The new permanent residency program, to be named the Malta Permanent Residence Programme (MPRP), is to replace the successful Malta Residence and Visa Program (MRVP) which was launched in 2016.
Applicants who wish to apply under the current MRVP regulations must file before the deadline of March 28, 2021.
While the new Malta Permanent Residence Programme (MPRP) regulations are not yet officially announced, the new legislation is expected to introduce the following changes:
1. Government Contribution. Under the old MRVP program, the Malta government contribution (non-refundable donation) was set at EUR 30,000 for the main applicant only. Under the new MPRP program, main applicants will be charged EUR 98,000 for administrative fees and a contribution if they rent a property. These fees are reduced to EUR 68,000 for main applicants who purchase a property.
2. Philanthropic Donation. Under the old MRVP program there was no philanthropic donation required. The new program requires a donation to a Maltese-registered NGO in the amount of EUR 2,000 (main applicant only).
3. Property Investment. The old MRVP program required either a property purchase of EUR 320,000 or a property rental of EUR 12,000 per year in the central or northern part of Malta (EUR 270,000 / EUR 10,000 in the south or Gozo). The rates under the new MPRP program will increase to EUR 350,000 for a purchase in the northern and central parts of Malta, and EUR 300,000 in the south or Gozo. Rental rates are to remain unchanged.
4. Income or Asset Documentation. Under the old MRVP program, the main applicant had the option to demonstrate either a minimum annual income of EUR 100,000 or EUR 500,000 in personal assets. The new MPRP program is expected to eliminate the proof of income option, while retaining the EUR 500,000 proof of asset obligation with a new requirement of EUR 150,000 of total assets being available as financial assets such as stocks, bonds, funds and bank deposits.
5. Securities Investment. Under the old MRVP program, the main applicant was required to make a refundable investment of at least EUR 250,000 into government-approved securities to be held for 5 years. The new program will no longer have this requirement.
6. Financing Option. We expect no financing option to be available for the new MPRP program.
The new MPRP program, just as the old MRVP program, is available to married couples, unmarried couples in a long-term relationship, dependent unmarried children of any age, and parents and grandparents on either side of the family.
There are still some open questions regarding the MPRP that will be clarified by the government over the coming weeks, and 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
Because immigration by investment programs can change over time please contact us to speak with an advisor or to receive a preliminary quotation. The information provided in this blog post is intended for educational and informational purposes only. It should not be construed as legal or financial advice.
MALTA INFORMATION CENTER
Everything you need to know about Malta citizenship, residency, and real estate.
Malta Citizenship
-
A Comprehensive Guide to Malta Citizenship by Investment
-
Does Malta allow dual citizenship with the USA?
-
Do you get citizenship if you buy real estate in Malta?
-
How easy is it to get Malta citizenship?
-
How long does it take to get the Malta citizenship?
-
What is the cost of the Malta citizenship by investment program?
-
What is the difference between residency and citizenship of Malta?
-
What are the benefits of Malta citizenship?
Malta Residency
Malta Real Estate
-
A Comprehensive Guide to Buying Real Estate in Malta
-
A Comprehensive Guide to Renting Property in Malta
-
A Comprehensive Guide to Relocation to Malta
-
Discover the Malta Lifestyle
-
Investing in Malta Commercial Real Estate
-
Investing in the Malta Residential Real Estate
-
What are Malta Special Designated Areas (SDA)?
Click here for the Malta citizenship by investment program. Click here for the Malta residency programs.
To start the application process online please register here.
For a detailed cost estimate or to schedule a confidential consultation please use our contact form.
