Introduction to Malta
The Maltese archipelago is a group of islands located in the middle of the Mediterranean Sea of which the largest and most populated island is Malta. Their strategic location has made the islands a historical hub for trade between Europe, the Middle East and North Africa. The Maltese islands benefit from a warm Mediterranean climate and over 300 days of sunshine, which make them an attractive destination for many tourists.
Malta is a popular place to study English as it is the official language alongside Maltese. Based on the British model, the highly rated education system is publicly funded and free.
The islands are also well-known for their safe environment, a very low crime rate and an excellent public and private healthcare system.
The government type in Malta is a Parliamentary Republic with a model based on the Westminster system, and benefits from a very stable political climate. After gaining its independence in 1964 from the United Kingdom, Malta is now a member state of the Commonwealth of Nations and the United Nations. Since its independence, Malta has very positive diplomatic relations with the United States. In 2004, Malta joined the European Union and in 2007, the Schengen area.
The main industries in Malta are tourism, financial services, manufacturing and foreign trade. Over the years, Malta has developed a strong business development mindset and managed to attract many industries to establish their operations on the island thanks to competitive government incentives including advantageous corporate tax regime. Successive Maltese governments have sought to conclude double tax treaties with important trading partners as well as with emerging countries, in order to encourage the growth of international trade including that of financial services. To date, treaties are in force with over 70 countries and this policy is expected to continue in the future.
Legal Basis of the Malta Residence and Visa Programme (MRVP)
The Residence and Visa Programme of the Republic of Malta is regulated by the Immigration Act, by virtue of Legal Notice 288 of 2015, as amended by Legal Notice 189 of 2017. It provides third country nationals a certificate of residence which entitles them the right to reside, settle or stay indefinitely in Malta together with one’s registered dependents.
The Malta Residence and Visa Programme (MRVP) offers beneficiaries residency in Malta, with visa-free travel across the Schengen zone. The program has been created to attract foreign direct investment in the country while giving individuals of third countries the option to relocate and establish themselves in a safe, stable and economically strong country. Additional benefits include:
- Eligibility to apply for the residency for four generations
- Competitive program compared to other European residency programs
- Second residence solution for countries not allowing dual citizenship
- Physical relocation in Malta is possible but not mandatory
- Return on investment after 5 years, when redeeming Government bonds or shares
The full list of visa-free travel countries included in the Schengen zone is provided below:
In order to apply for the Malta Residence and Visa Programme (MRVP), all individuals in the application must:
- Be third country nationals, non-EEA and non-Swiss
- Be in possession of a valid travel document
- Be covered by a health insurance covering all risks across the EU
- The main applicant must show evidence of an annual income of not less than €100,000 arising outside Malta or be in possession of capital assets of not less than €500,000
- Financial Requirements
Qualifying applicants must follow the below financial requirements to complete their MRVP application:
- Purchase government stock worth €250,000 or other stock/equities listed and trading on the Malta Stock Exchange
- Rent a property for a minimum of €10,000 or purchase a property for a minimum value of €270,000
- Beneficiaries should hold their qualifying property and investments for a minimum period of five years
(Note: A financing option is available through GICG)
(The below timeline is an estimate assuming that the applicants provide all documentation in full and on time and subject to each application circumstances)
Step 1: Preparation and submission of residency application
Step 2: MRVA performs due diligence verifications
Step 3: Approval and settlement of the financial and property investments
Step 4: Completion of the biometrics in Malta and application for the residency card
Step 5: Issuance of the residency certificate and residency card
Established in 1996, GICG is a leading multinational firm offering residence and citizenship solutions to U/HNWIs globally. Our highly experienced team of over 30 professional in-house lawyers and qualified agents serve our global clients from 7 offices worldwide, offering 14 different programs.
GICG collaborates with many legal firms and immigration advisors globally to provide guidance and advice on residence and citizenship matters, through an effective agency system, ensuring a professional and efficient collaboration on both sides.
Our expertise in the investment migration industry has been recognised by many governments internationally as we have helped them in the creation process of new programs. We strongly support the promotion and sustainable development of the industry and the local economy.
GICG also offers a client advisory department, supporting clients with personal or professional related matters throughout their application process, in a confidential and personalized manner. Our unique expertise contributed to 100% success rate in all our applications.