In a briefing on the 12th of January, Parliamentary Secretary Alex Muscat and MRVA CEO Charles Mizzi updated all approved agents on the details of the Malta Residence and Visa Programme (MRVP) rules.
Current Malta Residence and Visa Programme (MRVP) Rules
Up to now, there was a three-tiered investment requirement needed to qualify for the MRVP rules, which can be summarised as it follows:
- Property Requirement:
- Purchase of minimum €270,000 for a property situated in Gozo or the south of Malta, or €320,000 elsewhere in Malta.
- Rent a property for minimum €10,000 per annum in Gozo or the south of Malta, or €12,000 per annum elsewhere in Malta.
- Investment Requirement:
- Investment of minimum €250,000 in investment vehicles as identified by the government from time to time; with a financed option available.
- Contribution Requirement:
- Making a non-refundable government contribution of €30,000 and €5,000 applicable for every adult-dependent added to the application.
The above will be required for all applications submitted before the 29th of March. From there onwards, the MRVP programme will then be replaced by the Malta Permanent Residence Programme (MPRP).
There is still time to apply under the current rules – contact us to proceed with your application!
Which are the upcoming changes to the Malta Residence and Visa Programme (MRVP)?
It is expected that new Legislation ruling the Malta Permanent Residence Programme (MPRP) will come into force in the next weeks. Also, the Malta Residency Visa Agency will cease to exist being replaced by the Residency Malta Agency.
In terms of the qualifying criteria, successful applicants will need to:
- rent a property for minimum €10,000 in the South of Malta or Gozo or €12,000 in the rest of Malta. A property purchase for a minimum value of €300,000 in the South of Malta or Gozo or €350,000 in the rest of Malta also qualifies ;
- pay an administrative fee of €40,000, €10,000 of which need to be paid upon submitting the application. The remaining €30,000 are payable within 2 months from the issuance of the Letter of Approval in Principle;
- If the applicant chooses to lease a property, pay a contribution of €58,000. Otherwise, if the applicant chooses to purchase property, pay a contribution of or €28,000;
- Make a donation of €2,000 to a local registered philanthropic, cultural, sport, scientific, animal welfare or artistic NGO registered with the Commissioner for Voluntary Organisations, or as otherwise approved by the Agency.
The qualifying property needs to be kept for a minimum of five years from the date of issuing of the residence certificate.
Aside from making the required qualifying investment, applicants must have:
- regular resources sufficient to maintain themselves without depending on the social assistance system of Malta;
- sickness insurance policy in respect of all risks typically covered for Maltese nationals;
- assets with a minimum value of not less €500,000, out of which a minimum of €150,000 shall be in the form of financial assets;
For any additional dependants, there would be an additional fee of €7,500 for every dependant over 18 years old.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.