分类: charles mizzi

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Malta Announces New Nomad Residence Permit (NRP) Program

 

Hoping to capitalize on the growing trend of remote-working, adoption of which the pandemic has accelerated, Malta yesterday launched the Nomad Residence Permit (NRP), which will give third-country nationals a legal way to reside in Malta without the need for ordinary types of visas, like work permits.

The scheme aims to attract digital nomads employed by companies outside of Malta, those who run their own foreign-registered businesses, and freelancers who serve clients in a foreign country. As EEA-nationals already have freedom of movement and settlement in Malta, only third-country (non-EEA) nationals are eligible, as was the case with the Malta IIP and RVP schemes.

Malta’s NRP, not unlike numerous other digital nomad visas introduced in recent years, addresses an ever-widening market gap occasioned by information technology advances:

Millions of individuals worldwide perform their work entirely online and can, in theory, conduct it from anywhere but are, in practice, prevented from doing so in countries where long-term residency requires a visa. Typically, countries grant residence permits on the basis of local employment, investment, marriage, and so on. Digital nomad visas, on the other hand, are intended for those who are already employed (and presumably paying taxes) elsewhere.

The residence permit has a validity of one year and is renewable provided the individual continues to meet the requirements. A 300-euro application fee will apply.

Speaking at a press conference about the NRP yesterday, Parliamentary Secretary for Citizenship, Alex Muscat, explained that while a digital nomad might be employed in Rio de Janeiro, and paying taxes there, he could now be living and consuming in Malta.

“There’s a market for digital nomads. We’ve already attracted digital nomads in the past, ” said Muscat, according to Malta Independent. Charles Mizzi, head of the Residency Malta Agency (which also governs the Malta Permanent Residency Programme, an investment-based scheme) said the program had been in preparation for months and that the government had consulted with some of the more than 1,000 digital nomads already working from Malta when designing the NRP.

Many requests for this type of visa had come from the island’s flourishing gaming and IT sector, said Identity Malta CEO Anton Sevasta.

To qualify for Malta’s NRP, applicants must demonstrate a monthly gross income of no less than EUR 2,700. Moreover, according to the Residency Malta Agency, applicants must

  • Prove they can work remotely;
  • Hold a valid travel document;
  • Have health insurance covering all risks in Malta;
  • Hold a valid property purchase or rental agreement;
  • Pass a background verification;
  • Prove they fall under any of the following three categories:
    • Work for an employer registered in a foreign country and have a contract of work;
    • Conduct business activities for a company registered in a foreign country and of which applicant is partner/shareholder; or
    • Offer freelance or consulting services, mostly to clients whose permanent establishments are in a foreign country, and with whom the applicant has contracts.

For more detailed documentation requirements, consult the Residency Malta Agency’s checklists and FAQ.

More Policy Updates

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Malta becomes the latest country to capitalize on the growing trend of remote-workers by aiming for consumption rather than taxation.

A US$300,000 investment leading to permanent residency in a matter of weeks, and citizenship in 1-5 years, depending on nationality.

The total investment amount for the Investor Visa will rise from AUD 1.5 to AUD 2.5 million on July 1st.

 

The post Malta Announces New Nomad Residence Permit (NRP) Program appeared first on Investment Migration Insider.

No Exclusive Marketing Concessionaires for New Malta PR Program, Says Agency-Boss Mizzi

In conjunction with the launch of the brand new Malta Permanent Residency Program (MPRP), the country’s government has established a new agency – The Residency Malta Agency (RMA) – that will oversee the program’s operations, due diligence, promotions, and agent appointments. The MRA will have many of the same functions – and largely the same management – as the Malta Residency Visa Agency (MRVA), which oversaw the MPRP’s predecessor program, the Malta Residency Visa Program MRVP.

Charles Mizzi will continue to serve as the head of the agency, now under a new brand and with new investment terms.

At a minimum capital outlay of EUR 150,000 for a single applicant, none of which is recoverable (at least for applicants who lease rather than buy property), the MPRP has among Europe’s decidedly lowest capital requirements.

This raises the question of the program’s competitive position relative to other European residency programs that have much higher (but also more recoverable) capital requirements. Speaking to IMI, Mizzi indicates he believes the program’s new structure gives him the best of both worlds: A program that’s simultaneously more attractive for clients in terms of capital requirements but one that also, ultimately, brings more direct revenue to Malta than under the MRVP, which had a EUR 150,000 bond-investment element.

“We believe that the MPRP proposition is competitive in comparison to other programmes even though the capital is not recoverable,” says Mizzi. “At the same time, the new requirement of making a direct government contribution means more revenue for the Maltese government than was possible under the MRVP model.”


Read also: Malta’s New Permanent Residence Program Open as of Yesterday


By the time it expired, the MRVP had received 2,452 applications, of which 70% had been approved as of January 18th. Questioned as to his forecasts for the MPRP’s performance, and whether it will match or exceed that of of the MRVP, Mizzi is hesitates to prognosticate.

Under the current volatile circumstances resulting from the pandemic that has really not spared any country in the world, it would be bullish to share accurate projections,” he says. “However, even before the launch of the MPRP, we were experiencing increased interest in the Programme. Now with the official launch of the MPRP, this interest is being reconfirmed through the positive feedback we are getting from licensed agents.”

Beyond Chinese applicants

Chinese nationals accounted for the lion’s share of applicants under the MRVP. Though that is likely to be the case also for the new program, Mizzi confirms that specific plans aimed at diversifying the customer base are afoot. While China remains the largest market, he explains, “we feel that markets like India, South East Asia, the Middle East, and Africa all hold promise and potential.”

To capture more of relatively untapped source-markets, the agency is preparing a comprehensive marketing strategy “to promote the MPRP across different regions to achieve more diversity.”

Questioned as to what form, specifically, such a marketing strategy will take, he says it will involve working closely with the licensed agents, giving them the tools and support their initiatives need to succeed, such as by providing them with official marketing materials in a variety of languges. A support model for roadshows is also in the works.

Unlike its predecessor, however, the MPRP will not be adopting a model of exclusive marketing concessionaires for particular geographic regions. The agency, Mizzi confirms, will not have marketing partners, but will instead work with licensed agents directly by supporting their marketing efforts.

Asked what the reasoning behind the change in approach was, Mizzi simply stated that he believed that “over the past years licensed agents have gained the necessary experience and grown their networks sufficiently in order to be able to successfully promote the programme. The Agency will be supporting all agents equally with the same supportive measures.”

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Whereas the MRVP had exclusive marketing partners for different geographical regions, the new MPRP will take a different approach.

Kenya’s Investment Authority is drafting legal amendments that would permit a CIP. Its chairman says “there’s really no opposition to it.”

Chairman Warsal is expected to reveal details on the program’s long-awaited real estate investment option next week.

 

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