Change in status of a person benefiting from the MRVP

    Q1. Once a dependent reaches his/her 27th birthday, does that dependent automatically lose his/her right of residence in Malta? Would the said dependent be required to, on or before reaching the age of 26 years, apply for an MRVP in his/her name?

    No, the 27-year threshold is no longer in effect.

    Q2. When minor children under MRVP reach the age of 18, do they lose their Malta residence status?

    No, they do not lose their MRVP residence status as long as they satisfy the regulations of the L.N.288 of 2015, amended by L.N.189 of 2017.

    Q3. If a Beneficiary decides to give up his/her residence right in Malta within the first 5 years and move to another country, can he/she then sell the bond immediately, or does he/she have to wait for 5 years until he/she can sell the bond? Same question applies to the lease agreement: If he/she wants to leave Malta before the lapse of the first 5 years, can he/she then get out of the lease agreement or does the lease agreement have to be for a five period? In our view, this can be done but naturally this will result in the cessation of the certificate.

    The fact that he/she sells the bond and does not adhere to the qualifying property agreement, the client will automatically lose his/her status and this applies vice versa, that is, if he/she relinquishes his/her certificate, there will be no obligations to fulfill. If a Beneficiary relinquishes and/or loses his/her residency rights, any dependents benefiting from residency rights through the same certificate will automatically lose their residency rights.

    For any other questions that are not covered here, please contact us on info@nexiabt.com.

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