The Malta Residence and Visa Programme (MRVP)

Are you a non-EU national keen to make Malta your home? Then the Malta Residence and Visa Programme (MRVP) could be the ideal opportunity for buying property in Malta as a foreigner.

Open to third country nationals, this programme provides similar benefits to Malta’s Individual Investor Programme (MIIP). In fact, if you are able to meet a number of requirements, then it could enable you to buy a property for sale in Malta and reside here indefinitely. You may also choose to rent a property in Malta.

Thanks to our guides, there are many reasons why Malta could make a fantastic base for you and any dependents that may be joining you. The island is located right in the middle of the Mediterranean – equidistant between Europe and North Africa. This makes it the ideal gateway between the two, and you can connect easily to destinations all over the world via the island’s excellent network of daily flights.

Climate

Malta is also a very pleasant place to live and spend time. Its fantastic climate is the envy of many Northern countries – with 300 days of sunshine and very mild winters. This, of course, means that life can be enjoyed al fresco – whether that’s dining by the sea on a summer’s evening or taking a walk through the beautiful countryside in the winter.

Education and Healthcare

Standards are also high here, especially when it comes to education and healthcare. This means that you and your family can enjoy the very best that modern living has to offer, while also basking in the laid back lifestyle that Malta is known for.

Property in Malta

Finally, the island is also a great place to buy property in Malta – whether you’re looking for a sea view apartment in a cosmopolitan area, a town house in a traditional location, or a villa somewhere more rural. Either way, you’ll be able to find exactly what you’re looking for here, and often at prices that compare very favourably with other European destinations.

The Minister for Home Affairs issued Legal Notice 288 of 2015 – the Malta Residence and Visa Programme (MRVP) Regulations 2015. The programme is designed to bring quality international property investment to the island, and targets people who would like to live in Malta. In return, it gives applicants the opportunity to live in Malta and to travel within the Schengen area, without the need for a VISA. 

In order to qualify for the MRVP you will need to be a third county national (meaning it is not open to EU, EEA and Swiss citizens). 

If you are planning on bringing a dependant with you, they will need to fall into the following categories and be a:

• A spouse
• A child under the age of 18
• A child between 18 and 26 years of age (who is unmarried and economically dependant on you)
• Parents
• Grandparents 

It’s important to remember that a fee of €5,500 will need to be paid to the Government of Malta when you apply. This is non-refundable.

Yes, you will need to meet the following requirements found in this guide in order to apply for the MRVP:

• Be at least 18 years old
• Have a clean police conduct, and not have been indicted before an International Criminal Court or be listed with INTERPOL
• Commit to investing in property in Malta – which must be worth at least €320,000 in Malta or €270,000 in Gozo. Alternatively, you could choose to rent a property for a minimum of €12,000 per year (or €10,000 in the South of Malta or Gozo)
• Commit to paying a contribution of €30,000 – less the €5,500 non-refundable application fee
• Commit to making a property investment as determined by Identity Malta, with an initial value of €250,000.

Once you have formally been accepted by the MRVP, and as a resident non-domiciled individual, you will be taxable in Malta at residential tax rates. 

This tax will be due on any foreign source income that is remitted in Malta and on income sourced in Malta. 

You will not be required to pay tax on foreign sourced income that is not remitted to Malta. You will also not be required to pay tax on any capital that is transferred to Malta. 

This beneficial tax regime applies as long as you are not a long-term resident of Malta.

Will I be monitored throughout the programme?

Yes, once you have received your certificate, you commit to being monitored by Identity Malta to ensure that you are complying with their conditions. This review will be carried out every year for the first five years, and then once every five years thereafter.

You will be required to:

• Remain a third country national, who is not part of any other local scheme
• Hold a qualifying property for at least 5 years
• Hold a qualifying investment for at least 5 years
• Be in possession of stable and sufficient resources to maintain yourself and your dependants
• Be in possession of a valid passport
• Be in possession of European health insurance
• Confirm that your income is at least €100,000 per year or that you have capital amounting to at least €500,000.

If you cannot fulfil these commitments at any stage, then it is important to inform Identity Malta within four weeks or risk paying a fine of €15,000.

Thinking of joining the Malta Residence and Visa Programme? Speak to us. 

At JK Properties we’re eager to help you make Malta your home – whether you’re looking for the ideal property, or need guidance on anything from legal issues to finding the perfect school for your children. 

Please do get in touch – we’d love to hear from you.

Read more about the Global Residence Programme for Non-EU foreigners willing to invest and buy real estate in Malta and Gozo.