Identity Malta Agency, the government establishment entrusted with the running of The Malta Residence & Visa Programme (MRVP), has announced that it will be launching the application process and accepting submissions today, Monday the 23rd of May 2016.
The MRVP has been introduced to further draw third-country national investors to Malta. The MRVP will allow Identity Malta Agency to issue a Certificate that will entitle the beneficiary and his registered dependents to reside, settle or stay indefinitely in Malta, as well as travel within Schengen area without the need for applying for a visa.
The applicant must satisfy a three-tier structure as follows:
Contribution Fee - €30,000
An individual interested in applying for the MRVP is to make a contribution of €30,000, of which €5,500 is a non-refundable administrative deposit and paid upon submission of the application. Once it is established that the beneficiary qualifies for such status, he is to pay the contribution, less the non-refundable fee which was paid on application.
Qualifying Property
In terms of these Regulations, an applicant must also obtain a qualifying property. An individual who chooses to benefit from the Malta residency by investment programme must purchase a property in Malta for a consideration of not less than €320,000. On the other hand, if the property is situated in Gozo or the South of Malta the property must have a minimum value of €270,000.
The applicant may opt to rent instead of purchasing property on the island. Indeed, an applicant may choose to rent property in Malta with a minimum yearly rent of €12,000 or if the property is situated in Gozo or the South of Malta the yearly minimum rent shall be that of €10,000.
Qualifying Investment - €250,000
Since the main aim of the MRVP is to attract investment to Malta in order to create jobs, increase wealth and enhance the standard of living, the applicant must make a qualifying investment, having an initial value of €250,000, which shall be made in accordance to the form determined from time to time by Identity Malta.
Other Conditions
Apart from satisfying the above application requirements, the applicant must also be above the age of 18 and must provide a clean police conduct. The applicant must also satisfy all due diligence checks deeming him a fit and proper person as well as other general requirements.
An affidavit must also be provided stating that from the date of application onwards he has an annual income of not less than €100,000 arising outside Malta or he is in possession of capital of not less than €500,000.
The Certificate issued under these Regulations will be monitored for the first five years and every five years thereafter.
Any individual interested in applying for MRVP is required to do so through a registered approved agent and/or a registered accredited person. CSB Group is accredited with Identity Malta and may thus assist, handle and submit MRVP applications.
