Everything you Need to Know about Malta Residence and Visa Programme
Malta is a very attractive location for getting a residency. This Mediterranean island is strategically located and boasts great air links, along with a stable political climate. But, how do you acquire residency in Malta? There are several programs that are offered and you can choose to apply for any one of them, but the top option is Malta Residence and Visa Programme. Under this program, non-Maltese people have the option of getting an EU residence card that allows them to travel visa-free in the Schengen Area.
There are some requirements of the program that you need to fulfill, which include:
- Investing EUR 250,000 in government bonds, which will be retained for at least five years minimum.
- Making a non-refundable government contribution of EUR 30,000, which includes EUR 5,500 as advance government administrative fee.
- Purchasing property worth EUR 320,000 or obtaining a property lease of EUR 12,000 per annum.
There are a number of benefits that you can enjoy when you opt for Malta Residence and Visa Programme. You will be able to reside indefinitely in Malta, there is no residence requirement to be fulfilled, your family members are included, the investment is only required for the first five years, you can travel across the Schengen Area visa-free and you receive five years permanent residence, which is indefinitely renewable.
As far as the procedure and timeframe of the MRVP application are concerned, they are quite straightforward and reasonable. You have to submit the application with a non-refundable deposit of EUR 5,500. After they perform due diligence checks, your application will be approved. Then, you will have to complete the qualifying investments and upon doing so, a residence permit will be issued. All successful applicants are issued a Maltese residence certificate, which functions as a permit. This certificate is annually monitored for the first five years and then every five years.