MRVP 5 - Official Compliance Form

Q1. What is the Official Compliance Form (MRVP 5) that is referred to in the Guidelines?

The Official Compliance Form (MRVP 5), which is referred to in the Guidelines, is an official form that the Beneficiary will have to fill-in once a year for the first 5 years, and once every 5 years thereafter and the RAP/RAA being responsible for the submission of such form along with the respective required documents. The OCF is in itself a declaration that the clients’ obligations are being satisfied according to regulations. This form has to be filled in and signed by the Beneficiary and a commissioner for Oaths. The RAP/RAA’s responsibility is to ensure that this form is submitted to MRVP together with all the supporting documentation approximately one week in advance, however not more than 2 weeks earlier. If the required documents at OCF stage or at the Report MRVP41 stage are not submitted within a 3-month period, the residence Cards for the entire application will be revoked. The RAP/RAA has to sign this form is for collection and administration purposes only.

Q2. What will the renewal process for the residency cards be? To what extent will the RAP/RAA be involved?

Residency cards will be issued for a validity of 5 years, unless the minor dependent turns 14 or 18 years old, in which case the card validity ceases on the dependent's birthday. In the latter cases, the card is renewed automatically, free of charge. Renewal requests for the “normal” 5-year expiry, have to come from the RAP/RAA, as long as the beneficiary continues to comply with the regulations of L.N.288 of 2015 accordingly.

Q3. Will the duration of lease have to correspond with the residency card? I.e. if residency card is issued for 5 years, will a client require a 5-year lease?

The duration of the lease has to be not less than a year to comply with the set requirements. Kindly note that the Beneficiary MUST have a valid residence in Malta at all times, with no gaps whatsoever.

Q4. After 5 years, Beneficiary will need to submit the Official Compliance Form every 5 years, to show that he or she is still fulfilling the obligations. Do all obligations need to be retained? Is there any fee to be paid? Is there any documentation that needs to be filled and submitted?

After five years your client doesn’t need to retain the qualifying investment. He is still required to retain a residential address in Malta, however he no longer has to abide by the restrictions set for the initial 5 years.

Q5. Is the requirement to show €100,000 annual income or €500,000 capital just for the first five years?

The applicant is required to hold either the €100,000 Annual Income or the €500,000 Capital for as long as the residence permit is valid. If at any point either during or after the initial five years, the applicant does not adhere to the above mentioned, the residence permits will be revoked.

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

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