In January, 2021 the Malta Residency Visa Agency announced the details of the new Malta residency programme. Officially entitled “Malta Permanent Residence Program”, it is planned to replace the current Malta Residence and Visa Programme, which shall be closed by March 2021. Along with the new programme, the Malta Residency Visa Agency will be re-organised and will acquire a bit shorter name — the Residency Malta Agency. It is also worth to note that the Malta Individual Investor Programme were recently replaced by the new passport programme —»Granting of Citizenship for Exceptional Services by Direct Investment»
With the new and modernised Malta Permanent Residence Programme, the Government is seeking to increase the scheme’s revenue and overseas investment in Malta.
The applicant have two options to apply for the Permanent Residence Programme:
- to rent a property for a minimum of €10,000 in the South of Malta/Gozo or €12,000 in the rest of Malta; or
- to 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 following essential highlights of the programme were outlined in the announcement:
- The applicant must hold the qualifying property for a minimum of five years.
- The applicant must pay an administrative fee of €40,000. They need to pay €10,000 upon the submission of the application and the remaining €30,000 within 2 months after receiving the approval.
- The applicant should pay a contribution of €58,000 if they choose to lease property or €28,000 if they choose to purchase property.
- The applicant must pay a donation of €2,000 to a local registered philanthropic, cultural, sport, scientific, animal welfare or artistic NGO registered with the Commissioner for Voluntary Organisations, or as otherwise approved by the Agency.
- The residence status of the main applicant may be inherited.
To qualify for the programme applicants must provide:
• proof of stable and regular income sufficient to maintain living in Malta;
• a valid travel document;
• a sickness insurance policy;
• proof of assets having a value of not less than €500,000, out of which a minimum of €150,000 shall be in the form of financial assets;
• an additional fee of €7,500 for every dependant over 18.
The Malta government introduced significant changes to their old Visa Programme. The new Programme features a slight rise in property purchase price and a new donation to a charity. This measure reflects the current market, with due consideration to any possible negative market impact. The new Agency will also invest a portion of funds received directly in social and public initiatives. There will no longer be the requirement to invest in Government bonds. Higher fees for dependants were introduced in the rules of the new programme. The applicant’s health insurance now covers only Malta.
Please contact our consultants for more information.