Malta Permanent Residence Programme Officially Launched
The Malta Permanent Residence Programme (MPRP) was officially launched last Friday, 26th March. This new programme – set to replace the current Malta Residence and Visa Programme – was formally introduced with the publication of L.N. 122 of 2021.
A number of changes to the current application process have been made, as outlined below:
- Applicants are still required to have either an annual income of not less than EUR100,00 arising outside of Malta; or have in their possession a capital of at least EUR500,000. Under the new regulations, this criteria needs to continue to be met until at least 5 years from the date of receipt of the certificate of approval;
- Health insurance must now cover all risks in Malta – it is no longer required to hold EU-wide coverage;
- A fee of EUR5,000 has been introduced for the addition of a spouse after the residency certificate has been issued;
- Should a successful applicant pass away, it has now been made possible to pass down the residency certificate to the next of kin;
- Compliance monitoring will be conducted on an annual basis for the first five years, and at any point thereafter as deemed fit by the Agency;
- Payment deadlines have been set;
- Applicants are no longer required to make an investment of of EUR250,000 in bonds, stocks and equities listed on the Malta Stock Exchange. They may now opt to make a direct contribution to the Government of Malta, coupled with a EUR2,000 donation to a Malta-registered NGO
- Should applicants choose to lease a qualifying property, they will need to contribute a further EUR68,000 (in addition to the original EUR30,000 contribution)
- Should the applicants choose to purchase a qualifying property, they will need to contribute a further EUR38,000 (also in addition to the original EUR30,000 contribution)
Frendo Advisory was amongst the first agents to receive their renewed license under the new regulations.
Should you require any further information about this programme, please do not hesitate to get in touch with us.