Are you a non-European national looking to relocate to Malta? Candidates applying to the Malta Residence Program must note that since March last year, the Malta MRVP Program (Malta Residence and Visa Program) has been replaced by a new program called the Malta Permanent Residence Program (MPRP). You can check out our article: Malta MPRP & Malta CES Investment Programs to know more.
Benefits of the Malta Permanent Residence Program
- Doesn’t require a minimum time period of stay in Malta
- Allows visa free travel across the entire EU Schengen Area
- Investment opportunities in a growing real estate market. The investment requirement is only required for the first five years
- Friendly economical tax regulations
- Family members of the applicant can be included in the same application
- Malta provides a high quality of life
- A safe country with minimal criminal proceedings
Malta Residency and Visa Program- Changes in Qualifying Investment
The entire expenditure for Malta MRVP requirements is divided into three parts mentioned below. But do note that with the introduction of the new Malta MPRP program, the current requirements have changed slightly.
MRVP Program Vs. Malta MPRP Program
|MRVP (Old program)||MPRP (New program, as of March 2021)|
|Government Contribution||-Applicants need to pay an amount of €30,000
-Please note that a non-refundable administrative fee of €5,500 will be charged upon the submission of the application
-The contribution fee of €30,000 includes the applicant, his/her spouse and all eligible dependents
-Upon inclusion of dependent parents and grandparents, a further contribution of €5,000 will have to be given per family member
|– A contribution of €28,000 will be needed if the property is purchased. Additionally, €7,500 will need to be given per parent or grandparent of the applicant or spouse
-In the case of rented property, €58,000 will need to be given and €7,500 per parent or grandparent of the applicant or spouse
|Qualifying Property||-Purchase of property that is of a minimum value of €320,000 (€270,000 in few designated areas)
-Lease agreement of a property that incurs an annual rent of €12,000 (€10,000 in few designated areas)
-The applicant need to hold the property for a minimum of five years
|–Candidates need to purchase property of a minimum value of €350,000 (€300,000 in few designated areas)
|Qualifying Investment||-Investment of €250,000 in debt or equity securities listed on the official list of the Malta Stock Exchange
-You can also invest on legal investment schemes that are recognized by the official list of the Malta Stock Exchange
|-Candidates need to donate
€2,000 to a local non-governmental organization registered under the Commissioner for Voluntary Organization, or approved agency
You can visit our article: Malta Residency By Investment- The Ultimate Guide By Experts 2022 to know more on the Malta MRVP requirements, especially with regards to investment.
Malta Residency and Visa Program- eligibility criteria
- The applicant should be 18 years and above
- The applicant should be a third country national
- Proof of annual income of €100,000 or more earned outside of Malta or documents showcasing the applicant’s global net worth of or more than €500,000
- The applicant should have a steady source of income to sustain themselves in Malta
- The applicant should possess a medical health insurance scheme that covers the applicant and family on international waters
- Submit a valid health certificate from a recognized health system/facility
- The applicant should not have any past criminal records
- The applicant must be able to communicate in Maltese or in English
- The applicant and dependents should be able to produce valid travel documents
The eligibility criteria under the new Malta MPRP program remains more or less the same. In addition to the above mentioned criteria, candidates need to showcase assets worth €500,000, out of which €150,000 should be financial assets.
The Malta Residence and Visa Program certificate
A residence permit certificate will be given to all approved applicants under the Malta residency and visa program. The certificate will give the applicant the right to live, work and stay in Malta indefinitely. You need to keep in mind that the Malta permanent residence certificate will be under annual review for the initial five years after it has been issued and after that it will be under scrutiny every five years.
Tax scheme for Maltese residents
Taxes are levied on Maltese citizens on grounds of residence or domicile. Maltese residents whose permanent residence is not in Malta are charged with taxes on remittance basis. Residents will also be taxed as per the Malta income tax rate on personal income and profit gained in Malta.
Malta Permanent Residence Program – application process
The application process is quite simple and consists of the following stages:
-You need to gather all your documents and submit your paperwork
-If your application is approved, a Letter of Approval in Principle is provided
– Post approval, applicants may proceed with the qualifying investment and other fees
-After successful completion of the process, the agency gives Permanent Residence certificate and residence cards to applicants
Frequently Asked Questions
- How do I get residency in Malta?
Through the Malta Permanent Residence Program (MPRP), you can apply for a permanent residency in Malta.
- Can I live in Malta after Brexit?
If you want to relocate to Malta post Brexit, you need to have either a residence permit, a working visa, a student visa or a retirement visa. If you want to stay in Malta for three months or longer, you need to apply for residency or get a visa.
- Does Malta offer permanent residency?
Wondering how to get permanent residency (PR) in Malta after studying? You can check the eligible criteria and apply for the Malta residence program by investing in the country. Once you become a permanent Maltese citizen, you need to pay 15 per cent tax on the income incurred in the country.
- What is the Health insurance coverage amount that I need to have to apply for MRVP?
You need to have a health insurance policy that covers your health risks up to an amount of €30,000 or more in the European Union. Note that the same amount is also applicable for all dependents
- When was the MRVP Program changed?
On 29th March 2021, the Malta Residence and Visa Program (MRVP) was changed and replaced with the new Malta Permanent Residence Program (MPRP)
- What is the difference between MRVP and MPRP?
The eligibility criteria for the MPRP program has slightly changed from the MRVP program in terms of cost and qualifying investment and property.
Why choose Global Citizen Solutions?
We offer exclusive custom-made services for all your needs and requirements. Our team of local and global specialists work continuously to ensure a hassle-free application process for you and your family. At GCS, we value your time, trust and faith in us.
If you are interested in relocating to Malta, you can refer to the below mentioned articles for more details.