Malta’s Residency Visa Programme (MRVP), Europe’s youngest – but already thriving – golden visa has received more than 1,000 applications to date, reports the Malta Residency Visa Agency (MRVA), which is also announcing major policy changes with regards to agent commissions and investment options.
Until today, the MRVA required the following investments and contributions from prospective applicants:
- A €30,000 administration fee (plus additional fees for parents and parents-in-law)
- A €250,000 investment in government stock (bonds, effectively)
- Purchase or rental of a residence at minimum €270,000 or €10,000 p.a. (for five years), respectively.
Following today’s announcement, the qualifying asset class for the €250,000 investment is no longer limited to government stock; qualifying investments now include securities traded publicly on the Malta Stock Exchange, such as common stock or corporate bonds.
“In terms of regulation 2(1) of the Malta Residence and Visa Regulations (S.L. 217.18), Identity Malta hereby notifies that the investments referred to in regulation 6(1) (d) of the said regulations, can be made in debt or equity securities listed on the Official List of the Malta Stock Exchange. Investment in these securities may also be achieved through an investment in collective investment schemes that are licensed and are on the Official List of the Malta Stock Exchange,” said the MRVA-statement.
Accredited agents, moreover, will henceforth receive a 5% commission on the administration fee, which ranges from €30,000 to €50,000:
“In terms of regulation 12(9) of the Malta Residency and Visa Regulations (S.L. 217.18), Identity Malta hereby notifies that effective as of 1st September, 2018, it is prescribing five percent (5%) from the contribution fee paid by the ‘main applicant’ to be paid to the approved agent, or accredited person appointed by the applicant following the issuance of a certificate according to these regulations,”
Speaking to Investment Migration Insider’s editor on the phone, Roderick Cutajar, head of the MRVA, confirmed the changes and offered further insight into program statistics.
“To date, we’ve received exactly 1,017 applications, and they’re now coming in at a rate of 50-60 a month,” Cutajar cheerfully divulges.
“Out of those 1,017,” he continues, “300 have completed review, while another 3-400 are currently undergoing processing.”
The updated statistics make Malta the 7th most popular golden visa program worldwide.
Questioned as to which factors have contributed to the remarkably strong interest in the young program, Cutajar chalks it up to the country’s continuously improving reputation and a tremendous marketing effort on the part of agents and concessionaires.
“Apart from making the program more attractive, adding this commission is also a sort of ‘thank you’ to the agents and concessionaires for their hard work,” he points out.
But Cutajar also stresses the importance of having the full backing of
“They’re very supportive,” says the CEO, whose near-monthly trips to the East (both the Far and the Middle) to conduct roadshows and attend conferences have made him a platinum member of frequent flyer programs many times over.