15 May Malta Residency by Investment Programme [2023 Guide]
Malta has become a highly sought-after destination for investors, families, and businesspeople seeking residency. The country’s economic climate is well-suited to the demands of the global market, and its stable political climate, high-quality amenities, and beautiful Mediterranean location make it an ideal destination for foreign investment.
This article describes the application process for Malta’s latest residency by investment programme, examining these areas:
- Malta Residency by investment programme: an overview
- What is the Malta residency by investment programme (MPRP)?
- Eligibility criteria for MPRP
- Requirements for Malta residency
- A step-by-step guide to apply for the Malta residency programme
- Advantages of Malta Residency by Investment
- MPRP: one of the best residency by investment programme available today
Malta residency by investment programme: an overview
The Malta Permanent Residence Programme (MPRP), sometimes referred to as the Malta Golden Visa, is a major draw for businesspeople and investors, offering a flexible investment scheme based on property investments and government contributions. The programme has a simple and efficient application process, with a processing time of four to eight months.
What is the Malta residency by investment programme (MPRP)?
The Malta Permanent Residence Programme (MPRP) enables individuals to obtain permanent residency in Malta. The many benefits of living here include favourable tax arrangements, quality healthcare and education, high quality of life, a fabulous Mediterranean setting and rich local culture and history.
Recent updates to the MPRP programme have made it simpler to obtain a Malta residence permit. The revised regulations eliminate the requirement to purchase government bonds, allowing applicants to apply via property acquisition or lease, accompanied by contributions and donations.
Huriya Private will guide you through every step of obtaining your Maltese residency permit – call us today to get the process started.
Definition and history of the MPRP
The Malta Permanent Residence Programme (MPRP) is a government-run programme that offers permanent residency to individuals who invest in Malta. The country’s first residency by investment programme was launched in 2013 as an alternative to the Malta citizenship by investment programme, the Individual Investor Programme (IIP).
The residency by investment programme has undergone several changes since its inception, with the latest version, the MPRP, replacing the Malta Residency Visa Programme (MRVP) in March 2021. The new programme offers two investment routes for applicants: property lease or property acquisition.
The objective of the Malta Permanent Residence Programme
The MPRP seeks to attract foreign investment and contribute to the Maltese economy by providing funding for the country’s development. The permanent residence permit allows successful applicants to benefit from visa-free travel within the Schengen area, live, work, study and settle in Malta, and enjoy the country’s high standard of living, culture and natural beauty.
Key benefits of obtaining Malta residency
Of the many benefits of life in Malta, these are the top six:
Attractive tax system: Malta has a favourable tax system for residents, with a maximum personal income tax rate of 35%.
Visa-free travel: With a Maltese residence permit, you can travel visa-free within the Schengen area.
High-quality healthcare: Malta has an excellent healthcare system, providing residents with access to quality medical care.
Stable political climate: Malta is politically stable and has a democratic government, providing a safe and secure environment for residents.
Quality of life: Malta is known for its high standard of living, beautiful Mediterranean climate and rich cultural heritage.
Business opportunities: Malta is an attractive location for investors and entrepreneurs, with a thriving business environment and a strategic geographical location.
Eligibility criteria for the Malta Permanent Residence Programme
To obtain residency through the MPRP, you must be a third-country national (i.e., not from an EU or EEA state). You must possess enough financial resources to support yourself and any dependents, with capital assets worth at least €500,000, including liquid financial assets of at least €150,000. You will also need evidence of a clean criminal record.
The main applicant can add dependents to the application, including children, spouse, parents and grandparents.
Requirements for Malta residency
The MPRP entails the purchase or lease of property in Malta and the payment of certain fees. This is a summary of the basic requirements:
- Purchase property on Malta worth at least €350,000 (or €300,000 in South Malta or Gozo) or rent property at a minimum of €12,000 per annum (€10,000 per annum in South Malta or Gozo). You must maintain the property for a minimum of five years.
- Pay a one-time application fee of €40,000.
- Make a contribution of €28,000 (if purchasing property) or a €58,000 (if renting) to the Maltese government.
- Make a donation of €2,000 to a non-governmental organisation.
- Pay due diligence fees of €7,500 for each adult (over 18) included in the application.
- Make a donation of €2,000 to a local philanthropic organisation or NGO registered with the Commissioner of Voluntary Organisations.
- Purchase health insurance to cover all health risks for the duration of your stay in Malta.
- Obtain travel insurance to cover your travels across Schengen.
- Unlike many residency by investment programme, there is no language test requirement.
Contact a licensed agent such as Huriya Private to discuss the costs and initiate the application process.
Documents required for Maltese permanent residency
The following documents are required for the Malta Permanent Residence Programme:
- Signed cover letter and completed official forms.
- Power of attorney document.
- Biometric data documents for all dependents over the age of 12 and any/all donors/benefactors.
- Evidence of funds and wealth resources, including bank statements.
- Business ownership evidence (if applicable).
- Employment proof (if applicable).
- Valid international passports for all applicants.
- Government-issued ID cards.
- Birth, marriage and divorce certificate, as applicable.
- Proof of residential address abroad.
- Certificates of conduct from the police.
- Other supporting documentation.
A step-by-step guide to apply for the Malta residency programme
There are six stages to the simple MRPR process:
1. Prepare all the necessary documents and initiate your application, including payment of fees. Huriya Private will help you gather all the relevant paperwork.
2. Await completion of the due diligence process, after which you’ll receive a Letter of Approval in Principle.
3. Visit Malta to submit your biometrics.
4. Complete your investment, donate the required sums, and settle the administrative fee balance.
5. Obtain your Maltese residence permits. The whole process usually takes six to eight months.
6. After five years, you may be eligible for full Malta citizenship.
Advantages of Malta Residency by Investment
As a member of the European Union, Malta’s citizens can travel freely throughout the EU without requiring an additional visa. After a successful MPRP application, you will enjoy the following benefits:
- You can travel visa-free within the Schengen area, and many other countries too
- You can retain your residence permit without relocating to Malta
- You can add family members spanning up to four generations
- Residency gives you full rights to reside, work, study and settle in Malta
- Malta enjoys a favourable tax system and thriving business and tourism sectors
- The island is located in the Mediterranean, with fabulous scenery and easy access to the rest of Europe via its international airport.
Visa-free travel within the Schengen Area
As a permanent resident of Malta, you will enjoy visa-free travel in Europe’s Schengen area, and visa-free, e-visa or visa-on-arrival travel to 179 countries worldwide.
Favourable tax regime for residents
The tax rates for residents vary depending on net income. There are tax bands of 15% 25% and 35% (for income above €60,000), but no higher rates. There are also various tax deductions and credits available to residents, such as a tax credit for dependent children and tax deductions for pension contributions.
Note: Malta has a number of double tax treaties in place with other countries to avoid double taxation, which means that tax paid in another country may be credited against tax due in Malta.
High quality of life and stable economy
Malta boasts a strong economy, with a diversified range of industries including financial services, tourism, and manufacturing. This diversity has helped ensure the country remains resilient in the face of economic challenges.
In addition to its stable economy, Malta offers a high quality of life. The country has a warm Mediterranean climate, picturesque scenery, and a rich cultural heritage.
Access to education, healthcare and social benefits
Malta offers a high-quality education system, with public and private schools available and several institutions of higher education. The system follows the British model, with English as the primary language of instruction.
In terms of healthcare, Malta offers a comprehensive public healthcare system, which is funded through taxation and provides free or low-cost medical care to residents. There are also private healthcare options available.
As for social benefits, Malta provides a variety of programmes to support its residents, including allowances for individuals with disabilities and pension schemes for the elderly. The government also invests in public infrastructure, including public transportation, parks, and recreational facilities, to improve the quality of life for residents and the island’s many tourists.
MPRP: one of the best residency by investment programme available today
The Malta Permanent Residence Programme offers a straightforward and efficient process for obtaining residency, which makes it an appealing option for those seeking to relocate to Europe. In terms of prime location, economic status, stability, quality of life and natural beauty, it would be hard to find a more appealing residency destination than Malta.
Contact Huriya Private now to learn more about citizenship programmes and how you can start your journey towards securing a valuable second passport.