On Friday 27th March 2021, the eagerly awaited Malta Permanent Residence Regulations, 2021 were officially published by virtue of Legal Notice 121 of 2021. The regulations provide the requirements for the grant of permanent residency rights on the basis of investment under the Malta Permanent Resident Programme (MPRP). Dr. Baldacchino clarifies the benefits of the MPRP and answers 15 FAQs regarding the newly revised residency programme in Malta.
Upon publication, the MPRP immediately replaces Malta’s previously successful residence by investment programme, the Malta Residence and Visa Programme (MRVP). Certificates issued under the MRVP shall remain valid and in effect, whilst pending applications filed under the MRVP shall remain governed by the Malta Residence and Visa Programme Regulations. However, as of 29th March 2021, only applications under the new MPRP shall be accepted and MRVP applications may no longer be submitted.
The main benefits under the MPRP include the right to settle, stay and reside permanently in Malta, enjoy visa-free travel across Schengen for 90 out of every 180 days, penetrate Malta’s affordable real estate market, and the opportunity to include up to four generations in an application. All this can be done within a minimum period of 6 to 8 months, out of which there is a 4 to 6 month processing time.
Further to the publication of the official MPRP Regulations, it is expected that Residence Malta Agency (RMA) will soon replace the Malta Residence and Visa Agency (MRVA). The official set of the MPRP application forms have already been made available and it is expected that the official MPRP Guidelines and FAQs shall be circulated by RMA to all licensed Agents in the coming days.
Learn more about the Malta Permanent Residence Programme (MPRP)
Benefits of the MPRP
The benefits of the Malta Permanent Residence Programme include:
- the right to settle, stay and reside permanently in Malta;
- enjoy Visa-free travel across Schengen, 90 out of 180 days;
- penetrate Malta’s affordable real estate market;
- may include up to 4 generations in an application
Eligibility for the MPRP
To be eligible for the MPRP, applicants should:
- be third-country nationals, non-EEA and non-Swiss;
- not hail from sanctioned countries, as announced from time to time by the Agency;
- not benefit under other pertinent regulations and schemes;
- be in receipt of stable and regular financial resources, sufficient to maintain themselves and their dependants, without recourse to the social assistance system of Malta;
- show they have capital assets of not less than €500,000, out of which a minimum of €150,000 must be financial assets;
- be fit-and-proper individuals and have a clean criminal record;
- not pose any potential threat to the national security, public policy, public health, or public interest.
Requirements of the MPRP
In order to apply for the Malta Permanent Residence Programme (MPRP) applicants must:
- Submit an application via a Licensed Agent, such as Dr Russell Attard Baldacchino;
- Administrative Fee:
- Pay a non-refundable administrative fee of €40,000.
- Property Investment:
- Rent a property for a minimum of €10,000 in the South of Malta/Gozo or €12,000 in the rest of Malta; OR
- Purchase a property for a minimum value of €300,000 in the South of Malta/Gozo or €350,000 in the rest of Malta.The title of purchase or lease over the qualifying property must be held for a minimum period of 5 years.
- Government Contribution
- €28,000 if purchasing a property; OR
- €58,000 if leasing or renting a property;
- Dependant Fees:
- Pay an additional €7,500 for each additional adult dependant (except for the spouse).
- Donation:
- Make a donation of €2,000 to a local philanthropic, cultural, scientific, artistic, sport or animal welfare NGO registered with the Commissioner of Voluntary Organisations;
- Be in possession of a valid travel document.
- Take out a sickness insurance policy of cover all risks across Malta;
- Take out travel insurance when traveling across Schengen.
- What does the MPRP Grant? Successful applicants under the MPRP shall be issued a Certificate of Maltese Residence, which entitles the beneficiary and their dependants to reside, settle or stray indefinitely in Malta.
- Do applicants have to use a licensed agent? Individuals who wish to submit an MPRP application must do so with the assistance of a Malta-licensed Agent, such as Dr Russell Attard Baldacchino (AKM-BALD-21).
- Who can apply as the main applicant under the MPRP? In order to apply, the main applicant must be at least 18 years of age and be in possession of a minimum of €500,000 worth of assets, out of which €150,000 must be in the form of financial assets. This minimum capital must be maintained during the first 5 years after the date of the Certificate of Maltese Residence.The main applicant must also be in receipt of stable and regular resources which are sufficient to maintain himself and his dependants without recourse to the social assistance system of Malta.
- Who can the main applicant include as dependants? The MPRP allows the main applicant to include the following dependants:i. Spouse or other relationship having the same or similar status to marriage;ii. Children, including adopted children, under the age of 18;iii. Children, including adopted children, over the age of 18 who are unmarried and principally dependent on the main applicant. iv. Parents or grandparents who are principally dependent on the main applicant. v. Children who have been certified as having a disability.
- Are there any other qualifications for the main applicant? Applicants must be third-country nationals, non-EEA and non-Swiss, who do not benefit under other pertinent regulations and schemes.
- What obligations must be satisfied by the main applicant? Upon receipt of the Letter of Approval in Principle, the man applicant is required to: a. Pay the outstanding administrative fee to the Residence Malta Agency;b. Pay the contribution to the Residence Malta Agency;c. Present proof of title of purchase or lease over a qualifying property in Malta;d. Make a donation to a Malta non-governmental organisation;e. Present a sickness insurance policy for all applicants and in respect of all risks normally covered for Maltese nationals.
- How much is the administrative fee and when is it payable? A non-refundable administrative fee of €40,000 is payable to the Malta Residence Agency. €10,000 is payable upon submission of the application, whilst the remaining €30,000 must be paid within 2 months from the date of the Letter of Approval in Principle.
- How much is the contribution and who does it cover? The contribution payable to the Malta Residence Agency is €28,000 if the main applicant chooses to purchase a qualifying residential property, or €58,000 if the main applicant chooses to rent a qualifying property. This covers the main applicant, spouse, and dependant children. An additional contribution of €7,500 is payable for every parent or grandparent of the main applicant or spouse.
- When is the contribution payable by the main applicant? The total contribution amount only becomes due once the application is approved in principle and must be paid by the main applicant to the Residence Malta Agency within 8 months from the date of the Letter of Approval in Principle.
- What type of property can the main applicant buy or rent? In order for a property to qualify under the MPRP, it must be a residential property located in Malta that is normal for a comparable Maltese family.In the case of the rental option in Gozo or the South of Malta, the minimum annual rent must be €10,000, whilst if it located in the rest of Malta, the minimum annual rent must be €12,000.If the main applicant chooses to purchase property, the minimum value must be €300,000 if it is situated in the South of Malta or Gozo, or €350,000 for a property situated in the rest of Malta.
- How long must the qualifying property be held for? The main applicant is required to hold the title of lease or ownership over the qualifying property for residence in Malta for a minimum of 5 years from the date of the Certificate of Maltese Residence.
- Is the main applicant required to hold property in Malta after the 5 years? Yes, under the MPRP, the applicant is required to maintain a title of ownership or lease over a residential property in Malta throughout the validity of the Maltese Certificate of Residence. However, there is no minimum annual rent or property value after the first 5 years have elapsed.
- How much time is allowed to satisfy the obligations? Save for the payment of the administrative fee, all other obligations must be satisfied and proof delivered to the Residence Malta Agency within 8 months from the date of the Letter of Approval in Principle. Failure to do so may result in the rejection of the application or the revocation of the Letter of Approval in Principle.
- What is the minimum donation amount required? The main applicant must donate a minimum financial contribution of €2,000 to a Malta registered philanthropic, cultural, sport, scientific, animal welfare, or artistic non-governmental organisation or society registered with the Commissioner for Voluntary Organisations, or as otherwise approved by the Residence Malta Agency.
- How important is it to provide complete and accurate information? If an applicant makes a false statement or omits information requested, the MPRP application may be declined solely on that basis.
As Community Malta Agency (Agenzija Komunita Malta)licensed Agent AKM-BALD-21, Dr Russell Attard Baldacchino may directly assist with the correct preparation and submission of applications to the Residency Malta Agency (RMA).
For more details you can access and download Legal Notice 121 of 2021 – Malta Permanent Residence Programme Regulations here, or schedule a free consultation call with Dr Russell Attard Baldacchino to help you or your clients.
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