The Immigration Act, Malta Residency and Visa Programme Regulations have recently been adopted by means of Legal Notice 288 of 2015. These enable Non-EU/EEA/Swiss nationals and their dependents to obtain a Maltese Residence Permit and henceforth reside indefinitely in Malta by means of paying a contribution to Identity Malta and making a qualifying investment. A qualifying investment is defined in the legal notice as an investment in the amount of €250,000 in assets which are determinable by Identity Malta from time to time.
Insight from AE
What is the MRVP?
A low crime rate coupled with high living standards has made Malta a desirable place to reside. For those who aren’t citizens of Malta, the EU, EEA or Switzerland, the MRVP offers the perfect solution. The Programme, which has been in operation since 2015, provides successful applicants and their dependents the opportunity to obtain a Maltese Residence Permit. Aside from the right to reside in Malta, the right to travel within the Schengen Area for three months in every six months without the need for a visa is also granted. There are a number of requirements which much be met in order for an applicant to begin the application process:
- An annual income of not less than €100,000 or possession of capital (including immovable property) of not less than €500,000.
- Payment of a €5,500 administrative fee to Identity Malta.
- A contribution in the amount of €30,000 (this is inclusive of the administrative fee mentioned above and the pending balance is payable after the Residence Permit is issued).
- Purchase of a property with a minimum value of €320,000, or €270,000 if situated in Gozo or the south of Malta. Alternatively applicants could rent a property for the value of €12,000 per year, or €10,000 if situated in Gozo or the south of Malta.
- A police conduct certificate showing a clean criminal record.
- Satisfaction of due diligence and a ‘fit and proper’ test.
- A medical certificate from a reputable health system proving that they are not suffering from a contagious disease, that they are in good health and will not be an unreasonable burden on the local health system.
- Possession of health insurance in respect of all risks across the European Union normally covered for Maltese nationals.
Qualifying properties and investments must be held for a minimum period of five years from when the residence permit is issued. Applicants must also be in possession of stable and regular resources to maintain themselves and their dependents without recourse to the social system of Malta. The certificate shall be monitored annually for the initial five years, and then once every five years thereafter.
How AE can help
AE is a notarised registered agent with Identity Malta. This puts us in an optimum position to assist, as all MRVP applications must be submitted to Identity Malta through entities like AE which are Registered Approved Agents or Registered Accredited Agents. Even after the permit has been granted, the applicant’s agent will need to file compliance forms at regular intervals confirming that the conditions above continue to be adhered to. Additionally, after each five-year period the beneficiaries need to leave Malta for a minimum of either six consecutive months or for a total aggregate period of ten months. The team at AE will continue to work on your behalf, even after the issuance of the permit, in order to ensure uninterrupted enjoyment of your right to reside in Malta.