As reported by FrendoAdvisory.com, at a meeting on Tuesday, Labour Party MEP, and Parliamentary Secretary for Citizenship and Communities, Alex Saliba, announced New Malta Residency and Visa Programme (MRVP) regulations. The regulations are expected to gain parliamentary approval in the coming weeks.
Amongst other changes, the requirement for aspiring residents of Malta to invest in Government bonds has been removed. In its place, a mandatory €2000 donation to a Maltese registered NGO has been introduced.
The required Government contribution has also been increased, from €30,000 to €68,000 for applicants choosing to buy a qualifying property, or €98,000 for an applicant choosing to lease property instead. Both figures include a €40,000 admin fee.
Mr Saliba said that the reforms have been formulated with the expectation that the immigration market will “grow Post-Covid”. He said that the intention of the proposed changes is to “attract more investment,” while keeping abreast with what Malta’s European partners are doing in this regard. He also stated that after the new MVRP has been approved by parliament, it will continue to be reformed and approved as required.
The required value for eligible properties will vary depending on where in Malta the property will be, with properties in the south of Malta requiring a minimum €300,000 value to be eligible, with properties in the rest of Malta needing a minimum value of €350,000.
The fees set out in the new regulations are as follows:
The criteria for eligibility has also been amended. Applicants are no longer required to have a minimum income of €100,000. Instead, applicants must have capital assets of €500,000 of which €150,000 must be financial assets.
The Agency is aspiring towards greater efficiency, aiming for a processing time of six to eight months from start to finish.
Some advantages of Maltese residency, as stated by the Malta Residency and Visa Agency, is the ability to travel visa-free across the Schengen Zone, the country’s “democratic and stable Government, a robust economy, an eco-system of business opportunities, hospitable people and an all-year-round mild climate.”
The reforms have been described as both economically beneficial to Malta, and beneficial to applicants, as they will experience a more efficient application process.
Not to be confused with the controversial Individual Investor Program, the MRVP deals with residency and visa programs, rather than the acquisition of citizenship.
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