental rates of €10,000 and €12,000 in South of Malta and Gozo, and rest of Malta, respectively. PLUS (+)
-
Mandatory donation of €2000 to a Maltese registered NGO.
-
-
Reduced Contribution Option: €68,000 while purchasing a property
-
Property requirement: €300,000 (South of Malta and Gozo); or €350,000 for the rest of Malta. PLUS (+)
-
Mandatory donation of €2000 to a Maltese registered NGO.
-
-
-
Removal of the obligation of €250,000 in qualified investment applicable under the previous Malta Residence and Visa Program.
-
Removal of eligibility requirement of a minimum annual income of €100,000 which was applicable under the previous Malta Residence and Visa Program.
-
The administrative fees (covering the work of processing, due diligence, etc.) for the main applicant, spouse, and children are covered by the €68,000/98,000.
-
An additional fee of €7,500 for a spouse, a parent, or a grandparent will apply, as well as a fee of €5,000 for any adult children added after the initial approval.
Malta Permanent Residence Program Fee Structure
As per the new regulations, the fee structure has been set out as follows:
-
Government contribution for the Main Applicant: €98,000 (if renting a property) or €68,000 (if purchasing a property).
-
Initial administrative fee deposit: €10,000 (to start the process).
-
Administrative fee after issuance of letter of approval in principle: €30,000 (to be paid in two months).
-
The remaining contributions to be paid within another 8 months.
-
Spouse: €7,500.
-
Parents and/or Grandparents: €7,500.
-
Children 18+: €5,000.
Other than the above-mentioned changes, it is mandatory for applicants to have a capital of €500,000 (of which €150,000 must be financial assets).
To conclude, according to the Parliamentary Secretary, as several other European Union countries are either developing their own programs or improving the existing one, this MRVP revamp is being done to make the new Malta Permanent Residence Program more appealing and attract more foreign investment.
Adding to that, the Government of Malta will keep reforming and improving the new Permanent Residence Program over time as per the industry feedback.
