Malta Permanent Residence Programme
On the 29th of March 2021 the Government of Malta launched the Malta Permanent Residence Programme Regulations, 2021, by virtue of Legal Notice 121 of 2021 (the ‘Regulations’).
The Agency responsible for the Programme, Residency Malta Agency (RMA) (formerly known as Malta Residence Visa Agency), will be responsible for the issuance of a certificate, deemed to be a residence permit to an individual who satisfies the conditions established under the Regulations. The certificate will enable the beneficiary and his registered dependents to settle, reside and stay in Malta permanently.
Furthermore, since Malta is part of the Schengen Area Agreement, such individuals would be able to travel freely within the Schengen area, without the need of applying for a visa.
QUALIFICATIONS AND GENERAL REQUIREMENTS
The certificate may be issued to an individual who is 18 years of age and who meets the application requirements, such as:
- applicant must be a third country national (TCN) and not a citizen of Malta, the EU, EEA or Switzerland;
- not hail from sanctioned countries, as announced from time to time by the Agency;
- be in receipt of stable and regular financial resources, sufficient to maintain themselves and their dependents, without recourse to the social assistance system in Malta;
- payment of a non-refundable Administration Fee of €40,000;
- payment of a Government Contribution Fee of €28,000 if purchasing the qualifying property OR €58,000 if leasing the said property;
- payment of a Donation of €2,000 to a local registered philanthropic, cultural, sport, scientific, animal welfare or artistic NGO or society registered with the Commissioner for Voluntry Organisations;
- rent property for not less than €12,000 per annum if situated in Malta or €10,000 if situated in the south of Malta or Gozo OR Purchase property of not less than €350,000 if situated in Malta or €300,000 if situated in the south of Malta or Gozo;
- maintain a health insurance policy in respect of all risks normally covered for Maltese nationals;
- the applicant must be a fit and proper person, as well as satisfy the due diligence check carried out by RMA;
- show that they have capital assets of not less than €500,000 and a minimum of €150,000 of which must be financial assets;
- not pose any potential threat to the national security, public policy, public health or public interest;
- must not benefit under other pertinent regulations and schemes; and
- be in possession of a valid travel document.
SUBMISSION OF APPLICATION
Any individual wishing to apply and benefit from this programme is obliged to do so through a licensed agent. GVZH Advocates is accredited with RMA and may thus assist, handle and submit Programme applications.
The application is to be submitted to RMA subject to their requirements, together with a non-refundable fee of €40,000. The first €10,000 is required within one month from submission of application. However, the remaining €30,000 is to be paid within two months from the issuance of the Letter of Approval in Principle (LOA).
An applicant would be admitted as a beneficiary under this Programme after due diligence processes would have been executed in accordance to the qualifications, general requirements and the eligibility criteria provided for by the Regulations.
The process takes approximately 4 to 6 months from submission of complete and correct application.
If the applicant is approved from the due diligence process, a letter of approval (LOA) in principle will be issued.
Once the LOA has been issued the Main Applicant and any dependents may travel to Malta to have their biometric data taken. Residency cards are only issued once the investment is duly made an all qualifying criteria are met. The residency card is valid for 5 years and renewable thereafter.
The next step is the settlement of the investments under the MPRP. The Main Applicant should purchase/lease the qualifying property, make the donation and settle the contribution to the Government of Malta.
Every year, the RMA will request from the Agent i) proof of property (lease) and ii) proof of sickness insurance, via the presentation of the annual policy, for the first 5 years.
The law specifically states that all applicants are to appoint a licensed agent under the programme. GVZH is duly licensed to handle and submit applications under the programme.