A Newly Launched Residence Opportunity: the ‘Malta Permanent Residence Programme’
By: GVZH Advocates
The Malta Permanent Residence Programme (hereinafter ‘MPRP’) was launched on the 29th March 2021 by virtue of Legal Notice 121 of 2021. The MPRP is a residency-by-investment programme which essentially entitles the beneficiary (who must be a non-EU national) to the right to settle, stay and reside in Malta on a permanent basis. In addition, one may also avail of VISA-free travel throughout the Schengen zone.
In order to apply under the MPRP, the applicant must be at least 18 years old and must be duly represented by a licensed agent (hereinafter ‘Agent’). Thus, the applicant will authorise such Agent to act for and on his/her behalf in respect of all applications, correspondence, submissions, filings, declarations, notifications, and matters relating to the MPRP. Moreover, the responsible agency in this case is the Residency Malta Agency (hereinafter ‘Agency’).
Undoubtedly, an applicant must satisfy all eligibility criteria in line with the MPRP Regulations (Subsidiary Legislation 217.26) in order to apply for this status. The following requirements must be satisfied in terms of these Regulations:
- One must show that they possess assets of not less than EUR 500,000, out of which a minimum of EUR 150,000 must be financial assets;
- Pay an administrative fee of EUR 40,000 (the first EUR 10,000 is required within one month from the submission of the application and is not refundable if the application is declined, however, the remaining EUR 30,000 is to be paid within two months from the issuance of the Letter of Approval in Principle);
- Rent property for not less than EUR 12,000 per annum if situated in Malta, or EUR 10,000 if situated in the south of Malta or Gozo, or purchase property of not less than EUR 350,000 if situated in Malta, or EUR 300,000 if situated in the south of Malta or Gozo;
- Pay the Government a contribution of EUR 28,000 if purchasing property, or EUR 58,000 if leasing a property. One would be required to pay an additional EUR 7,500 for each additional adult dependent (if applicable); and
- Pay a EUR 2,000 donation to a local registered philanthropic, cultural, sport, scientific, animal welfare or artistic non-governmental organization or society registered with the Commissioner for Voluntary Organisations, or as otherwise approved by the Agency.
The MPRP shares similarities to the former residency-by-investment programme, known as the Malta Residence and Visa Programme (‘MRVP’). The Agency, however, is no longer accepting new applications under the MRVP. The cut-off date for this programme was March 26th, 2021. The Agency will now exclusively maintain its monitoring and compliance function for the current beneficiaries who applied for the MRVP prior to its cut-off date.