Residency Malta Forecasts Revenue Surge to €25 Million in 2024 Amidst Expanding Programs

Residency Malta anticipates a substantial increase in revenues, projecting a tripling to €25 million in 2024, as outlined in the latest Budget estimations. The government agency, facilitating residency programs for affluent individuals from non-EU nations, had forecasted revenues of €7.5 million and slightly over €10 million in the preceding two years. The programs overseen by Residency Malta include the Nomad Residence Permit, Malta Startup Residence Programme, and Malta Permanent Residency Programme. The Digital Nomad Visa allows remote work for non-EU nationals, the Startup Residence Programme encourages non-EU entrepreneurs to bring their startups to Malta, and the Golden Visa offers residency to wealthy foreigners based on specific investment conditions.

Malta's Digital Nomad Visa Program permits remote work for individuals staying legally in the country while working for companies outside Malta. The Malta Startup Residence Programme provides a three-year residence permit for non-EU citizens looking to establish and grow their startups in Malta. The Golden Visa Program allows affluent foreigners to acquire residency by meeting specific investment criteria in Malta. To obtain a Maltese passport in one year through the Residence and Visa Program, applicants must invest a minimum of €750,000 in the national development fund.

Despite the economic contribution of Malta's Golden Visa program, concerns about security and potential involvement in illicit activities have been raised. The Ministry for Home Affairs expects to earn €21 million from the Individual Investment Scheme, commonly known as the Golden Passport Program, in the upcoming year. The Golden Passport Scheme has faced scrutiny, with questions arising about the administration of funds generated from the program. The annual report and financial statements for the fund handling income from the Golden Passport Scheme are pending review and will be made public once the process is concluded, according to a fund spokesperson.

Minister for National Security, Byron Camilleri, revealed that from 2014 to March of the current year, authorities in Malta received a total of 1,532 requests for Malta's Golden Passport scheme. Camilleri highlighted that individuals from North and South America, Asia, Oceania, and Gulf countries were among the primary beneficiaries of the scheme.

By fLEXI tEAM