14
Apr

The new Malta Permanent Residence Programme (MPRP) was first announced on 12 January 2021 by the Honourable Alex Muscat, Parliamentary Secretary for Citizenship and Communities, together with Mr Charles Mizzi, CEO of Residency Malta Agency and became law on 29 March 2021 by means of Legal Notice 121 of 2021.

The new programme replaces the outgoing Malta Residency and Visa Programme.

What are the main changes to the programme?

The new program provides two paths to obtain the status of a permanent resident:

The Rental option

An applicant taking this option would be required to rent residential property of a minimum annual rent of €10,000 in Gozo and the South of Malta, or €12,000 in the remaining parts of Malta, for a period of five years following the approval of the application.

The applicant would also be required to make a contribution of €58,000 to the Government of Malta and pay an administrative fee of €40,000 to the Agency, as well as a donation of €2,000 to an approved NGO.

The Purchase option

Alternatively, the applicant may opt to purchase residential property of a minimum value of €300,000 in Gozo or the South of Malta, or €350,000 in the remaining parts of Malta and to keep it for a period of five years following the approval of the application.

In this case, the applicant would be required to make a contribution of €28,000 to the Government of Malta and pay the administrative fee of €40,000 to the Agency along with the €2,000 donation to an approved NGO.

Payment timeline

The new Regulations require the following payments:

• An initial deposit of €10,000 on account of administrative fee due to be made by the applicant to start the application process;
• Upon issue of the letter of approval, the applicant must pay €30,000 (the rest of the administrative fee) within two months of such issue;
• The contribution to the Government of Malta of either €26,000 or €58,000 depending on the option chosen must be made within 8months from the date of the issue of the letter of approval.
• Additional contribution of €7,500 is applicable for each parent and/or grandparent of the main applicant and spouse/partner and is payable within 8 months from issue of the letter of the approval.

What are the application requirements?

Prospective applicants must satisfy the following criteria:

• Not be EU nationals;
• Be fit and proper individuals having successfully pass multi-tier due diligence checks;
• Be in receipt of a regular and stable income sufficient to sustain them and their family members whilst in Malta;
• Be in possession health insurance policy in respect to the risks typically covered for Maltese nationals;
• Be in possession at least €500,000 of capital assets, €150,000 of which shall be financial assets.

It should be noted that there is no longer a requirement to invest into government bonds and stock as required by the previous programme.

Which family members may be included in the application?

• A spouse in a monogamous marriage or partner in relationship with a similar status to marriage;
• Children of the main applicant and/or of the spouse/partner under the age of 18;
• Financially dependent and unmarried children over 18 years;
• Financially dependent parents and grandparents of the main applicant and/or their spouse/partner;
• Children with disabilities.

Our services

Corrieri Cilia is an accredited agent (licence number AKM-FORT-21) authorised to represent applicants under the Malta Permanent Residence Programme and other investment immigration programs in Malta.

We will be glad to advise you on your eligibility for MPRP and assist you with the application process. Our team can also handle the annual compliance formalities under the Programme as well as offer assistance with buying or renting qualifying property and applying for health insurance required by the Programme.