THE LAUNCH OF A NEW MALTA RESIDENCY BY INVESTMENT PROGRAM
On January 12, 2021, Malta announced the launch of its new permanent residency by investment program for non-EU nationals effective March 29, 2021.
The program will be named the Malta Permanent Residency Program (MPRP) and will replace the successful Malta Residence and Visa Program (MRVP) launched in 2016. The old Malta residency by investment program (MRVP) will continue accepting applications until March 28, 2021. Applicants wishing to apply under that program will need to meet the following financial requirements:
- Securities / Stock Investment: A EUR 250,000 investment in government stock or other stock/equities listed and trading on the Malta Stock Exchange, to be retained for at least five years;
- Government Contribution: A EUR 30,000 non-refundable government contribution (of which EUR 5,500 constituting an advance payment of the government administrative fee);
- Property Investment: A EUR 320,000 (EUR 270,000 in South Malta or Gozo), investment in property, or a EUR 12,000 per annum (EUR 10,000 in South Malta or Gozo) property lease;
- Income or Asset Documentation: The option to demonstrate either a minimum annual income of EUR 100,000 or EUR 500,000 in personal assets.
The new Malta residency by investment program (MPRP) is expected to introduce the following changes:
- Securities/Stock Investment: The new program will no longer have this requirement;
- Government contribution: EUR 58,000 in non-recoverable government contributions for those who lease properties, while those who choose to buy will need to contribute EUR 28,000;
- Property Investment: A EUR 350,000 investment in property for purchase in the northern and central parts of Malta (an increase of EUR 30,000 to the old program) and EUR 300,000 in the south of Gozo. A EUR 12,000 per annum (EUR 10,000 in South Malta or Gozo) property lease, unchanged from the old program;
- Administrative Fees: EUR 40,000 in fees, of which a quarter is payable prior to approval-in-principle, on all properties, leased or purchased;
- Income or Asset Documentation: The new program is expected to eliminate this requirement while retaining the EUR 500,000 proof of asset obligation, and a new requirement of EUR 150,000 of total assets being available as liquid funds;
- Philanthropic Donation: A new and mandatory requirement of a EUR 2,000 donation to a Maltese-registered NGO;
- Financing Option: No financing option is expected to be available for the new program.
Under the new Malta residency by investment program, all applicants must also control assets valued at no less than EUR 500,000, at least EUR 150,000 of which must be held in the form of securities.
Many of the new program requirements are yet to be confirmed and will be clarified by Malta’s government over the next coming weeks.
We will keep you posted on developments. In the meantime should you wish to apply under the old program, please get in touch with a Global Pass consultant so that we can assess if there is enough time to prepare your application before the March 28 cut-off date.