The Malta Residency Visa Agency (MRVA) has recently published the latest updates to the Malta Residency Visa Programme (MRVP) – which is now referred to as the Malta Permanent Residence Programme (MPRP).
The main objective of the new regulations is to enhance the benefits of Malta’s proposition, while keeping it competitive in comparison with other residency programmes.
The changes to the programme announced by the agency are as follows:
The EUR 250,000 bond investment has been removed from the programme.
The minimum real estate investment for properties in the South of Malta and on Gozo has been increased to EUR 300,000. For other properties across the country, the minimum investment amount is now EUR 350,000. These investment requirements must be maintained for a minimum of five years. On the other hand, the minimum rental prices remain unchanged.
The Maltese government will compensate for the removal of the EUR 250,000 bond investment by increasing the amount required for the non-recoverable government contributions. Therefore, for applicants who lease properties, the minimum contribution will be EUR 58,000, while applicants who choose to purchase a property must contribute EUR 28,000. However, whether applicants are buying or leasing, they will need to pay an administrative fee of EUR 40,000.
Applicants are also now required to contribute EUR 2,000 to a “local, registered philanthropic, cultural, sport, scientific, animal welfare or artistic non-governmental organisation (NGO) registered with the Commissioner for Voluntary Organisations, or as otherwise approved by the Agency.”
Applicants must also control assets worth no less than EUR 500,000, at least EUR 150,000 of which must be held in the form of securities.
The new regulations also mean that a single applicant can now obtain a permanent residence permit in Malta for a non-refundable contribution of EUR 150,000, in comparison with the previous capital outlay of EUR 330,000, most of which was refundable.
According to IMI Daily, 88% of applicants had chosen to rent rather than purchase their properties. Among the 12% that purchased their properties, the average purchase price was EUR 510,144, whereas the average rental price was EUR 14,401.