Proof of Assets
Can main applicant rely on the benefactor for proof of assets?
Yes, however these should be in the name of the main applicant as specified in the legislation. In order to satisfy this requirement, the benefactor should transfer the funds to the main applicant who should present documentary evidence of this transfer such as deed of gift or sworn declaration, as well as evidence of the bank transfer.
If main applicant confirms that he/she holds shares in a company that is publicly listed, are company documents to be submitted with the application pack?
If main applicant’s shareholding exceeds 10% of the total shareholding in a publicly listed company, the company documents are required. For more information, please refer to question Q56.
Is a spouse considered to be a dependant if he/she has assets or sources of income?
Although the spouse is considered as a dependant, nothing precludes him/her from being in possession of certain assets and sources of income.
With regards to the €500,000 capital requirement, would an architect’s valuation be acceptable as evidence in order to establish the total net assets of a client if his/her assets were primarily real estate (and not necessarily cash or other liquid assets)?
Yes, an architect’s valuation is acceptable and real estate can form part of main applicant’s capital requirement.
Not many people keep cash in a bank account for a long time. They may have investment in property, security or business. Can applicant present a security/investment portfolio and/or property appraisal and/or company financial statements?
Yes, these documents are acceptable as long as they are issued from a reputable company or an official entity. These documents will accompany the necessary MPRP forms, including Form MPRP2 in which the statement of source of funds and wealth has been incorporated. The Agency is interested in the ‘individual’ financial capabilities, and the applicant must convince the Board that he/she has enough funds to satisfy the MPRP requirements with regards to qualifying property, and sustain him/herself and their dependants while at the same time still satisfy the programme qualification criteria with regards to €500,000 in capital out of which a minimum of €150,000 shall be in the form of financial assets. What is important is that reliable evidence is presented to sustain applicant’s declaration.
What does the Agency expect as a ‘statement of source of funds and wealth’ ?
The statement of source of funds and wealth is reflected in Form MPRP2. Also, a bank statement of the applicant’s main account for the last 3 months from which the administrative fee and the contribution will be remitted, is required.
Is the €500,000 capital requirement distinctive from the value of property acquired/leased in Malta?
Yes, they are different, distinctive requirements. Clients should provide:
- proof of €500,000 capital, out of which a minimum of €150,000 should be financial assets; and
- property valued at €300,000/€350,000 or rent of €10,000/€12,000 per annum;
With respect to the monitoring of assets, for how long will the beneficiary need to be compliant and in what form should these declarations be presented to the Agency?
Monitoring of beneficiary’s €500,000 in assets, out of which a minimum of €150,000 need to be financial assets will be made yearly for the first 5 years. The declaration is to be made through the submission of Form MPRP5 (Official Compliance Form), which is to be signed by the beneficiary and by the agent.
Can applicant be eligible with a €100,000 yearly employment income, as was required in the old programme?
No, applicants can no longer be eligible by showing a yearly employment income of €100,000. Applicants need to show assets of €500,000.
Are cryptocurrencies permissible as financial assets?
No, they are not permissible. These should be liquid assets like stocks, bonds, publicly listed/traded shares, funds and bank deposits.
If applicant is in possession of assets amounting to €500,000 (of which €150,000 should be in the form of financial assets), is the amount applicable only to main applicant or is it applicable also to the other listed dependants?
The amount is applicable to main applicant only. The amount does not change according to the number of persons included in the application.
It is quite normal for a property to be co-owned by the main applicant and his/her spouse, children and sometimes grandparents. Would this be accepted as evidence of the €500,000 capital?
Only the spouse’s part of the property is taken into consideration and only if the spouse is part of the application.