On March 29th, 2021, the new Malta Permanent Residence Programme (MPRP) was officially opened to receiving new residence by investment applications following the overwhelming success of the previous version known as the Malta Residence and Visa Programme (MRVP).
The Malta Permanent Residence Programme is open to non-EU nationals, including UK citizens following Brexit, and gives individuals and families the opportunity to reside or settle indefinitely as a permanent resident in Malta and the right to visa-free travel within the 26 EU Schengen countries.
Main applicants can include their spouse, children, parents, (including parents in law) and grandparents within their application.
To qualify, the main applicant will need to declare that he/she is in possession of a minimum of €500,000 in capital assets. Of which, €150,000 must be shown as available financial assets.
Applicants must demonstrate the ability to financially support themselves and their family members, secure property and health insurance as well as provide a clean police record.
Requirements
Under the Malta Permanent Residence Programme, the main applicant must:
- Pay a government administration fee of €40,000, and either make a contribution of €28,000 if purchasing a property or €58,000 if renting a property; and
- A charitable donation of €2,000 to a local, registered philanthropic, cultural, sport, scientific, animal welfare or artistic Malta NGO; and
- Rent or purchase a property in Malta and hold for five years:
- Purchase a property with a minimum value of €300,000 in the south of Malta and Gozo or €350,000 in any other area of the country; or
- Rent a residential property for a minimum annual lease of €10,000 in the south of Malta and Gozo or €12,000 in any other area of the country
Timeline
This process takes on average four to six months. That is, from review of application summitted to approval for Maltese PR..
Key Advantages of the Malta Permanent Residence Programme (MPRP)
- Visa-free travel in the EU Schengen Area
- No minimum number of days required to maintain residence status
- Permanent Residence status and right to reside is valid indefinitely
- Low capital outlay solution and quick process
- Ability to include family members in the same application
- A flexible residence by investment programme offering permanent residence from day one
- You can apply for Maltese citizenship through naturalisation after 5 years of residing in Malta and evidence of a genuine link
For next steps on how to become a permanent resident of Malta, kindly reply back.
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