The Malta Residency Visa Agency has published the expected changes in Malta Residency Program. The name of the program is now the Malta Permanent Residence Programme (MPRP).
The program is now available with the new criteria.
What Has Changed in Malta Residency by Investment Program
The previous format of the program had three basic criteria.
- Applicants could invest €250,000 into government bonds. They could also channel the investment in other stocks or equities in the Malta Stock Exchange. This investment had to be held for five years.
- Applicants could buy a property as a form of investment. The minimum investment was €320,000. This amount was €270,000 for South Malta and Gozo regions. Applicants could also rent a property. The minimum lease value was €12,000 per year. In South Malta and Gozo, the minimum value was €10,000.
- Applicants had to donate €30,000 to Malta. This amount was non-refundable. Also, €5,500 of the total amount was paid as the government administrative fee.
The update to the program scraps the first method altogether. The second and third items continue in the new format. Yet, there are some alterations.
- You can still buy or rent a property as an investment method. You can rent a property for a minimum of €10,000 in the South of Malta/Gozo or €12,000 in the rest of Malta.
- Instead of renting, you can opt to purchase a property for a minimum value of €300,000 in the South of Malta/Gozo or €350,000 in the rest of Malta.
- The new format requires higher non-refundable contribution fees. In the new scheme, investors who purchase property will contribute €28,000. Investors who chose a rental will pay €58,000.
- The administrative fee of the new format is €40,000.
- The update also requires investors to donate €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.”
Information on the Old Program
The MRVA has also published the statistics of the old program.
- The program generated a one-off injection of the financial capital of €29.98 million net (2017-2019).
- In 2020 a further injection of €19 million was registered.
- The effect of consumption expenditure by beneficiaries in various sectors of the economy generated circa €17.57 million in 2019 alone.
- Total economic impact including both indirect and induced effects is estimated to be a value-added of circa €18 million in 2019.
- The Programme generated human capital estimated at €5.9 million in the knowledge economy and other high skills sectors in 2019.
- The program directly created 136 jobs (290 jobs when considering all multiplier effects). The jobs were predominantly in the finance and ICT sectors in 2019.
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