Malta
Malta has a long and tumultuous history with several rulers who sought to control the country because of its strategic location. The country, however, has now emerged as a strong economy of the region with major trading centers. Malta also has a very well-developed tourism and financial services industry. Malta has been a member of the European Union since 2004 and is also a member of the Eurozone, thereby using the Euro as its currency.
Malta Residency New (2021) Program Overview
The Malta Residence and Visa Program Regulations, 2015 were brought about as a replacement of the old Malta Residence Program in 2015. The program has been modified keeping in view the changing realities. The program is administered by a regulatory body called “Identity Malta” which has been formed under the same regulations and it also evaluates all the forms.
From 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.
Malta Residency
The newly introduced Malta Permanent Residence program will have some changes, as 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 €310,000 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.
How to get a Malta Residency?
Empire, a leading Professional Services & Advisory Firm focused on immigration and residency offers you a simplified path to apply for the Malta Residency program and secure approvals within the shortest possible time. With our team of immigration experts, you are assured that your application is in informed hands. If you are interested in obtaining more information about this program, please complete the form. One of our representatives will be in contact with you. You can reach us by phone at +60350331665 or visit our website empireglobal.partners. We also look forward to your emails at info@empireglobal.partners. We offer clear written contract agreements mentioning the applicable charges including the refund policy, in the unlikely event that the application is unsuccessful.
