The Government of Malta has announced plans to launch a new program for non-EU investors from March 29, 2021.
The new Malta Permanent Residency Program (MPRP) will replace the current successful Malta Residence and Visa Program (MRVP), which was launched in 2016.
Applicants wishing to apply under the current MRVP regulations must submit their application by March 28, 2021.
The new rules for the Maltese program have not yet been announced, but the following changes are expected:
- State contribution. Under the old MRVP, the Government of Malta contribution (non-refundable donation) was set at € 30,000 for the main applicant only. Under the new MPRP, main applicants will be charged a fee of € 98,000 in administrative fees and a fee if they are renting properties. These fees have been reduced to € 68,000 for main applicants purchasing real estate. In addition, each dependent will pay a contribution of € 7,500 and € 5,000 for each child over 18 years of age.
- Charitable donation. Charitable donations were not required under the old MRVP. The new program requires a donation of € 2,000 to a Malta registered NGO (for the main applicant only).
- Investments in real estate. The old MRVP program required either the purchase of the real estate in the amount of 320,000 euros or the rental of real estate in the amount of 12,000 euros per year in the central or northern part of Malta (270,000 euros / 10,000 euros in the south or Gozo). Rates under the new MPRP will increase to € 350,000 for purchases in the northern and central parts of Malta and € 300,000 in the south or Gozo. Rental rates will remain unchanged.
- Documentation of income or assets. Under the old MRVP, the main applicant had the opportunity to demonstrate a minimum annual income of € 100,000 or € 500,000 in personal assets. The new MPRP is expected to eliminate the possibility of proof of income while retaining proof of asset-liability of € 500,000 with a new claim of € 150,000 of total assets available as liquidity.
- Investments in securities. Under the old MRVP program, the main applicant was required to make a refundable investment of at least € 250,000 in government-approved securities with a shelf life of 5 years. The new program will no longer have this requirement.
- Financing option. Funding opportunities are not expected for the new MPRP.
The new MPRP, like the old MRVP, is available to married couples, unmarried couples, in long-term relationships, unmarried children of any age, and to parents and grandparents on both sides of the family
