The Malta Residency and Visa Programme was launched by the Parliamentary Secretary for Competitiveness and Economic Growth in 2015, whereby Third Country Nationals and their dependents willing to invest in the islands of Malta are granted a Maltese residency where they can reside, settle and live in Malta. This gives a privilege to the applicant and dependents to travel within the Schengen area without any need of applying for a visa.
Key Benefits of Malta Residence and Visa Programme (MRVP):
- The applicant and all the applied dependents will have an EU residence card giving a visa-free travel within any Schengen area.
- All the applied applicants will have the rights to reside indefinitely in Malta.
- The applicant and his/her family can avail the highly reputed health care of Malta which is ranked 5th
- MRVP also gives a pejorative of access to the top-tier British Education and English Language bases school by residing in Malta
- There is no presence required in Malta.
The following conditions need to be satisfied;
- The main applicant is required to invest EUR 30,000 to the Government of Malta of which EUR 5,500 will be paid on the initial application/registration process and the balance of EUR 24,500 will be invested on the approval of the application.
- Additionally, EUR 5,000 must be invested as an application fee per dependent parent/grandparent. A commitment to retain residence in Malta for a period of at least 5 years and to provide for a suitable residential address after this period.
- The Applicant must declare an annual income of not less than EUR 100,000 arising outside Malta or has in his/her possession a capital of not less than EUR 500,000
- Applicants must invest on a property of minimum EUR 320,000 or EUR 270,000 in South Malta or Gozo. Applicants can also lease a property of EUR 12,000 per annum or EUR 10,000 in South Malta or Gozo. The investment of property or a rental agreement can be processed after receiving the letter of approval and not necessarily before.
- The purchase of immovable property situated in Malta attracts duty on documents and transfers if the transfer document is executed in Malta. The default rate of tax payable by the buyer is 5% of the value of the property or of the purchase price, whichever is higher.
- The applicant must invest in government bonds/shares amounting to at least EUR 250,000. After 5 years, the applicant may sell the investment and still retain residence on condition that other requirements according to L.N. 288 of 2015 are met. This is only due on approval.
- Evidence of sickness insurance valid for all EU countries.