17
Jun

The Malta Permanent Residence Programme (MPRP) is designed to attract individuals and families who are not nationals of the European Union (EU), the European Economic Area (EEA) or Switzerland, to take up residence indefinitely in Malta.

Key Benefits of MPRP

• Life-long residence status
• Unlimited Access to the Schengen Zone
• No minimum physical presence is required
• Property investment must be only maintained for 5 years
• Open up to 4 generations per application
• Democratic and stable government

Who may apply?

• Third country nationals (non-EU, non-EEA & non-Swiss)
• Applicants must hold valid travel documents
• Applicants must be in possession of a health insurance covering risks in Malta
• Applicants should pass a due diligence test and must consequently be deemed a fit and proper person
• The main applicant should be able to demonstrate possession capital of a minimum of €500,000, out of which one hundred and fifty thousand euro (€150,000) should be in the form of financial assets

MPRP Qualifications

A three-tier structure must be satisfied by the main applicant as indicated hereunder

*Under the MPRP, beneficiaries should hold their qualifying property for a minimum period of five years from date of issuance of residency certificate.

Advantages of the MPRP

• Residence: Right to reside indefinitely in Malta
• Competitive Fees: Competitive application fee when compared to other European residency programmes
• Efficient application process: Estimated time frame for a MPRP application to be processed is 4 months
• Education: Access to reputed education institutions, where the classes are conducted in in English language
• Health Care: Access to the world-class health care services
• Real Estate: Ease of investment in a stable and booming real estate market
• Safe Country: Malta is one of the safest countries in the world and boasts a low crime rate
• Schengen Access: Possibility of visa free travel within the Schengen Area, with a right to stay in one place for up to 90 days
• Citizenship through Naturalisation: Opportunity to apply for citizenship by naturalisation after residing continuously in Malta for a period of 5 years
• No minimum residence period: There is no obligation for beneficiaries to physically stay in Malta for a particular number of days in a year
• Tax Residency Status: it is possible to become a Maltese tax resident subject to fulfilling conditions laid down in the law

 Tax Implications

in Malta. Should MPRP beneficiaries satisfy the conditions for becoming Maltese tax resident(but not domiciled) in Malta laid down in the Income Tax Act, they would become taxable in Malta on a source and remittance basis only – that is on income and capital gains arising in Malta and on income arising outside Malta but which is remitted to or received in Malta. Any capital or capital gains arising outside of Malta would not be taxed, even if remitted to Malta.

A minimum tax liability of €5,000 per annum is payable by persons having an annual income arising outside of Malta of at least €35,000.

Exceptions

Prospective MPRP applicants should not be beneficiaries under any of the below:

• The Residents Scheme Regulations,
• The High Net Worth Individuals EU/EEA/Swiss Nationals Rules,
• The Malta Retirement Programme Rules,
• The Residence Programme Rules,
• The Qualifying Employment in Innovation and Creativity Rules,
• The Highly Qualified Persons Rules

Concluding Remarks

MPRP applications may only be submitted to Residency Malta Agency through the services of an accredited person. As an accredited agent, holding licence AKM-FORT-21, Corrieri Cilia may assist your family and yourself further.