Dr Attard Baldacchino featured on CBI -Citizenship by Investment
The following publication by Dr Russell Attard Baldacchino was originally featured on the Citizenship by Investment (CBI) website on the 1st April 2021 and circulated via the CBI newsletter:
Malta’s new Permanent Residence Programme has launched!
As of Monday 29th March, 2021, the newly created Residency Malta Agency (RMA) has started accepting applications under Malta’s latest residence by investment programme, the Malta Permanent Residence Programme (MPRP), which offers the following key benefits:
The right to settle, stay and reside permanently in Malta;
Visa-free travel across Schengen, 90 out of 180 days;
Entry into Malta’s affordable real estate market;
The inclusion of up to four generations in an application;
No age limit on unmarried and principally dependant children;
Minimum cost starting from €150,000.
The MPRP has been developed upon the success of it’s predecessor, the Malta Residence and Visa Programme (MRVP), which generated a one-off injection of financial capital into Malta of nearly €50 billion between 2017 and 2020.
Simpler structure
The positive changes implemented in the MPRP should be well-received by anyone considering Malta for relocation and investment. The MPRP offers a far simpler structure, having eliminated the €250,000 investment requirement and being based on a contribution payment and the lease or purchase of a residential property in Malta.
Affordability for the whole family
The MPRP also sets itself apart in terms of costs, offering a total minimum cost of just €150,000 (excluding Professional Fees), covering the main applicant, spouse and any number of unmarried and financially dependant children with no age limit. Parents or grandparents may also be included against an additional contribution of €7,500 each.
Include future dependants
Another strength of the MPRP is that it is also possible to include dependants after the Certificate of Residence has been issued. Children under the age of 18 can be included at a future stage with no additional contribution, while in the case of a main applicant being unmarried at time of application, a future spouse may be included against a contribution of €7,500.
Straightforward eligibility
The MPRP is available for individuals who are at least 18 years of age, third-country nationals, non-EEA and non-Swiss citizens, who have stable and regular financial resources where are sufficient to maintain themselves and their dependants.
At time of application, the main applicant must prove that she/he is in possession of capital assets of not less than €500,000, out of which a minimum of €150,000 must be financial assets (liquid assets like stocks, bonds, funds and bank deposits). This minimum capital requirement must also be maintained during the first 5 years after the date of the issuance of a Certificate of Maltese Residence.
Faster processing time
The RMA refers to the MPRP as “a straightforward residence by investment programme based on investments in property and government contributions. With the promise of a 4 to 6-month processing time from the submission of a complete and correct application, the MPRP offers much value to clients wishing to make Malta their home away from home”.
For more information about the Malta Permanent Residence Programme (MPRP) contact Dr Russell Attard Baldacchino to schedule a free consultation. As Community Malta Agency (Agenzija Komunita Malta) licensed Agent AKM-BALD-21, Dr Russell Attard Baldacchino may directly assist with the correct preparation and submission of applications to the Residency Malta Agency (RMA).
Ring +356 7928 4155 or email russell@attardbaldacchino.com
This blogpost is being published strictly for informational and educational purposes, and should be correct and accurate at the time of publication. The content of this publication should not be considered as formal legal, immigration, or tax advice.
