Malta MRVP Residence Applications hit Record High

According to the Malta Residency Visa Agency, Malta’s Permanent Residence applications have hit an all-time high, exceeding 1,000 applications since the inception of the Malta Residence and Visa Programme in 2014. The CEO of the MRVA stated: “To date, we’ve received exactly 1,017 applications, and they’re now coming in at a rate of 50 to 60 a month”.

Flexible but Permanent Residence in European Malta

The programme allows affluent families to settle permanently in Malta at any time, without requiring any minimum presence. This means that Maltese Permanent Residence permit allows family members to stay out of Malta if tied up in schooling, work or business, to visit as often as convenient but it allows them to move for long stays or even permanently when required.

Facilitating Executive Travel to Schengen Countries

Because holders of Malta's Permanent Residence permit enjoy visa-free access to the 26-member states forming the Schengen Area, this is particularly popular with executives and entrepreneurs who make frequent business trips to Europe. Likewise, academics and professionals can attend conferences and lecture in Europe without the bureaucracy of prior visa applications that often render such travel rather stressful if not impractical. . Investors have taken a liking to Malta for its pro-business approach and favourable tax system.

Eligibility for EU Long Term Residence Rights

For those who make Malta their home, after 5 years of living in Malta for at least 6 months in each year, MRVP permanent residents may apply for long term residence rights under the European Union’s Long Term Residence Directive, which allows any third-country nationals living in any EU member state for at least five years to gain freedom of movement and work and other social benefits across the European Union’s 28 member states.

What’s in it for Malta?

The programme attracts investors, business families, professionals and other successful, economically self-sufficient persons to the Island by permitting them to enter and stay in Malta according to their global lifestyle. If they settle in Malta, they pay and enjoy the quality of life that Malta has to offer in food, entertainment, schooling and education, business and investment. This contributes to the economy in no small way.

Parliamentary Secretary for Reforms, Citizenship and Simplification of Administrative Processes, the Hon. Julia Farrugia-Portelli praised the work of the Agency and stated: “The benefits of the Malta Residence and Visa Programme are diverse. Apart from attracting high quality, talented people to the Islands, the programme contributes to the economy in no small way.” Being a geographically small territory with exceptional economic growth and healthy finances, Malta isn’t seeking volumes of investors and can afford to maintain standards to attract only the most reputable of investors.

Not a programme for everyone

The Malta Residency Visa Programme achieves this by setting a minimum threshold for the financial standing of applicants, requiring proof of either an annual foreign income of at least €100,000, or ownership of assets worth at least €500,000. Applicants must also possess valid travel documents, a clean police conduct from the applicant’s place of birth and from any country where he has resided for longer than 6 months in the past 10 years.

To avoid new residents from becoming a burden on the Maltese welfare system, the programme also requires the family to hold a health insurance covering all risks in Malta. Applicants must also under go a health check at a reputable clinic or hospital proving that he and his dependents are of good health and do not pose an unreasonable burden on the national health system.

The Malta Residence Visa Program's competitiveness

The MRVP enjoys competitive advantages over Portugal and Greece’s Golden Visa Programmes. Upon approval, applicants in Malta receive a certificate of permanent residence for life. This means that after the 5 years of keeping the approved investments, Maltese residence permit holders do not require any further action, investment or payment to continue to benefit from permanent residence. On the contrary, Portugal and Greece withdraw investors’ residence permit the moment they dispose of their property. In Portugal, another ground for termination of residence is the failure to spend at least 7 days in Portugal during the first year, 14 days in the next 2 years and a further 14 days in the following 2 years. Malta does not require any minimum presence during the year.

From my viewpoint from the help of an international law firm offering all established residency by investment programmes, I can safely describe the Maltese residency programme as the top European permanent residence programme in terms of value, cost and reputability.

Dr Jean-Philippe Chetcuti advises some of the world’s most affluent business families and has contributed to the shaping of residency and citizenship programmes around the world through his government advisory work. Dr Chetcuti can be reached at jpc @ cclex.com. 

A Multi-Programme Residency Provider specialising in the major Residency & Citizenship Programmes

As an international law firm, we are a multi-programme provider with Governmental licences authorising us to represent applicants for citizenship and residency programmes with the governments of various countries including Malta, Cyprus, Portugal, Greece, Saint Kitts, Antigua & Barbuda, Dominica and Moldova. Accordingly, we guide families, investors and entrepreneurs in understanding the various residence and citizenship options and our advice is always objective and solely based on our clients' best interests. Our experience and specialisation enables us to also take on mandates to advise investors or their advisors on eligibility for the various programmes and to receive very confidential information within the context of our strict professional secrecy and lawyer-client privilege.

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