On 4th July 2017, the Malta government issued Legal Notice 189 of 2017 amending some requirements and benefits of the Malta Residence and Visa Programme (MRVP).
Nexia BT firm has been appointed by Government as the Official Concessionaire entrusted with the promotion of the MRVP in the Middle East.
The main changes which come into force with immediate effect are:
- The thirty thousand euro (€30,000) contribution fee now covers the main applicant, spouse, and the children of the main applicant and/or the spouse at application stage;
- Introduction of an additional five thousand euro (€5,000) non-refundable contribution, per parent or grandparent of the main applicant or of the spouse at application stage;
- The age limit (previously 27) at application stage for unmarried economically dependant children over the age 18 has been removed. This means that qualifying children over the age of 27 at the time of application can be included;
- Children of the main applicant and/or his/her spouse, who would have qualified as dependants at application stage, will now not lose the residency rights on their 27th birthday, or if they become economically active or get married. If they marry, or enter into a similar relationship they may also be able to add their spouse/partner and their direct dependants for an additional contribution fee of five thousand euro (€5,000) each and subject to successful due diligence checks;
- Removal of the requirement for the main applicant and his/her dependants to spend outside of Malta a period that exceeds either six consecutive months or an aggregate period of ten months in any four-year period from the appointed day. This means that the certificate issued under these Regulations shall be deemed to constitute a permit issued in terms of Article 7 of the Immigration Act, conferring on the person to whom it is issued the right to land and to remain permanently or indefinitely in Malta. This also means that the main applicant and his/her dependants will become eligible to apply for Long Term Residence status subject to the respective requirements being satisfied; and
- The option for the main applicant, to apply against a non-refundable supplementary administration fee of five thousand euro (€5,000) per person, to include on the main beneficiary certificate (subject to a successful due diligence check):
- Children, born or adopted after the approval date, of a previously approved dependant child of the main applicant and/or the spouse, or of the previously approved dependant child’s spouse; and
- Children, born or adopted after the approval date, of the main applicant or of his spouse.
The Malta Residence and Visa Programme grants:
- A Malta residence permit to the beneficiary and his/her registered dependents;
- Visa-free travel within the Schengen area;
- The right to reside, settle and stay indefinitely in Malta;
- The eligibility to apply for naturalisation as a Maltese citizen after a prescribed period of residence in accordance with the Citizenship laws of Malta and subject to additional requirements as per such laws;
- The possibility of applying for a work permit under a separate process; and
- The possibility of tax benefits under the Global Residence Programme.
Since its introduction in 2015 the Programme has proved very popular. These changes will make the programme even more attractive and will make it one of the most competitive in the global residence-by-investment marketplace.
For further information please do not hesitate to contact me.