Malta Permanent Residency Programme: Costs and Requirements in 2024
Malta is a small island country in the middle of the Mediterranean Sea. Despite its size, Malta attracts millions of investors with the promise of citizenship. With over 3,000 hours of sunshine a year, it’s no wonder people are pursuing this paradise. But before you can migrate your family to Malta, there are some requirements you have to meet to get your Golden Visa.
Key Takeaways
- The Malta Golden Visa allows non-EU, non-EEA, or non-Swiss nationals and their families to apply for citizenship through investment.
- You have to choose between purchasing property or leasing, as well as make various government and social contributions.
- There is a long list of requirements to meet before you can get your Malta Golden Visa.
Unlocking Economic Benefits with the Malta Golden Visa
Regarded as Malta’s Golden Visa, the Malta Permanent Residence Program (MPRP) allows non-EU, non-EEA, or non-Swiss nationals and their families to become citizens through investment.
This initiative has helped to position Malta as an investment hub and the country is quickly becoming a leader in innovation, cryptocurrency and tech startups. The Golden Visa gives you access to this market of opportunities and serves as a gateway to the rest of the European market, with visa-free access to all 27 Schengen Zone member countries. The economic benefits are endless.
The Investment Key to Entry
To qualify for the Malta Golden Visa, you need to choose between two real estate investment options:
- You have to lease property in the south of Malta or Gozo for €10,000 or in the rest of Malta for €12,000 per annum for five years.
- You have to purchase property in the south of Malta or Gozo for €300,00 or in the rest of Malta for €350,000 and stay on the property for five years.
You also have to commit significant investments to the country’s government. If you’ve decided to lease a property, you have to contribute €58,000 to the Malta government and if you are a property owner, you have to contribute €28,000. These contributions only cover you, your spouse, children under 18 and children over 18 with special needs.
An additional contribution of €7,500 has to be made for any parent or grandparent of the main applicant or spouse, or the spouse of another dependent. A €5,000 contribution is also applicable for any other person who may be included in the application.
This contribution must be paid within eight months of receiving your Letter of Approval in Principle.
The country also asks that you donate €2,000 to a social improvement initiative of your choice and an initial administration fee of €10,000 that has to be paid within a month of submitting your application. A final administration fee of €30,000 has to be paid within two months from the issuance of the Letter of Approval in Principle. Additional fees may apply for extra dependents.
There’s also a processing fee of €137.50 per person for the first 5 years and €27.50 for each annual renewal that needs to be paid.
To Be or Not To Be: The Investment Requirements of Malta’s Golden Visa
To be eligible for the Malta Golden Visa, you must meet several stringent criteria. These requirements ensure that only individuals who can contribute to Malta’s economy and society are granted residency. You have to:
- Be a third-country, non-EU, non-EEA, non-Swiss national.
- Not be a national of sanctioned countries, which includes Afghanistan, North Korea, Iran, the Democratic Republic of the Congo, Somalia, South Sudan, Sudan, Syria, Yemen, Venezuela, Russia, and Belarus.
- Make and maintain the minimum investment amount for at least the first five years of your citizenship.
- Be able to obtain valid health insurance in Malta for the duration of their residency.
- Not be involved in any other residency or immigration regulations or schemes.
- Have a clean criminal record.
- Not be a threat to public health, safety, policy, interest or national security in any other way.
You can bring the whole family – as long as they’re your:
- Spouse or permanent partner (domestic partnerships, civil unions or common law marriage all count).
- Children (biologically or adopted) under the age of 18.
- Children (biologically or adopted) over the age of 18 who are unmarried and financially dependent on you.
- Parents or grandparents who are dependent on you.
- Adult children (biologically or adopted) who have medically certified disabilities.
But bring the snacks, because the list of documents to fill in is incredibly long. The list includes:
- A cover letter stating your motivation for applying to the Malta Golden Visa program.
- Proof of identity for everyone included in the application, including clear copies of the bio-data pages of their international passport that state the primary identification information, copies of their national ID card and certified or original copies of their birth certificates
- Affidavits of dependency for each dependent over 18 stating they are primarily dependent on you.
- Several application forms to build your investment application profile.
- Evidence that you’ve undergone the due diligence process.
- Police conduct certificates that contain your police records.
- Medical records that prove everyone has comprehensive health insurance policies and that no one is suffering from any serious illness or contagious disease.
- Proof of power of attorney with a verified agent.
- Bank statements proving you have the financial resources to care for yourself and your dependents for five years.
- Evidence of business ownership if they own any.
- Evidence of employment, including payslips, an employee contract, or a reference letter that shows their employment status.
Application forms and other accompanying documents must be completed in English. If the original language of the accompanying documents is not English, the documents shall be accompanied by an authenticated translation into English.
Make sure all of your documents are certified true copies or originals, depending on their type. Additional documents such as marriage certificates, death certificates, military records, or copies of other residence permits may be requested depending on the applicant’s unique case.
This documentation can change at any point, so make sure you’re up to date before you submit.
How to Get Your Malta Golden Visa?
Navigating the application process for the Malta Golden Visa can seem daunting, but with the right guidance, it becomes manageable. Mirabello Consulting can help you select an investment option that suits your financial capabilities and lifestyle needs, and can support you through the application process.
The right experts can help you write and submit a convincing cover letter of intent to motivate your application, as well as help you gather and complete all the required documentation. Mirabello Consulting also helps you submit the right application materials to the relevant officials and takes care of the paperwork, guiding you through the administration fees, payment terms, and making your investment.
You’ll also have to undergo due diligence through Malta’s four-tier process to ensure you have a clean criminal and professional record. If the application is approved and all payments are made successfully, you’ll receive your Letter of Final Approval. This can take around seven days.
You and your dependents, with the exception of children up to two years old, will then travel to The Residency Agency offices in Malta to provide your biometrics, including photographs and fingerprints, after which you’ll receive your Malta Golden Visa.
The Malta Golden Visa residency permit is valid for an initial period of five years. If all the requirements are still met, they can be renewed at the end of that period. After that, you have to renew it every year. Children who turn 14 or 18 during the residency period must also renew their permits, even if their birthday falls before the end of the initial residency period. Mirabello Consulting can help you through the renewal process too.
Enjoy the View
Big moves like this can be complicated and come with a lot of administration when the list of requirements is this long. But with the right partners by your side, you can make your investment a massive success. By meeting the investment and residency requirements, you can enjoy all that Malta and the surrounding Schengen areas have to offer while securing a stable future for your family. After five years of residency, you may even be eligible to apply for Maltese citizenship, adding a second passport to your assets. With its strategic location, vibrant economy, and unmatched natural beauty, Malta stands out as an exceptional destination for your new home. Trust Mirabello Consulting to get you there.
