The process by which the Golden Visa Program of Malta became operational was filled with controversies, according to a research report from the Daphne Caruana Galizia Foundation analysis.
The report brings into light concerns related to the Golden Visa Program of Malta, in particular the involvement of high-ranking officials and a network of intermediaries (agents), Schengen.News reports.
The Golden Visa Program of Malta permits wealthy foreigners to acquire residency in exchange for financial investments and meeting specific conditions.
Recent research reveals that the economic and social impacts of this scheme are less visible, especially those related to the real estate industry in Malta.
In spite of the fact that the scheme leads to an increase in demand for real estate, the benefits are not distributed proportionally among the parties involved. Besides, in some cases, it leads to a worsened housing situation for local residents.
China Does Not Recognise Dual Nationality, but Golden Visas Offer Many Benefits to Its Nationals
China does not recognise dual nationality; however, through the Golden Visa Program of Malta, its holders are permitted to travel to all EU Schengen Zone countries freely, in addition to Malta.
By obtaining such a permit, which is also extended to their family members, Chinese nationals are eligible to send their children to European schools. They are also subject to other benefits, such as access to better healthcare and other opportunities offered in other European countries, without being required to renounce their Chinese nationality.
The passport of Malta is ranked in the 25th position in the Passport Index of VisaGuide.World, which positions passports of 199 countries worldwide in terms of the strength of their passport.
Holders of Malta’s passport are eligible to travel visa-free to a total of 114 countries and passport-free to 31 countries, with a passport score of 88.36.
Majority of Golden Visa Beneficiaries Reside Outside of Malta
The survey from the Daphne Caruana Galizia Foundation also revealed that a large number of those who acquire residency in Malta do not reside in this territory but in other countries instead.
The report revealed that of the 2,500 golden visa requests analysed, only 67 applicants bought a property, while the rest were all rented.
The research known as “Malta’s Golden Visas: What problem are they solving and who benefits?” found that in several parts of this country, the Golden Visa Program is leading low-to-medium income renters to compete for housing with high-income buyers, as reported by the Independent.
Source: https://schengen.news/maltas-golden-visa-offers-significant-benefits-for-chinese-nationals-despite-dual-nationality-restrictions-research-says/
