Residency programme being revamped; bene iciary fees set to more than double
Malta’s residency programme is being revamped, and the fees that have to be paid by beneficiaries are being more than doubled, Parliamentary Secretary Alex Muscat said on Monday.
The new programme will be called Malta Permanent Residence Programme (MPRP). It is an updated version of the Malta Residency Visa Programme (MRVP), which was operated between 2017 and 2019. The MPRP is distinct from Malta’s citizenship-by-investment programme.
Muscat said the amendments to the residency programme seek to attract more investment to Malta. It is linked to the purchasing or renting of property in Malta, but beneficiaries must make substantial payments, which will now go directly to government coffers.
Around 20 European countries operate similar schemes.
The new programme
MPRP gives beneficiaries permanent residency rights, and they are entitled to reside, settle or stay indefinitely in Malta with their registered dependents. They also benefit from movement across the Schengen area for 90 days out of 180.
There will be a slight increase in the property price. Beneficiaries must rent a property for a minimum of €10,000 in the south of Malta or Gozo, or €12,000 in the rest of Malta.
If they choose to purchase a property, they have to buy a property worth at least €300,000 in the south or in Gozo, or a minimum of €350,000 in the rest of the country.
All beneficiaries need to pay an administrative fee of €40,000, with €10,000 being payable upon application. The remainder can be paid over a period of two months within receiving the letter of approval. The personal contribution is also being increased. Those who rent a property now have to pay €58,000, while those who buy a property need to pay €28,000.
When added to the €40,000 administrative fee, this adds up to €98,000 for those who rent, and €68,000 for those who purchase property. The amounts are effectively being more than doubled from the old scheme. Currently, beneficiaries have to pay €30,000.
Eligibility and requirements
In order to be eligible, applicants must be in receipt of stable and regular resources sufficient to maintain themselves; be in possession of a valid travel document, have health insurance, have assets of no less than €500,000, with at least €150,000 being financial assets.
The fee for dependents is also being increased to €7,500 per additional dependent.
Applications must be submitted via an accredited agent.
Investment will now go directly towards the government’s consolidated fund, with investment in stocks and bonds removed.
The agency leading the programme – the Malta Residency Visa Agency – will be investing a portion of the funds directly into Corporate Social Responsibility (CSR) projects. Applicants will also be required to give an additional €2,000 donation to a charity or NGO.