The world is slowly but eagerly easing into to a post-pandemic phase, as lockdowns become a thing of the past and businesses get back into the saddle. In reality, however, we are still reeling from the impact, and families from countries who felt the pinch more than others in a variety of ways are increasingly considering residency in another country, as a Plan B for the peace of mind of their family. Our editor caught up with Charles Mizzi, Chief Executive Officer of Residency Malta Agency, to hear about how Malta has become an attractive place for second residency.
What makes Malta an attractive country for second residency?
Malta is among the safest countries in the world, with a society built on community and family values. The country boasts excellent educational opportunities with curricula based on the British model. We also boast world-class healthcare, so people have peace of mind knowing that if they fall ill, they will be well taken care of.
Connectivity is strong, with daily air and sea links to Europe and North Africa, and solid connections to the MENA region, so travelling for business or leisure is easy. Most locals are fluent in English, which is the primary language of operation for most businesses, and this makes communication a breeze.
Couple these attractions with our gorgeous Mediterranean lifestyle and the choice becomes that much easier. The mild southern climate is great for outdoor events, dining al fresco and meeting people. One in five residents is an expat, and this has added value to our melting pot of cultures and our community-based lifestyle.
We have a wealth of historic and heritage sites and Malta is often hailed an open-air museum. From the fortifications of the Knights of St John to the military architecture of the British period, the Neolithic temples that are the oldest in the world and baroque churches, visitors and residents alike can enjoy our rich surroundings that are second to none.
What benefits does the Malta Permanent Residence Programme (MPRP) give second residents?
The MPRP has a number of unique features. One of the greatest advantages of this programme is the fact that permanent residency is granted from the very first day. Added to this is the quick processing time of 4 to 6 months, making it one of the most efficient residency programmes on offer.
The option for applicants to lease property instead of purchasing sets the MPRP apart from other similar programmes. Given the substantial investment one must make when acquiring real estate, it makes sense to allow new residents to explore different locations before committing to the place where they will eventually settle with their families.
The MPRP also makes it easy to relocate large families since one application can include up to four generations. Our culture has very strong family roots and we wanted to create a programme that is family-centric. In fact, fees for additional dependants are very reasonable, and we have found that this is one of the most attractive and sought out features of our programme.
Last but not least, you have Malta itself, which offers a variety of attractive features for residents old and new, both as a legal jurisdiction, a place to work, and as a primary or secondary place of residence. There is something for everyone here.
How do you ensure you attract quality investors?
Residency Malta’s mantra is quality over quantity, and we apply strict due diligence to every application we receive. This is how we have maintained our strong reputation. We carry out four-tier checks which ensure that only those applicants who are fit-and-proper can qualify for permanent residency, and we screen for adverse media, litigation, crimes, source of wealth and source of funds, among many other checks.
At the end of the day, we must be sure that we are opening our doors to residents who will add value to our communities and who are themselves deserving of the added value our country can give to them.
Do you consider doing business in Malta easy?
Malta’s eco-system facilitates start-ups, scale-ups and business in general. Our fully developed market makes up for our small size and makes Malta an ideal test base for new products and services. Moreover, the Government offers a number of schemes that support entrepreneurs and encourage investors, with the aim of attracting foreign investment.
The economy is uplifted by a number of successful sectors such as igaming, pharmaceuticals, aviation, maritime, hospitality, financial services, film and the knowledge industry, and businesses will find a highly-skilled and dedicated workforce. The fact that English is a national language makes setting up and gaining momentum that much easier.
How has the MPRP contributed to Malta’s sovereign wealth?
The MPRP was ideated to attract foreign direct investment to Malta, along with talent, skills and human capital, while facilitating economic mobility for third country nationals and their families who are looking for resettlement.
Attracting new residents contributes in terms of initial investment and investment in real estate. Funds derived from the programme go to the nation’s Consolidated Fund and the National Development and Social Fund, both of which divest funds to important projects that come with great benefits for local communities.
Residency Malta itself as an Agency also manages its own CSR initiatives. By way of example, last year we contributed to the purchase of tablets for a local support agency, funded a robotics project at the University of Malta, and refurbished a library and science lab in one of our colleges. The Agency also committed a substantial sum to the government’s housing fund, which will assist with the provision of social housing for local families.
More information about Residency Malta’s programmes may be found at www.residencymalta.gov.mt
Charles Mizzi, Chief Executive Officer of Residency Malta Agency
Residency Malta Agency
Zentrum Business Centre, Level 2, Mdina Road, Qormi, QRM 9010, Malta
residencymalta.gov.mt
