In terms of Legal Notice 288 of 2015, the Malta Residence and Visa Programme (“MRVP Rules”) has been introduced for Third Country Nationals, who are not nationals of the EU, EEA or Switzerland. A beneficiary of the MRVP and his/her qualifying dependants will be issuing with a Malta Residence Permit which should entitle them to reside in Malta.
The salient features of the MRVP are:
1. A financial contribution of €30,000 is payable by the applicant.
2. An application fee of €5,500 is payable by the applicant. This amount is deductible from the ‘financial contribution’ mentioned above.
3. The applicant should hold a qualifying property for at least 5 years from the issuing of the certificate, which precedes the granting of a Malta Residence Permit (“MRP”) (minimum purchase value of €320,000 for a property in Malta or €270,000 for a property in the South of Malta or Gozo, or minimum annual rental of €12,000 for a property situated in Malta or € 10,000 for a property situated in the South of Malta or Gozo).
4. The applicant should hold a qualifying investment for a minimum value of €250,000 for at least 5 years from the date of the issuing of the certificate. Further details about the nature of qualifying investments will be published in due course.
5. The applicant must have an annual income of not less than €100,000 arising outside Malta or be in possession of the capital of not less than €500,000.
6. A number of due diligence procedures have to be satisfied for an applicant to be admitted as a beneficiary in terms of the MRVP.
From a tax perspective, the beneficiary would not be subject to a reduced rate of Malta tax, and the general Malta basis of taxation would apply.
Every application shall be presented to and examined by the competent authority – Identity Malta – through an Accredited Person and, or an Approved Agent.
(Valentina Sammut is an Accredited Person and Approved Agent).