Earlier this year, Parliamentary Secretary Alex Muscat and the CEO of the MRVA Charles Mizzi gave an overview of the new “Malta Permanent Residence Programme” (MPRP) programme, which once finalised and approved, will replace the current MRVP. Applications under the new Permanent Residence programme of Malta are expected to start being accepted as from the 29th of March 2021, once the new regulations have been approved by Parliament.
Similarly, a new and improved version of the Maltese IIP has been introduced in November 2020, setting up yet higher standards for the Permanent Residence programme of Malta.
The new Permanent Residence programme will be able to provide an applicant with a more cost-effective solution in obtaining an alternative residence, while continue attracting talent and economic growth to the Country.
Main changes affected in the new Permanent Residence programme
For visual comparison of the MRVP & MPRP refer to infographic on the left.
Whilst under the new Permanent Residence programme an applicant is to expect a higher investment in real estate comparing to the old MRVP, an investment in government stocks and bonds has been completely removed, which saves an applicant a minimum of EUR 250,000.
As for the government contribution, there were several changes. Under MRVP an applicant had to do a non-refundable government contribution of EUR 30,000, which also was an administrative fee of the application. Under the new Permanent Residence programme, an applicant would need to do a minimum contribution to the government of Malta of EUR 58,000 or EUR 28,000, depending on the choice of purchase or rent of real estate accordingly.
Apart from that, an administrative fee has been increased by EUR 10,000 and now comprises EUR 40,000, covering the whole family application.
One is to note a newly introduced requirement – a mandatory donation of EUR 2,000 to a local registered philanthropic, cultural, sport, scientific, animal welfare or artistic NGO, duly registered and approved by the Community Malta Agency.
As for eligibility requirements, under the new Permanent Residence programme applicants are required to be in possession of personal assets of the total value of not less than EUR 500,000, whereas at least EUR 150,000 of which are in the form of financial assets.
Applications under the Malta Residence and Visa Programme will be accepted until the 28th of March 2021.