The amount is applicable to the Main Applicant only.
No, the amounts do not change with the number of persons covered under one application.
No, monitoring of assets will only be conducted on the Main Applicant and is not applicable to dependents. The declarations will be made through the submission of form MRVP5 Official Compliance Form, which is to be signed by the Beneficiary in front of a Commissioner for Oaths, the Commissioner for Oaths himself, and the RAP/RAA and submitted by the RAP/RAA to MRVA. The Beneficiary and the Commissioner for Oaths sign to endorse that the information submitted is true, factual and correct. The RAP/RAA signs for administrative purposes only. After the first five years, monitoring will happen once every five years.
Yes, they are different, distinctive requirements. Clients should provide:
Yes, as long as there is enough information on the employer. Evidence, such as salary slips or contract of employment showing the annual salary would suffice.
The Statement of Source of Funds and Wealth has been incorporated in form MRVP2. Also, a bank statement of the Applicant’s main account for the last 3 months from which the Initial Fee and the Final Contribution fee will be remitted is required.
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 MRVP forms, including form MRVP2 in which the statement of Source of Funds and Wealth has been incorporated. MRVA is interested in the ‘individual’ financial capabilities and the Applicant must convince the Board that he/she has enough funds to sustain him/herself and dependents. What is important is that reliable evidence is presented to sustain the Applicant’s declaration.
Only the Main Applicant is to provide proof of income (€100,000 arising outside Malta annually and/or ownership of €500,000 in kind or in cash).
This declaration is part of the latest version of form MRVP1, which is now considered as an affidavit, and hence is submitted as part of the application pack.
Yes, an architect’s appraisal is acceptable and real estate can form part of the Main Applicant’s capital requirement.
Although the spouse is considered as a dependent, nothing precludes him/her from being in possession of certain assets and of sources of income.