New Malta Residency and Visa Programme Regulations
New regulations for the Malta Residency and Visa Programme (MRVP), as well as the establishment of a new agency ‘Residency Malta Agency’, were announced earlier today during an official briefing session for accredited agents. The new rules are yet to be approved by Parliament – a process which is expected to take place within the next few weeks.
In his introduction, Hon. Alex Saliba – Parliamentary Secretary for Citizenship and Communities – expressed that “the expectation is for the immigration market to grow Post-Covid”, and that the idea behind these proposed changes is to “attract more investment” while also keeping an eye on what other European countries are doing in this regard. The intention, even once the new MRVP has been approved by Parliament, is to keep on reforming and making improvements as required, over time.
Under the new regulations, the requirement to invest in government bonds has been removed altogether, while a mandatory donation to a Maltese registered NGO has been introduced and set at EUR2,000. The government contribution has been increased from EUR30,000 to EUR68,000 should the applicant choose to buy a qualifying property; or EUR98,000 should a property be leased instead. Qualifying property in the south of Malta must be purchased for a minimum of EUR300,000 or rented for EUR10,000; while properties in the rest of Malta must have a minimum value of EUR350,000 or EUR12,000 in the case of rent.
The fees under the new regulations are set out below:
- Main applicant: EUR68,000/EUR98,000 government contribution
- Parents/grandparents: EUR7500
Eligibility criteria have also been amended. Once the new regulations are approved, it will no longer be a requirement for interested applicants to have a minimum income of EUR100,000; however, a capital of EUR500,000 (of which EUR150,000 must be financial assets) is now mandatory. From the Agency’s side, there is a renewed commitment towards increased efficiency, with a targeted processing time of 6-8 months from start to finish.
Should you have any questions or require any further information, please do not hesitate to contact us.