Enormous Increase of Applicants to Malta’s Residence by Investment Scheme, Minister of Home Affairs Confirms
In addition, the Minister added that the energy subsidies are making this country more attractive to international investors, AtoZSerwisPlus.mt reports.
“Even in challenging times, Malta must remain attractive, and these kinds of decisions do just that,” Camilleri pointed out during a discussion related to the energy subsidies on ONE TV’s Paperscan.
The Minister said which company, factor or employer would come to Malta if they know energy, as well as prices, are currently not stable and their electricity bill could shoot up the day after moving to Malta?
He mentioned the latest report managed by Residency Malta, which shows a record in the number of applications, as reported by Lovin Malta.
Camilleri didn’t offer any data regarding how many applications were filed or approved; however, he stressed that the number of applications had marked a notable increase.
“A record number of applicants means a record of direct investment in the economy through property purchases and rent, but also through money in the government’s consolidated fund that it can then use to subsidise energy, carry out infrastructural projects and increase pensions,” Camilleri said.
Malta Golden Visa Program permits wealthy internationals to live in this country in a lawful way, provided they have at least €500,000 in the capital when applying and purchase a property of at least €350,000 or rent one for €12,000 a year.
In addition, they are also obliged to pay the government an additional contribution worth a total of €28,000, or €58,000 and a €40,000 administrative fee as well as a €2,000 donation to an NGO.
Malta’s Residency by Investment Program has made an important contribution to the country’s economic sector, bringing significant incomes; however, the program has been criticised for permitting a large number of unlawful affairs to happen in this country.
Previously, the European Commission called on Maltese authorities to terminate such a scheme following reports that it is involved in several unlawful affairs, such as money laundering and corruption. Furthermore, the EU Commission warned Malta that if it did not abolish such a scheme risk going to the EU Court of Justice.
