Many beneficiaries of Malta’s Golden Visa Program do not reside in this country. However, they make an impact, according to recent research from the Maltese non-governmental organisation, the Daphne Caruana Galizia Foundation.
The program that offers a pathway to residency in Malta by making a financial investment has attracted a large number of foreign nationals, Schengen.News reports.
The survey by the non-profit organisation called “Malta’s Golden Visas: What problem are they solving and who benefits?” revealed that in many territories, the scheme is leading low-to-medium income renters to compete for housing with wealthier visa buyers, quoted by the Independent.
The report highlights that of the total 2,500 golden visa requests that have been analysed, just 67 applicants opted to buy a property, while the rest all rented. Besides, the same shows that the majority of those who chose rent paid only the minimum amount required, €12,000 a year in this country or €10,000 a year in Gozo.
The recent report by the Daphne Caruana Galizia Foundation, taking into account data from thousands of golden visa requests for a period from 2016 until 2021, reveals that nearly nine out of every ten golden visa buyers or 88 per cent of the total, are nationals, from China.
The survey shows that while a total of 5,200 nationals from China acquired residency in Malta through the Golden Visa Program for a period between 2016 and 2021, the latest population data revealed that there were only 2,700 Chinese people living in the country.
According to the Daphne Caruana Galizia Foundation, only 7 per cent of those choosing Malta’s Residency by Investment Program opt for purchasing a property while the rest is rented.
Attracting Internationals Through Golden Visa & Golden Passport Programs
In addition to the Golden Visa Program offering foreigners residency in Malta, the country also runs another similar program known as the Golden Passport Program.
The Citizenship by Investment Scheme of Malta is among the few offered by EU countries. This program offers wealthy foreigners citizenship in exchange for financial investments.
This program also contributes significantly to Malta’s economic growth. The Minister for National Security, Byron Camilleri, says that from 2014 until 2023, 1,532 people acquired citizenship in Malta through this scheme.
In spite of concerns related to these schemes, Malta has not terminated these programs. The EU Commission has often called all European Union countries that offer these programs to end them as soon as possible due to allegations of them being involved in several illicit affairs such as money laundering, tax evasion and corruption.
Source: https://schengen.news/many-beneficiaries-of-maltas-golden-visa-program-reside-outside-the-country-survey-reveals/
