Requirements of Malta Permanent Residency Program (MPRP)
Malta is conveniently located between the south of Sicily and North Africa and has been recognised to be the new centre for growth and stability. The geographical position of Malta attracts immigrants from all over the world. The Maltese archipelago serves as a gateway to markets in Europe, Africa, and the Middle East. Its strong policies and skilled atmosphere draw businesses not just from Europe, but from all over the world.
The Malta Permanent Residence Program (MPRP), launched in 2021, is a PR program accessible to non-EU citizens who invest in Malta. The MPRP allows third-country nationals to get a second residency in Malta, a member of the EU and a member of the Schengen Area.
Individuals and families who go through economic and political instability in their home country frequently consider establishing a second residency in a safe and secure country where they can settle peacefully.
The program is governed by a strong legislative framework, and it gives the main applicant the right to add his spouse, children, parents (including parents in law), and grandparents in the application. The applicant has the right to acquire residency in Europe and settle indefinitely. The residence permit also grants applicants the ability to travel visa-free inside the Schengen Area’s twenty-six member countries.
The Advantages of the Malta Permanent Residence Program (MPRP)
- Permanent residency in Europe for life
- Property investment is required for the first five years
- Travel visa-free within the Schengen area
- The ability to include family members in the same application
- There is no requirement for a minimum stay
The Malta Permanent Residence Program (MPRP) is only accessible to Non-EU Nationals who have a steady source of income to support themselves and their family members. Applicants must provide proof of a clean police record as well as a source of wealth and funds. It is compulsory for the applicant and their family members to pass the four-tier due diligence exam.
Applicants must also show that they have at least (EUR 500,000) in capital and (EUR 150,000) in financial assets in order to be eligible for this program.
Family members who qualify
In addition to the main applicant, the following family members may be included in the same MPRP application:
- The main applicant’s spouse or partner
- The main applicant’s unmarried and financially dependent children
- The main applicant’s financially dependent parents
- The main applicant’s financially dependent grandparents
Requirements of the Malta Permanent Residency Program (MPRP)
The Malta Government has finally launched the new Malta Permanent Residence Program (MPRP). The new program will take the place of the popular MRVP program, which is being phased down.
All of the following investments are required for the new MPRP permanent residence program:
- Government fee and contributions – The government’s administrative cost for the new program is EUR 30,000, which is payable exclusively by the primary applicant. Furthermore, a necessary payment of EUR 98,000 (if the primary applicant is acquiring a Malta property) or EUR 68,000 is required (if the property is rented). In addition, each dependent parent or grandparent on either side of the family must contribute EUR 7,500. The primary applicant’s spouse and children of any age are free of charge.
- Donation to a charitable organisation – The MPRP program requires a EUR 2,000 payment to a Maltese-registered charity organisation (main applicant only).
- Real Estate Investment– The necessary property investment is EUR 350,000 for a purchase in Malta’s northern and central regions, and EUR 300,000 for a purchase in the south or Gozo. Rental prices are around EUR 10,000 per year to EUR 12,000 per year.
- Documentation of assets – The primary applicant must have a minimum net worth of EUR 500,000, including at least EUR 150,000 in financial assets such as equities, bonds, funds, and bank deposits.
Procedures and time period for obtaining residency by investment in Malta
The Malta Permanent Residence Program’s (MPRP) application criteria and processes are straightforward. The application is sent to the Residency Malta Agency, which is the government agency in charge of applications. Following extensive due diligence investigations, successful applicants will be requested to complete the qualifying investments before being granted a residency visa. Successful applicants will be issued a Maltese residency certificate, which serves as permission by the Residency Malta Agency.