A new residence and visa sale scheme just launched in China is part of a global push spearheaded by private companies to attract rich individuals to Malta.
A spokesman for Economic Growth Parliamentary Secretary José Herrera, who launched the new scheme in China last week, confirmed that the programme would be marketed around the world by private companies with successful applicants paying a fee of €10,000 each.
Applicants will have to invest €250,000 in government bonds and buy or rent property on the Maltese islands. Properties in Malta need to have a minimum value of €320,000, or €270,000 in Gozo or the south of Malta or annual rental value of €12,000 in Malta and €10,000 in Gozo and the south of Malta.
A €30,000 ‘contribution’ must also be made, part of it going to the private company promoting the scheme and the rest to Identity Malta. The spokesman said the contribution would “support” Identity Malta’s operations and serve as a source of income for the government.
The programme will be promoted in Asia, the Americas, Oceania, South Africa, the Middle-East, Turkey and Europe. In Europe, the scheme will be specifically targeting the Russian Federation and Ukraine.
Individuals given residence visas will be able to live in Malta and travel freely in the Schengen area.
Dr Herrera described the new scheme as being another incentive for foreigners to invest in Malta.
There is no doubt that this visa and residence programme will be a success story
“There is no doubt that this visa and residence programme will be a success story. Both the government and the Opposition agreed on the validity of this programme and the effects it will have upon Malta. With the programme, the government will be introducing yet another incentive, this time through regular and controlled immigration,” Dr Herrera said when launching the scheme.
Shanghai Overseas Chinese Exit-Entry Services has been tasked with promoting the scheme in China, Hong Kong and Macau, though Dr Herrera’s spokesman said it would not necessarily do it exclusively.
“The strategic ideas behind this concession is for the government to find a suitable and experienced partner with knowledge of the geographical area to take over the promotion of the programmes,” the spokesman said.
The scheme is distinctive from the government’s citizenship programme, which involves the sale of Maltese passports.
All residence applications will be screened by Identity Malta.
Asked if the programme requires applicants to actually live in Malta, the spokesman referred this paper to the legal notice governing the scheme. The legal notice states that Identity Malta will “monitor” applicants annually for the first five years of them being granting a visa and every five years thereafter.
The spokesman said the private companies will be responsible for the costs of promoting the scheme.
“The government shall not disburse any public money to the concessionaire for its marketing and promotion services… and, instead, all concessionaires for all geographical locations will receive remuneration set at €10,000 per successful application from the contribution paid by the applicant under the regulations,” the spokesman said.