In 2021, it has become the right moment for Malta Residence and Visa Programme to be replaced. The preference was given to a more contemporary option. The analyzed amendment suits current conditions and tempos of the industrial development better. So responsible parties have released the brand new agreement in the form of the Malta Permanent Residence Programme. These changes have come into operation on March 29, 2021. In this perspective, the application submission held after this date will be determined and streamed by the recently finalized agreement.
One of the crucial differences between the outdated and modern rules is the appearance of the Residency Malta Agency in the reign. They will perform instead of the Malta Residence and Visa Agency. However, the list of modifications includes also alternations in the field of qualified funds. Keep on reading this article to get acquainted with the MPRP regulations in detail.
The New Face of the Qualifying Investment
For those participants who will succeed with their documents under the MPRP regulations, it is a must-have to know three crucial steps to make their desired residence qualified.
First of all, successful members of the negotiations are obliged to possess qualifying property. The amount of funds to spend is different when the attributed resources are rented or bought. In the first case, the low-bottom point of possible investments ranges from ten thousand euro for renting in the South of Malta and Gozo to twelve thousand euro for buildings in Malta (the sums are calculated per year). The analog value of the purchased property has a slight divergence in the same regions — three hundred thousand and three hundred and fifty thousand correspondingly.
Secondly, successful participants are requested to make a government contribution. If the property is rented, the minimal investment starts at the degree of twenty-eight thousand euro. Additional funds in the amount of seven thousand five hundred euro are paid for every extra member to be included. For instance, that could be the spouse, parent, or grandparent of the principal candidate. By renting property, you will have to spend fifty-eight thousand euro along with the same amount for the additional members mentioned above.
Finally, donations to Malta non-governmental establishments have to take place. The list of allowed organizations to deal with is approved by the Agency. The investment reaches two thousand euros in this case.
An administrative fee will be requested from every participant. Submitting procedures will require ten thousand euro, while the documents’ approval — thirty thousand euro.
However, apart from following the requirements defined by the qualified fund regulations, candidates are to possess certain resources, literally speaking, in order to survive without the additional aid by the social welfare approach in Malta. The person under consideration is to have a minimum of five hundred thousand euro of assets (don’t forget a particular sum should be present as financial ones). In this perspective, it is important to prepare a sickness insurance policy beforehand. Last but not least important, all the initial applications are verified by approved agents and then forwarded to undergone more advanced due diligence procedures.
Who Is Welcome to Participate in Malta Permanent Resident Programme in 2021?
The updates haven’t been related to this chapter heavily. Still, the EU residents aren’t legal members to submit their applications — only third-country citizens instead. According to the L.N. 121, the qualified dependents of the chief participant are defined. Here are a few things to be aware of:
- The central candidate’s spouse is certified to be considered the main applicant’s dependents. At the same time, the term “spouse” may refer to persons who are in any relations that share the equal or similar status as a monogamous relationship, i.e. marriage.
- Own and adopted children under the age of eighteen years old at the moment of application can participate. If the age limit isn’t followed, then children have to be dependent on the parent in the role of the principal participant. This refers to disabled adult children as well.
- The central applicant’s close family members, namely, grandparents and parents who are financially dependent on him/her, can become valid members of the activity.
Who Isn’t Allowed to Take Part in the Malta Programme?
Apart from residential specifications, it is important to be a law-abiding citizen to pass due diligence checks. It is not recommended to hide any sort of information — they will be revealed in the process for sure. Please note your chances to be excluded from the list of potential candidates will be reduced if previous applications were rejected.
The best scenario for an application would be to have an absolutely clean criminal record, especially at the time of submitting or proceeding files. Candidates who have records of fraudster activities of any kind and terrorism, as well as offenses like violent behavior, pedophilia, abuse, and abduction aren’t legit in this perspective. The same requirements are related to all the dependents of the leading candidate. For instance, if additional members of the agreement have more than one year of confinement on their records or are mentioned in global sanctions will be definitely rejected.
Consultancy Company VERITAS JUS Guidance and Assistance
For those enthusiasts who would like to be prepared for all the unexpected plot shifts during the due diligence procedures and ensure the entire set of documents and files are presented in the right form, the services of VERITAS JUS will come in handy. Feel free to get a consultation with our representatives for more details!
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