Malta is a beautiful country in the Mediterranean known for its beaches, dive sites, and great weather throughout the year. For years, it has also been known as a hidden gem for investors seeking to relocate to an English-speaking nation in that part of the world. That is no longer a secret because the Maltese government has made an effort to let investors know about the Malta Golden Visa Programme, also called the Malta Permanent Residence Programme (MPRP).
What is the Malta Permanent Residence Programme (MPRP)?
The MPRP is a straightforward residency program for those who invest in property or make government contributions. The Maltese government promised it would process applications for the golden visa programme in about 4 to 6 months, and it has been keeping this promise. This has had the effect of more investors flooding the country to leverage the opportunities there.
The Maltese government has also made this process as frictionless as possible because it wants to grow its economy while making Malta a strong financial and investment destination in Europe.
What Are The Benefits of The Malta Permanent Residence Programme?
The main benefit is that those who apply successfully get the right to stay, reside and settle in Malta permanently. They also enjoy visa-free travel across the Schengen and get access to the very lucrative Maltese property market. Malta remains a strong tourism hub and market, which means there is a lot of demand for property. Investors can see huge returns by buying property in the country while also getting residency at the same time.
Who Can Apply?
Applicants must be third-country nationals, meaning they must not be Swiss, from the EEA or the EU. They must also not come from sanctioned countries depending on the prevailing sanctions at the time of application.
Applicants must also demonstrate stable and regular finances, with sufficient resources to support themselves and their dependents. For this reason, you cannot apply expecting to benefit from any Maltese social programs. These financial resources must include assets worth at least €500,000, with at least a third being financial assets.
They must also possess a clean criminal record and not pose a threat to Malta and its citizens or residents.
As mentioned, applicants must make specific investments and contributions. For property, they must purchase one valued at least €350,000 if situated in Malta or €300,000 if it is in South Malta or Gozo. If you decide to rent, the lease value must exceed €12,000 annually if you rent in Malta or €10,000 in the South of Malta or Gozo.
There is also a government contribution requirement whose amount depends on the qualifying property. Applicants must also contribute €28,500 and an additional €7,500 for each of their parents or grandparents or those of their spouse.
For rented property, they have to make a government contribution of €58,000 and an additional €7,500 for each parent or grandparent. The same amount applies to each of their spouse’s parents or grandparents.
Lastly, applicants must donate €2,000 to a local NGO (non-governmental organisation) registered by the Commissioner for Voluntary Organisations. This can be a cultural, philanthropic, scientific, sports, artistic or animal welfare organisation.
The total administrative fee per application is €40,000. The Maltese government requires that investors pay €10,000 when they apply, and the rest when the application is approved.
The applicant must also:
- Possess a valid travel document
- Apply for sickness insurance to cover risks when travelling across or residing in Malta
- Apply for travel insurance when visiting or travelling across the Schengen region
Why Invest in Malta?
It may seem like the obvious answer is so that you can enjoy the benefits of doing so, such as visa-free travel and being able to relocate your loved ones to the island. However, there are other excellent reasons for doing so. One of these is the potential of the country’s real estate market.
This market has been growing in recent years as the country’s economy and tourism sector grow. This means there are opportunities for very high returns on investments for those who enter the market right now.
Also, you can choose from different properties depending on how much you have to invest and the type of investor you are. These include farmhouses, villas, bungalows, apartments and houses.
The second reason is that it provides excellent opportunities for fintech startups. Malta has built a strong reputation of being a fintech leader over the past decade or so and has held high-profile fintech events and summits in recent years to cement its position as a fintech leader in the region.
The Maltese government also wants startups to leverage opportunities on the island because it provides expertise and favourable regulations for those who enter this market. The government also has set a favourable tax regime for businesses and individuals.
Apart from business and investments, individual reasons are for moving to the island. It has a very high standard of living and is one of the safest countries in Europe. This means families with children would enjoy living here, especially when you consider the kids will enjoy the beaches and sun for 300 days out of the year.
Malta is not only a great place to live, but is also one of the best investment hubs in Europe. Its Malta Permanent Residence Programme incentivises investments and relocation while providing benefits and opportunities that make applying for the program worth it.