On March 29th, 2021, the new Malta Permanent Residence Programme (MPRP) was officially opened to receive new residency-by-investment applications following the overwhelming success of the previous version known as the Malta Residence and Visa Programme (MRVP).
The Malta Permanent Residence Programme is open to non-EU nationals, including UK citizens following Brexit, and gives individuals and families the opportunity to reside or settle indefinitely as a permanent resident in Malta and the right to visa-free travel within the 26 EU Schengen countries.
You can include your spouse, children, parents, (including parents in law) and grandparents within their application.
To qualify, you will need to declare that you are in possession of a minimum of €500,000 in capital assets. Of which, €150,000 must be shown as available financial assets.
You must demonstrate the ability to financially support themselves and their family members, secure property and health insurance as well as provide a clean police record.
The major change between the MRVP and MPRP is that the government has decided to completely remove the requirement to purchase €250,000 in bonds and has raised the MPRP’s real estate investment minimums from €270,000 to €300,000 in the South of Malta and Gozo and from €320,000 to €350,000 for the rest of the country.
How do you become a permanent resident of Malta? We have outlined the MPRP requirements below:
Under the Malta Permanent Residence Programme, you must:
You may also include the following family members in the same Malta Permanent Residence Programme application:
Once you submit your application, you must pay a €10,000 administration fee to the government. Residency Malta Agency (RMA) reviews the application and supporting documents. This process takes on average four to six months. Once they approve your application, you must pay a further administration, contribution, and charitable donation. You must also rent or buy property.
Ryan Darmanin, Managing Director of Latitude Malta, part of Latitude Group with RIF Trust, says “as a local licensed agent for the Malta Permanent Residence Programme, we applaud the government and the RMA Agency for their progressive approach to revise and launch this new programme.”
“We are thrilled to have worked closely with the government on the changes to the MPRP to ensure the longevity and competitiveness of the programme for clients seeking access and better opportunities with a second residency in Malta. At our local office in St. Julian’s we have experts specialising on the MPRP requirements and they handhold our clients throughout the entire process.”
To take the next steps to become a permanent resident of Malta, don’t delay and contact us today.