The new Malta Permanent Residence Programme (MPRP) has been officially launched today. The new programme replaces the successful Malta Residency and Visa Programme (MRVP).
Under the new programme, the requirement to invest in government bonds has been removed altogether, while a mandatory donation to a Maltese registered NGO has been introduced and set at EUR2,000. The government contribution has been increased from EUR30,000 to EUR68,000 should the applicant choose to buy a qualifying property; or EUR98,000 should a property be leased instead. Qualifying property in the south of Malta must be purchased for a minimum of EUR300,000 or rented for EUR10,000; while properties in the rest of Malta must have a minimum value of EUR350,000 or EUR12,000 in the case of rent.
The fees under the new proposed regulations are set out below:
- Main applicant: EUR68,000/EUR98,000 government contribution
- Adult Dependents: EUR7500
Eligibility criteria have also been amended. It will no longer be a requirement for interested applicants to have a minimum income of EUR100,000; however, a capital of EUR500,000 (of which EUR150,000 must be financial assets) is now mandatory. From the Agency’s side, there is a renewed commitment towards increased efficiency, with a targeted processing time of 6-8 months from start to finish
Benefits – MPRP
The main benefits of obtaining the residency through the new Malta Permanent Residency Programme include the following:
- Permanent Residence status immediately
- Visa-free travel within the 26 countries forming part of the Schengen Area
- All the family can be included in one application
- Permanent residency in a country with English as its official language
- Robust real estate industry
- Short Travel Times: By air, main European hubs and North Africa can be reached in two to three hours
- High Quality Schooling and Healthcare
Our lawyers and relocation advisors will be happy to advise and assist with Malta Permanent Residence applications.