A new Permanent Residence Programme has been launched for consultation today and will be tabled before parliament in the coming weeks. The new programme is expected to replace the successful Malta Residency and Visa Programme (MRVP) over the next 3 months.
In his introduction, Hon. Alex Muscat – Parliamentary Secretary for Citizenship and Communities expressed that he “expected the immigration market to grow Post-Covid”, and that the idea behind these proposed changes is to “attract more investment to Malta” while also keeping a close eye on similar programmes operated by other European Union countries.
Under the new proposed regulations, 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
- Parents/grandparents: EUR7500
- Spouse: EUR7500
- Children 18+: EUR5000
Eligibility criteria have also been amended. Once the new regulations are approved, 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.
Our lawyers and relocation advisors will be happy to advise and assist with Malta Permanent Residence applications.