Hurry up and get your Maltese residency! The MRVP changes from the end of March!
Published at: 19/01/2021 12:00 pm
The Malta Residence and Visa Programme (MRVP) changes entirely from the last days of March 2021. However, you can still apply for only €130,000 until 29 March using a financed option! From there onwards, the MRVP program will be replaced by the Malta Permanent Residence Programme (MPRP).
Which are the upcoming changes to the Malta Residence and Visa Programme (MRVP)?
To benefit, applicants are to:
- Rent a property for a minimum of €10,000 in the South of Malta/Gozo or €12,000 in the rest of Malta
Purchase a property for a minimum value of €300,000 in the South of Malta/Gozo or €350,000 in the rest of Malta;
- Hold the qualifying property for a minimum of five years from the date of issuing of the residence certificate;
- Pay an administrative fee of €40,000; €10,000 of which needs to be paid upon the submission of the application, with the remaining €30,000 to be paid within 2 months from the issuance of the Letter of Approval in Principle;
- Pay a contribution of €58,000 if the applicant chooses to lease property
€28,000 if the applicant chooses to purchase property;
- Pay a donation of €2,000 to a local registered philanthropic, cultural, sport, scientific, animal welfare or artistic NGO registered with the Commissioner for Voluntary Organisations, or as otherwise approved by the Agency.
Aside from making the required qualifying investment, applicants must have:
- regular resources sufficient to maintain themselves without depending on the social assistance system of Malta;
- sickness insurance policy in respect of all risks typically covered for Maltese nationals;
- assets with a minimum value of not less €500,000, out of which a minimum of €150,000 shall be in the form of financial assets;
For any additional dependants, there would be an additional fee of €7,500 for every dependant over 18 years old.
Advantages of the Maltese MRVP (Malta Visa and Residence Program)
Holders of the Maltese residence permit are residents of the European Union as well. You and your family can live in Malta and stay in the other member states 90 days out of 180 days. The entire family may become permanent residents of Malta, including the parents and all dependent children, four generations may enjoy the benefits of living in Malta!
This scheme is the single program for investors in the Schengen Zone which offers directly permanent resident status from the beginning. As the minimum number of days of physical presence in Malta is not specified, you can travel without staying limited time in the country.
Who can apply for the MRVP (Malta Residence and Visa Program) until March 2021?
First of all, only not EU or EEA nationals may apply, who can prove stable and regular financial resources and maintain themselves without the assistance of Malta's social system. Please, don't forget that you can apply only through an accredited agent, who must be registered and experienced law specialists to guide you and submit the application on your behalf.
You can read here all the detailed practical information about the Malta Residence and Visa Program (MRVP)!
Don't forget that you can apply for the Maltese residency permit under the current MRVP regulation only until the last days of March 2021! Contact us today!
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