New Malta Permanent Residency Programme
The Malta Government has announced the establishment of a new agency ‘Residency Malta Agency’. The new Agency plans to launch a new permanent residency by investment program for non-EU nationals, this new program Malta Permanent Residency Programme (MPRP), will replace the current successful Malta Residence Visa Program (MRVP), which was launched back in 2016.
A conference delivered by Hon. Alex Muscat – Parliamentary Secretary for Citizenship and Communities was held earlier this month addressing all Accredited Agents outlining the new MPRP program. While the new program regulations are not yet officially announced, the new legislation is expected to introduce the following changes:
1. Government Contribution
Following the new MPRP program, the main applicant will pay a €98,000 fee for administrative fees and a contribution if they rent a property in Malta or €68,000 for applicant who purchase a property in Malta. In addition, there will be a contribution payable by each dependent in the amount of €7,500 and €5,000 for each child over 18 years of age.
2. Philanthropic Donation
The new program requires the main applicant to make a donation to a Maltese-registered NGO in the amount of €2,000.
3. Property Investment
The new MPRP program will require the main applicant to purchase a property or rent a property in Malta. The minimum purchase fee for a property is €350,000 for properties located in the northern and central parts of Malta, and €300,000 in the south of Malta or Gozo. For those who opt to rent a property the minimum rental fee is €12,000 per year in the central or northern part of Malta and €10,000 in the south of Malta or Gozo.
4. Income or Asset Documentation
Under the old MRVP program, the main applicant had to prove either a minimum annual income of €100,000 or €500,000 in personal assets. The new MPRP program intends to remove the proof of income option, while retaining the €500,000 proof of asset obligation with a new requirement of €150,000 of total assets being available as liquid funds.
5. Securities Investment
Under the old MRVP program, the main applicant was required to make a refundable investment of at least €250,000 into government approved securities for a period of 5 years. The new program will remove this requirement.
The new MPRP program will remain available to married couples, unmarried couples in a long-term relationship, dependent unmarried children of any age, and parents and grandparents.
Zeta is an Accredited Agent and can assist, as well as offer advice on the application process of this new program.
For more information, you may contact our Business Development team on bd@zeta-financial.com.