Malta Residence and Visa Programme: Key Defining Features
The New Permanent Residence Programme came into effect at the end of March 2021.
What are the Key Defining Features of the Malta Permanent Residence Programme?
The Malta Permanent Residence Programme (MPRP) is open to all third country, non-EEA, and non-Swiss nationals, with sufficient financial resources.
Once the application process has been successfully completed by ‘Residency Malta Agency’, applicants receive permanent residency immediately and an ‘eResidence’ card, that entitles them to live in Malta and to travel visa free throughout the Schengen Member States.
Features that set the MPRP apart from other programmes, include:
- There is no need to learn Maltese as there is no language test to obtain Permanent Residence.
- English is an official language in Malta so all documents and government interactions will be in English.
- Permanent Residence is granted on successful completion of the application
- There are no minimum days to be spent in Malta.
- Children, regardless of age, can be included in the application, as long as they are unmarried and principally dependant on the main applicant.
- Dependant parents and grandparents may also be included in the application, effectively allowing 4 generations to be included in one application.
- Children born or adopted by the main applicant after the application approval date can also be included.
Requirements
An individual will need to make an investment consisting of the following:
- Physical Address in Malta
- Purchase a property with a minimum value of €350,000, reduced to €300,000 if the property is situated in the South of Malta or Gozo, or
- Rent a property, with a minimum rental cost of €12,000 per annum, reduced to €10,000 per annum if the property is situated in the neighbouring island Gozo or in the South of Malta.
AND
- Pay the non-refundable administration fee of €40,000
AND
- Make one-off Government contributions, as follows:
- €58,000 – if the applicant rents a property, or
- €28,000 – if the applicant buys a qualifying property and
- An extra €7,500 per additional adult dependant (where applicable). This applies whether the applicant is buying or renting a property.
AND
- Donate a minimum amount of €2,000 to an NGO.
Payment timeframe:
- Initial Administration fee of €10,000
- Due within one month of the application submission
- Letter of approval, remainder of the Administration fee of €30,000
- Due within two months of the application submission
- 8 months to provide all due diligence and the payment of the Government contribution of either €28,000 or €58,000, to be paid.
The main applicant should have at least €500,000 of net assets in order to qualify for the programme, and €150,000 of the €500,000 must consist of financial assets. The financial assets, however, only have to be maintained for the first 5 years. The capital requirement of €500,000 will remain in force for as long as the individual wishes to remain on the programme.
Finally, health insurance only needs to cover Malta, not all EU countries. This may result in an annual reduction in the insurance premium.
How Dixcart Can Help?
Individuals interested in applying for the MPRP programme must do so through a registered approved agent. Dixcart is an approved agent, and offers a bespoke service to guide clients, every step of the way, through the MPRP process.
Additional Information
If you would like further information regarding MRVP in Malta, please speak to Jonathan Vassallo: advice.malta@dixcart.com, at the Dixcart office in Malta or to your usual Dixcart contact.
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