MALTA LAUNCHES NEW PERMANENT RESIDENCE PROGRAMME

The Malta Residence and Visa Regulations, regulated by Subsidiary Legislation 217.18, more commonly referred to as the Malta Residence and Visa Programme (“MRVP”) was launched in 2015. Third country nationals issued with a residence certificate in terms of the MRVP benefit from the right to reside, settle and stay indefinitely in Malta.

The Malta Residence and Visa Agency, being the Agency responsible for the administration of the MRVP has announced that no new applications may be submitted after 29th March 2021, with the MRVP effectively coming to a close for new applications.

Whereas the MRVP will soon come to a close, with processing of applications continuing only for those applications submitted prior to 29th March 2021, Government has announced that a new and revised residency programme will be launched within the coming weeks which will be available to third country nationals.

In a press briefing held a few weeks ago, Parliamentary Secretary Mr. Alex Muscat announced the launched of the Malta Permanent Residence Programme (MPRP) which programme shall succeed the MRVP.

Whereas the MPRP has not yet been officially launched, and neither any laws published in this regard, it is understood that the main requirements will include:

1. The applicant must be in possession of a residential property:

If the property is in the South of Malta or in Gozo the property value would need to be €310,000 if purchased or €10,000 per annum if rented; If the property is in Malta (excluding the South) the property value would need to be €350,000 if purchased or €12,000 per annum if rented.

2. A contribution to the Government of Malta of €68,000 if the property is purchased or €98,000 if the property is rented.

3. A €2,000 donation to a registered philanthropic, cultural, sport, scientific, animal welfare or artistic NGO will also be introduced.

4. The applicant must also hold €500,000 worth of assets, of which at least €150,000 are financial assets. This is also another slight increase on the requirements of the MRVP. Other changes include that the status of the main applicant may be inherited following a nomination by the family and the health insurance policy should cover all risk in Malta and no longer for all the EU.

Successful applicants under the MPRP will benefit from the right to reside, settle and stay in Malta on an indefinite basis, whilst the Maltese residence card would also facilitate travel within the Schengen area.

Source: https://www.lexology.com/