Over a thousand people applied to move to Malta in 2022 through a government agency's programmes that target high-earning remote workers and well-to-do individuals.
Residency Malta is responsible for the administration of the “Nomad Residence Permit,” and “Malta Permanent Residency Programme” [MPRP].
The agency’s CEO Charles Mizzi announced figures related to the two programmes on Thursday.
Home Affairs Minister Byron Camilleri said the agency's programmes contributed €50 million to the economy last year.
People who work remotely and are employed by a foreign company, or are self-employed, can apply for the Nomad programme if they earn at least €32,400 per year. Since the programme's inception in June 2021, 658 have applied.
Over three quarters, 78 per cent, were approved and 8.2 per cent were rejected.
16 per cent of “Nomads” were British and 14 per cent each were American and Chinese.
Nomad permits are issued yearly. Almost three-quarters, 72 per cent, of Nomads in Malta re-applied for the permit in 2022.
780 applied in 2022 under the Malta Permanent Residency Programme. Since 2016, when the programme began 71 per cent of applicants were approved and 10 per cent, rejected.
“Thorough due diligence is made on all applicants,” Mizzi said, explaining why the agency refuses some applicants for the two programmes.
People with a net worth of at least half a million can apply for MPRP. They must have three-fifths of that amount in liquidity, or near liquidity such as in bank accounts or stocks.
They must buy or rent property and give a direct contribution of either €58,000 if they rent a home or €28,000 if they buy. A €2,000 donation to a voluntary organisation is also mandatory.
A home affairs ministry spokesperson confirmed that due to sanctions, Russian nationals cannot apply for either programme.
Home affairs minister Byron Camilleri said, “in a world dominated by uncertainty Malta is stable and growing”.
“The programmes of Residency Malta seek to attract foreigners who want to move to Malta for a better quality of life,” he said.
Residency Malta’s website advertises Malta as an ideal destination for expatriates, emphasising the country’s “island vibes”.
“Beyond its history, Malta is a forward-looking nation and its modern, cosmopolitan lifestyle reflects the economic boom the country is experiencing, welcoming expatriates to its shores and embracing diversity,” the agency’s website says.