Malta Residence Visa Programme to be replaced by the Malta Permanent Residence Programme

The new and improved programme has been adapted to suit Malta’s economic needs whilst also creating a framework for an economic boost due to the COVID-19 pandemic. The revamp aims to propel Malta into a more competitive position for such resident programmes, as it provides a stable and safe jurisdiction whilst maintaining the previous programme’s positive reputation.

The MPRP brings with it an update to the previous MRVP’s financial requirements. The amendments proposed seek to eradicate the requirement for investment in stock, the €500,000 capital asset and the €100,000 annual income requirements, whilst introducing a new financial requirement of a compulsory €2,000 philanthropic donation to an approved charity or NGO registered in Malta. The minimum requirement for property purchases is proposed to increase to €300,000 for properties in the South of Malta and Gozo and €350,000 for properties in the rest of Malta, although the financial requirement for leasing of a property is to remain the same. If the new financial requirements of the MRVP are approved, the non-refundable contribution will increase to €68,000 for prospective applicants who purchase a property and to €98,000 for those who lease a property.

The proposed amendment to administrative fees shall include administrative services such as those of due diligence processing for the applicant, spouse, and children. In order to include more individuals in an application, such as a spouse, parent or grandparent of the prospective applicant, the administrative fee shall be that of €7,500, whilst administrative fees for any adult children added to the scheme after approval shall be €5,000. The applicant and their dependents must also have valid health insurance. Furthermore, the application and payment timelines have been tweaked, with applicants expected to wait four to six months for their first review. Applicants will also be expected to pay the initial fee within one month of submitting their application, and the final payment to be made within two to eight months after receipt of their final acceptance.

The proposal for the revamp has yet to be passed by Maltese Parliament, however it is set to be launched by end of March.

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