An interview with Jonathan Cardona, CEO of Residency Malta Agency
With global mobility a prominent feature of our digital world, countries are upping their game to become attractive destinations, offering value to new residents while attracting the best talent, skills and ideas. Residency Malta Agency is a government agency managing three distinct residency schemes for individuals outside the EU. These include the Malta Permanent Residence Programme, the Nomad Residence Permit, and the Malta Startup Residence Programme.
These initiatives offer the opportunity to reside temporarily or permanently in Malta, in a secure and stable environment, with access to business prospects, high-quality education, and healthcare, all while experiencing the charm of a Mediterranean lifestyle.
The European caught up with Jonathan Cardona, CEO of Residency Malta Agency to find out how the various programmes work.
Can you tell us about the mission and vision of Residency Malta Agency?
Jonathan Cardona: Residency Malta is a government agency responsible for managing three residency programmes for non-EU nationals. Our flagship programme is a residency-by-investment migratory pathway – the highly sought-after Malta Permanent Residence Programme (MPRP).
Also popular among remote workers is the Nomad Residence Permit, which offers digital nomads and immediate family members a chance to work from Malta while keeping their employment abroad. The permit is issued for one year, with the possibility of renewing it three times, for a maximum stay of four years.
The Malta Startup Residence Programme offers founders of innovative startups residency so that they can focus on the growth of their business using Malta as their launch pad. The permit is for three years, with the possibility of renewing for an additional five years. It is also open to core employees and immediate family members.
Our mission is twofold, offering a chance to third country nationals of good conduct who wish to make Malta their home, while attracting foreign investment to the country. Our aim is to maintain our reputation as a leading residency agency of its kind in Europe, offering value programmes in the sector and always setting the bar when it comes to due diligence. We value efficiency, service excellence, transparency and integrity and keep communication lines open with our stakeholders.
Can you explain the structure of the MPRP and how it is a residency-by-investment programme?
JC: The MPRP is clearly structured around investments in property and government contributions. Applicants need to pay a non-refundable administrative fee of €40,000. Depending on whether they choose to rent or purchase property at set price points, they must make a corresponding government contribution. Additionally, applicants are required to donate €2,000 to a local NGO involved in philanthropic, cultural, scientific, artistic, sports, or animal welfare activities.
Of course, applicants must be fit-and-proper and clearly show their source of wealth in the application.
What are the benefits for beneficiaries under the MPRP?
JC: Firstly, following rigorous due diligence checks, successful applicants are offered permanent residency rights in Malta as from day one. As Maltese residents, beneficiaries then enjoy freedom of movement across the Schengen area for 90 days out of every 180 days.
The MPRP distinguishes itself with unique features such as the option to lease property, providing flexibility in choosing a preferred location for purchasing a property at a later stage. It’s also great if you’re considering family relocation, allowing up to four generations in one application. Plus, future spouses and grandchildren can be added post-application.
Then of course, Malta itself is the ultimate benefit – offering new residents the chance to live, settle and work in Malta’s safe and stable environment, and enjoying a high quality of life in the heart of the Mediterranean with an English-speaking society based on family values. Malta offers a mild climate, excellent education opportunities, reputable healthcare, and varied business prospects. All these elements make it an ideal home away from home. Ultimately this is what drives the programme’s success and growing application numbers.
What are the eligibility criteria and requirements for applicants to be considered for the MPRP?
JC: To qualify for the MPRP, applicants must pass rigorous due diligence checks and meet several criteria. They must have stable and regular resources to support themselves and their dependants without relying on Malta’s social assistance, possess a valid travel document, and have health insurance covering all risks in Malta. Additionally, they need to hold assets valued at no less than €500,000, with at least €150,000 in financial assets.
What measures does Residency Malta Agency take to confirm that only suitable and qualified individuals and families receive residency?
JC: Our team of professionals trained in auditing, compliance and anti-money laundering conducts a stringent multi-tier due diligence process to ensure that only individuals and families of good conduct are granted Maltese residency. This process starts with KYC conducted by the Licensed Agent at onboarding stage, followed by document validation by our personnel, police clearance and investigations. We also conduct thorough checks on the source of wealth and funds. Additionally, we commission background verification reports from international due diligence companies. Approved beneficiaries must then submit annual compliance documents to maintain their status.
How does the MPRP contribute to Malta’s real estate market?
JC: The MPRP allows applicants to either rent or purchase property in Malta. Despite the growing interest in the programme, the number of MPRP applicants remains relatively small compared to the overall volume of property transactions in Malta. Consequently, the MPRP has a minimal impact on the real estate market, maintaining stability and accessibility for all potential buyers and renters.
Can you explain the government contribution under the MPRP?
JC: This depends on whether the applicant chooses to purchase or lease property. Applicants who purchase property must pay €28,000, while those who lease property must pay €58,000. The revenue generated from the MPRP is allocated to the Government’s Consolidated Fund, supporting significant projects and initiatives of national importance and public interest. This is where we ensure a direct positive impact on Maltese citizens.
What are the property investment requirements under the MPRP?
JC: Applicants can either rent a residential property for a minimum of €10,000 per year in the south of Malta or in Gozo, or €12,000 per year in the rest of Malta. Alternatively, they can purchase a residential property valued at a minimum of €300,000 in the South of Malta or in Gozo, or €350,000 in the rest
of Malta.
The qualifying property must be maintained for a minimum of five years. After this period, beneficiaries can rent or purchase any property without adhering to established minimum price points, providing greater flexibility in selecting a residence.
What sets Residency Malta Agency apart from other similar agencies?
JC: We believe we stand out by striving for service excellence through a client-first approach and excellent supportive digital platforms that uplift our value propositions. We continuously invest in innovative technologies to maintain effective and efficient methodologies, ensuring a seamless experience to continue attracting quality applicants. This dedication to service and innovation positions us as a leading residency agency in Europe.
Further information
www.residencymalta.gov.mt
