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April 15, 2021

Malta Permanent Residence Programme (MPRP) update

The Malta Permanent Residence Programme (‘MPRP’) officially came into force on 29 March 2021 as per Legal Notice 137 of 2021. The Residency Malta Agency (the ‘Agency’) was also officially set up on that day as per Legal Notice 136 of 2021.

This new programme is being established after a thorough economic assessment and market review and is aimed to address current challenges, to stimulate the economy of Malta post-COVID, as well as to strengthen the reputation of Malta as a jurisdiction of choice for investment migration purposes.

The MPRP allows the successful applicants and their dependants (if any), who must be third-country nationals (non-EU), to reside, settle or stay indefinitely in Malta.

Applications for the Malta Permanent Residence Programme will be vetted and processed by the new Residency Malta Agency after submission of the application pack by the authorized agent.

Vistra Residency Services Limited is a licensed agent and is able to assist the prospective applicants with their requirements.

Seven Steps to Malta Residency

The application process for this residency programme can be divided into seven steps, as follows:

  1. Power of Attorney – The main applicant empowers Vistra Malta to act on his/her behalf;

 

  1. Application pack submission – Vistra Malta gathers all required information and documentation to prepare the application pack to be submitted to the Agency;

 

  1. Due diligence – The Agency applies rigorous scrutiny through a four-tier due diligence process to ensure that only persons and families of good repute are eligible for the programme (this step is expected to typically last between four and six months);

 

  1. Issuance of the Letter of Approval in Principle – The Approvals Board takes the final decision whether to approve or reject the main applicant;

 

  1. Biometric data & Residence card – The main applicant and his/her dependants (if any) travel to Malta to have their biometric data taken by the Agency in view of their residence card being issued;

 

  1. Investments – The main applicant settles the Government contribution, purchases or leases out the qualifying property and makes the relevant donation to the registered NGO/organization of his/her choice;

 

  1. Annual compliance – For the next five years, Vistra Malta submits on a yearly basis proof that all conditions are still being met by the main applicant.

 

The main eligibility criteria and conditions to apply for the MPRP are the following:

  1. Qualifying residential property
  • Acquisition of immovable property in Malta worth at least €300,000 (south of Malta or Gozo) or €350,000 (all other locations in Malta)

OR

  • Lease of immovable property in Malta for a minimum €10,000 annual rent (south of Malta or Gozo) or €12,000 (all other locations in Malta)

 

  1. Financial contribution to the Government of Malta (administrative fees included)
    • €68,000 if the qualifying residential property is acquired

OR

  • €98,000 if the qualifying residential property is leased

 

  1. Donation
    • €2,000 donation to a non-governmental organization registered in Malta

 

  1. Eligibility
    • The main applicant is expected to have at least €500,000 worth of assets world-wide, €150,000 of which as financial assets
    • The main applicant and eligible dependants (if any) would be required to subscribe to an all-risk health insurance policy cover for Malta only

 

For additional information regarding this programme or any other investment migration programme, do not hesitate to contact Vistra on residency.mt@vistra.com. Their dedicated team of professionals will be able to answer your queries and guide you accordingly.