Changes In Malta Permanent Residence Programme (MPRP) Legislation
The Residency Malta Agency has announced changes in Malta Permanent Residence Programme (MPRP) legislation, which will take effect on January 1, 2025, as outlined in Legal Notice No 310 of 2024. These updates aim to enhance the programme’s value and align it with current economic trends while ensuring efficient processing and maintaining rigorous due diligence.
Eligibility Criteria
1. Asset Requirement: Main Applicants must possess assets valued at a minimum of €500,000, with at least €150,000 in financial assets, or alternatively, assets valued at €650,000 with at least €75,000 in financial assets.
2. Dependents: Adult children over 18 but under 29, unmarried, and financially dependent on the Main Applicant are eligible as defendants. This does not modify eligibility under certain existing clauses.
Qualifying Property
1. Owned Property: Must be purchased at a minimum value of €375,000 in Malta or Gozo.
2. Rented Property: Must have a minimum annual rent of €14,000 in Malta or Gozo.
Administration Fees and Contributions
1. Main Applicant: A non-refundable administration fee of €50,000 is required, with €15,000 payable within one month of application submission and the remaining €35,000 within two months of receiving a Letter of Approval in Principle.
2. Dependents: A fee of €10,000 per dependent applies, split into a €5,000 non-refundable administration fee and a €5,000 contribution, payable within specific timeframes following the Letter of Approval in Principle.
3. Property Contribution:
– €30,000 for Main Applicants purchasing qualifying property.
– €60,000 for Main Applicants renting qualifying property, payable within eight months of receiving the Letter of Approval in Principle.
These updates are designed to strengthen MPRP’s reputation and appeal in the residency-by-investment sector.
Contact us at Advent Global to discuss changes in Malta Permanent Residency and learn more about how you can still take benefit of the current rules.
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