What makes individuals from third countries seek second residency in jurisdictions such as Malta? This was the first question I needed to ask for me to understand the motivations behind anyone wanting to apply for Maltese residency-by-investment.
Parents choose to pursue better opportunities for themselves and, most importantly, for their children. Our government representatives see this first-hand during promotional roadshows in third countries.
Prospective beneficiaries inquire about the credibility of Malta’s educational institutions, our University’s rank level and about our English language teaching schools. They all ask about our country’s healthcare system and medical facilities, which are highly ranked worldwide. They are intrigued by the extensive regional clinics on offer around Malta and Gozo, catering to such a small geographical area.
The issue of safety and security is a crucial factor in the decision-making process of individuals who decide to relocate elsewhere. They ask how safe the country is for their children and their future. They are astounded to hear that we are one of the safest countries in the world, implementing civil liberties, embracing our family roots, opening free childcare centres, improving infrastructure and bettering our already strong and sustainable social welfare system.
For a significant number of people, an application for a second residency in an alternative country is a form of insurance or guarantee of refuge and stability in case of sudden trouble at home. In a world that has become increasingly volatile, more and more individuals are seeking to protect themselves, their families and their assets for when there is an unexpected turn of events.
Population mobility may be due to geographical, economic, social or occupational reasons. Political and religious conflicts, wars, ethnic intolerances, civil unrest and crippling economic conditions are the main causes of instability in a country. The reasons behind population displacement may not solely rest on demographic inconsistencies but are also affected through changes in the natural environment or lack of resources.
The fact that Malta keeps punching above its weight and boasts a robust economy is an added positive
The fact that Malta keeps punching above its weight and boasts a robust economy is an added positive for individuals, with business plans, who decide to invest on our shores. Anyone looking at the country’s high credit ratings can see it is a no-brainer. They choose Malta knowing there are ample opportunities for them to implement their commercial plans.
This is a country where setting up shop is relatively easy and fast and where talent and achievement is encouraged. Visa-free access to a large number of countries for 90 out of 180 days means that the globally mobile have a free movement advantage as they conduct their business internationally.
A stable and democratic political milieu is another attractive factor for individuals who come from third countries seeking pastures new. Malta makes for an ideal second home for these families.
A typical applicant would be a well-established business owner or investor who would also bring over his family and relatives. We all know that, apart from all these attractive factors that our islands present to such beneficiaries, Malta offers stunning landscapes, favourable weather all-year round with mild and pleasant climatic conditions, a Mediterranean lifestyle, a distinctively rich history, a negligible crime rate and a multicultural environment.
In addition, the availability of more than 100 connecting flights around Europe, North Africa and the Middle East, makes Malta well linked with the rest of the world, offering the ideal package for business travellers.
The global investment migration industry has experienced exponential growth and is showing no signs of slowing down, driven by globalisation and mobility and more specifically due to the reasons mentioned here. The industry is estimated to account for $2 billion annually, generating tens of billions in investment and leaving a massive positive impact on countries with such programmes.
Malta is one of the many countries that offer investment relocation programmes. The government is greatly committed to seeing that the already-strong Maltese residency programme maintains its attractiveness, robustness and sustainability, in order to keep luring talent and capital.
Alex Muscat is Parliamentary Secretary for Citizenship