- August 14, 2017
- Posted by: CIP Journal
- Category: Residency
Legal Notice 189 of 2017 published on 4th July, 2017, proposed significant amendments have been made to the Malta Residence and Visa Regulations.
Malta Residency and Visa Program
Malta Residence and Visa Program (MRVP) provides permanent residency rights in Malta to third country international investors who are not Maltese,EU/EEA or Swiss citizen under the following investment conditions:.
- Purchase immovable property worth € 320,000 euros property in Malta or € 270,000 in Gozo
- Commit to €250,000 euro investment in Malta (locked for 5 years)
- Pay one time contribution to €30,000 to the Government.
- Must declare that they have annual income no less than € 100,000 per year from outside Malta or has capital no less than €500,000 euros.
- Pay non refundable €5,500 administration fee
The beneficiary must hold both the qualifying property and the qualifying investment for a minimum five (5) year period following the appointed date. You must also rent a property and commit to pay rent no less than 10,000 per annum with Malta or 12,000 per annum elsewhere in Malta.
Malta residence certificate will grant the applicant and dependents, rights to indefinitely live in Malta with rights of free movement in Schengen area.
Malta already has a citizenship by investment programme for high value clients who can afford US$ 1,000,000 or EUR 900,000 for citizenship passport in Malta. This programme is also known as Malta IIP.
The latest changes made in the Maltese residency program, makes the program more interesting to foreigners.
- Age restrictions for adult dependents removed. Main applicant can include parents or adult dependents provided 5000 euro fee paid for each dependent.
- EUR 30,000 contribution fee covers main applicant, spouse and children.
- Children no longer lose residency status upon attaining age 27.
- Biological or adopted children can be included on main application.
- Restriction to live indefinitely in Malta removed.
- New Malta residence and visa agency (MRVA) setup for handling residency applications.