By: GVZH Advocates
During a seminar spearheaded by Parliamentary Secretary Alex Muscat and MRVA CEO Charles Mizzi on the 12th of January, 2021, details were given about a new residency program, which shall be entitled “Malta Permanent Residence Program”.
This program is set to replace the Malta Residence and Visa Program (MRVP), which shall be phased out by March 2021, and after the new program receives the green light from Parliament.
The Malta Permanent Residence Program is set to increase the revenue generated by such programs and seeks to put to Malta further on the map.
This new program will also see the launch of a new agency, the Residency Malta Agency and a partial reform of the MRVP. Some points mentioned were the following:
- Applicant must be in possession of property:
– If the property is in the South of Malta or in Gozo the property value would need to be €300,000 if purchased or €10,000 per annum if rented;
– If the property is in Malta (excluding the South) the property value would need to be €350,000 if purchased or €12,000 per annum if rented. - There will be a significant increase in the contribution to the Government of Malta from €30,000 to €68,000 if the property is purchased or €98,000 if the property is rent
- There will no longer be the requirement to invest in Government bonds.
- There will be the introduction of a €2,000 donation to a registered philanthropic, cultural, sport, scientific, animal welfare or artistic NGO.
There will also be a slight increase in the fees to the agency, and also the requirement to have either €100,000 in salary or €500,000 in assets, has been replaced with having €500,000 in assets of which at least €150,000 must be financial assets. Other changes include that the status of the main applicant may be inherited following a nomination by the family and the health insurance policy should cover all risk in Malta and no longer for all the EU.
The launch of this new program comes only a few months after the launch of the new passport program, the “Granting of Citizenship for Exceptional Services by Direct Investment”, which replaced the Malta Individual Investor Program.
It would be noteworthy to point out the MRVP is on its 5th year and with the new and modernised Malta Permanent Residence Program, the Government is seeking to attract a higher level of talent and investment in Malta.
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