To better serve investors taking part in the Malta Residence & Visa Programme (MRVP) and to examine applicants’ backgrounds more professionally, the Maltese government has made the decision to create a special state agency. This new authority is called the Malta Residence & Visa Agency (MRVA). This decision was published in the Government Gazette of July 4, 2017 (notice No. 189).Previously, applicants under the MRVP had their applications examined and processed by the state agency Identity Malta, which took care of the various other programs for receiving residency and citizenship. What has changed now that a new state agency is involved?
Why was MRVA created?
Malta is not the only country that offers foreign citizens financial and tax incentives in exchange for making an investment in the country’s economy. The Maltese government is therefore keen to make the MRVP program as attractive and competitive as possible. To speed up the processing of applications, minimize mistakes, and thus attract as many trustworthy investors as possible, these applications have been entrusted to a new and separate state agency.As for how much the quality of service will really change, it is still too early to say, as the decision was published literally days ago. However, we do know that MRVA studied the MRVP’s terms, compared with them with similar programs in Europe and worldwide, and made a number of recommendations. They were closely examined and partially adopted as changed in the conditions of MRVP.
What changes have been made to the program?
Investors who are considering becoming Malta residents on preferential terms, should note the following changes:
Now a fee of 30,000 euro covers consideration of the application for the investor himself/herself (the main application), his/her spouse, and the children of the main applicant and/or those of the main applicant’s spouse.
In order to extend the status of permanent resident to the main applicant’s parents or grandparents, a non-refundable fee of 5,000 euro must be paid for each additional participant.
There is no longer an upper age limit of 27 for financially dependent children, i.e. they no longer lose their status as residents when they reach the age of 27 or when they become financially independent.
There are no longer restrictions on time spent outside of Malta. Previously, residency could be lost by staying away from the island for 6 consecutive months or for a total of 10 months in a four-year period.
Now the main applicant and members of his/her family can receive the status of Long Term Residency if they meet a series of additional conditions.
Participation is open not only to biological children but also adopted children of the main applicant or his/her spouse. An adopted child cannot be employed or married.
Additionally, a non-refundable fee of 5000 euro can be paid to secure permanent residency for a child who was adopted or born after receiving residency, who was adopted earlier, or who is dependent. This possibility is available for children of the main applicant and of his/her spouse.
You can find the original statement of these changes in the Government Gazette of Malta.
What does this all mean in practice?
For anyone who has long been considering long-term Malta residency and additional benefits, now it will be even easier to decide.
There are now fewer barriers for those who want to extend these advantages to their loved ones, including parents, grandparents, and children (regardless of age), adopted children, and any future children.
There is no longer any need to limit your presence to Malta. You can spend time on the island or away from it, as you see fit.
The status of Long Term Residency is now available. Including additional members of your family comes down to (besides a background check) an additional fee.
As one might expect, the efforts of the MRVA have made the MRVP one of the most attractive of all residency programs in Europe and worldwide. Those who are intrigued by what it offers should definitely not put off applying.
Why should you decide soon?
There are several other reasons why you should decide soon about whether to participate in MRVP under the new conditions:
These program has become one of the most interesting internationally and will now attract more applicants than before. There will almost certainly be a long queue of applications for review.
While the terms for participation have been made simpler, the strictness of the check may be increased, especially as one of the reasons for establishing the MRVA is to boost the quality of background checks.
The decision to change the terms and conditions for MRVP was adopted rather quickly. It cannot be guaranteed that Malta’s government won’t again decide at some point to make the terms stricter, as soon as its plan for concluding agreements with investors has been fulfilled.
Considering the rather volatile market of residency programs available to investors, any given opportunity should be taken advantage of as soon as possible. Otherwise, competing jurisdictions might take it away. The updated version of MRVP perfectly illustrates this rule, and it would definitely make no sense to delay your decision! Click here for more info!