By virtue of Legal Notice 122 of 2021, the Residency Malta Agency (RMA) has issued the MPRP guidelines and application forms which provide international investors with the right to take up permanent residency in Malta on the basis of investment. These rights will apply only for non-EU / EEA / Swiss Nationals. The new program falls under the Immigration Act and is available to both the applicant and their dependents, provided the following conditions are satisfied.
The qualifications and general requirements are that the applicant must:
- be at least eighteen years of age;
- meet the application requirements;
- have a clean criminal record, have passed the due diligence test and is a fit and proper person;
- commit himself / herself to provide proof of title to a qualifying property which may be either of the following:
- A qualifying owned property purchased at a consideration of not less than €300,000 for a property situated in Gozo or in the south of Malta, or €350,000 for a property situated elsewhere in Malta; or
- A qualifying rented property, taken on lease for a rent of not less than €10,000 per annum for a property situated in Gozo or in the south of Malta, or not less than €12,000 per annum for a property situated elsewhere in Malta.
- pay either one of the following contributions:
- a contribution of €38,000 where the necessary title to a qualifying property is a qualifying owned property payable within 8 months from the issuance of the Letter of Approval in Principle; or
- a contribution of 68,000 where the necessary title to a qualifying property is a qualifying rented property payable within 8 months from the issuance of the Letter of Approval in Principle
- make a donation of €2,000 which is to be paid to an approved local registered philanthropic, cultural, sport, scientific, animal welfare or artistic non-governmental organisation or society registered with the Commissioner for Voluntary Organisations, or as otherwise approved by the Agency.
Upon submission of the application, the main applicant, as duly represented by an agent, shall present evidence of possession of assets, to the satisfaction of the Agency, having a value of not less than €500,000.
The rules establish that dependants shall comprise:
- the main applicant’s spouse in a monogamous marriage or in another relationship having the same or a similar status to marriage;
- a child, including an adopted child, of the main applicant or of his spouse who at the time of application is less than 18 years of age;
- a child, including an adopted child, of the main applicant or of his spouse, who must be, at the time of application, over 18 years of age, not married and not economically active, and therefore financially dependent on the main applicant;
- a parent or grandparent of the main applicant or of his spouse who proves that he is not economically active;
- a child of the main applicant or of the spouse of the main applicant who has been certified by a recognised medical professional as having a disability in terms of the Equal Opportunities (Persons with Disability) Act and who is living with, and is fully supported by, the main applicant.
The applicant must pay a non-refundable administration fee of €40,000, €10,000 of which need to be paid within one month from the submission of the application, with the remaining €30,000 payable within two months from the issuance of the Letter of Approval in Principle.
The applicant must not benefit from any other scheme applicable in Malta i.e. the Global Residence Programme Rules, the High Net Worth Individuals – EU / EEA / Swiss Nationals Rules, the Malta Retirement Program Rules, the Residence Program Rules, the Qualifying Employment in Innovation and Creativity Rules or the Highly Qualified Persons Rules.
The beneficiary must hold the qualifying property for a minimum five (5) year period following the appointed date, after which he must be in possession of, or rent a residential property in Malta or Gozo.
Fees & Contributions payable to RMA
Option 1 (purchase a property): €40,000 – Administration fee & €28,000 – Government contribution
Option 2 (lease a property): €40,000 – Administration fee & €58,000 – Government contribution
Spouse of an already approved main applicant €7,500
Spouse of an already approved dependent child €7,500
Child 18+ principally dependent on main applicant after approval €5,000
Minor child, of an already approved dependent child and/or of his already approved spouse €5,000
The certificate of residence will give the applicant and the registered dependents the right to reside, settle or stay indefinitely in Malta.
An application in terms of the MPRP rules must be made through the services of a registered accredited person or a registered approved agent with Identity Malta. ACT Advisory Services Limited is able to offer this service as it is registered as such with Identity Malta.
For more information about the program, please contact either Stephen Balzan, one of the firm’s partners on [email protected], or the Manager in charge of the firm’s private clients, Liana Falzon on [email protected].