The Malta Permanent Residence Program is set to replace the Malta Residence and Visa Program (MRVP) by March 2021, after the new program receives the green light from Parliament. This new program will also see the launch of a new agency, the Residency Malta Agency and a partial reform of the MRVP.
- faster process while keeping high standards of due diligence;
- no bonds investment requirement;
- increase of Contribution to €68,000 or €98,000 if investor buys / rents property respectively.
- property purchase minimum increased to €300,000 (South of Malta or island of Gozo) and: €350,000 for the rest of Malta.
- property rental minimum rates remain €10,000 and €12,000 respectively.
The new regulations removed the requirement to invest in government bonds altogether. On the other hand, they introduced a mandatory donation to a Maltese registered NGO set at €2,000. The government contribution is now €68,000 should the applicant choose to buy a qualifying property; or €98,000 in the case of rent. The minimum value for a qualifying property in the south of Malta must be €300,000 or €10,000 if rented; while properties in the rest of Malta must have a minimum value of €350,000 or €12,000 in the case of rent.
Once the new regulations Malta Permanent Residence Program pass, it will no longer be a requirement for interested applicants to have a minimum income of €100,000. However, a capital of €500,000 (of which €150,000 must be financial assets) is now mandatory.
Other changes include that the status of the main applicant may be inherited following a nomination by the family. Also, the health insurance policy should cover all risk in Malta and no longer for all the EU.
The launch of this new program comes only a few months after the launch of the new passport program, the ““New Malta Citizenship By Investment Regulations””, which replaced the Malta Individual Investor Program. There are still some open questions regarding the MPRP that will be clarified by the government over the coming weeks. We will keep you informed should you be interested in the new program.
If you wish to apply under the old MRVP program, please contact us immediately so that we may assess whether or not there will be enough time to prepare and file your application prior to the March 28 deadline.