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 Residence and Visa Program
The Malta Residence and Visa Programme 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.
Basic Eligibility for MRV Program
The MRVP (Malta Residency and Visa) Program is open to all individuals who are not citizens of an EU/ EEA country and Switzerland. The MRVP enables such individuals to acquire a residence permit which would allow them to move throughout the Schengen Region.
The basic eligibility for an applicant is:
- the applicant is at least eighteen years of age;
- submits all additional documents as required;
- has a clean criminal record (including all his dependants) have passed the due diligence test and is a fit and proper person;
- Provides information about investment in property (described in detail later)
- Investment in Government bonds (described in detail later)
- Fulfillment of application requirements (described in detail later).
Additional application requirements
An applicant also has to fulfill certain additional application requirements for qualifying for the program. The requirements are as follows:
- Submission of an affidavit stating that the applicant has an income of a minimum of €100,000 coming from outside Malta or a capital of a minimum of € 500,000.
- A common criterion for both categories, however, remains to possess a medical report for fitness and possessing valid medical insurance coverage.
Minors and dependants are also eligible to apply for a residency along with the main applicant. The conditions for such an application are:
- Minors should be below 18 years or if between 18 and 26 years they must be principally dependent upon the main applicant and must not be married.
- In the case of a spouse, dependant parents and grandparents must be economically dependent.
- An affidavit of dependence for all co-applicants above 18 years.
A Fee of EUR 5,500 has to be paid by each applicant for due diligence checks and processing of the application and the fee is not refundable.
Requirements for investment
There are three parts of the investment requirement that need to be fulfilled for the MVRP. The first part is an investment in property.
The criteria for this part are:
- Purchase of a qualifying owned the property for at least €270,000 in Gozo or €320,000 in any other region in Malta. OR
- A lease contract for rent of €10,000 in Gozo or the South of Malta or €12,000 anywhere else in Malta
The second investment requirement which needs to be fulfilled is the payment of a non-refundable Government Contribution of EUR 30,000.
The third investment requirement is the commitment to make a qualifying investment in Government bonds of an initial value €250,000 which must be maintained for a minimum of a period of 5 years from the date of the issue of the Malta Residence Certificate.
Advantages of the program
The MRVP provides the best opportunity to reside in the European Union with minimum investment. The residence permit under the program allows hassle-free to travel all around the Schengen Zone. The living standards in Malta are among the best in the world and it also has an excellent public support infrastructure. Located in the Mediterranean, Malta is a tourism hub with an excellent climate and boasts connectivity to almost all major cities across the globe. Malta also has a friendly tax rate and Double Taxation Avoidance agreements with more than 60 countries enabling you to claim taxation benefits. The ability to bring your dependents provides additional security and peace of mind.
Choose the Right Partner for your MRVP Application
Empire, a leading Professional Services & Advisory Firm focussed on immigration and residency offers you a simplified path to apply for the MRVP 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 this short online application. One of our representatives will be in contact with you. You can reach us by phone at +60350331665 or visit our website www.empireglobal.partners. We also look forward to your emails at email@example.com. We offer clear written contract agreements mentioning the applicable charges including the refund policy, in the unlikely event that the application is unsuccessful.
Identity Malta Official portal- https://identitymalta.com/