In what can be seen as an unprecedented strengthening of ties between India and Malta, the Malta Residency Visa Agency has launched its Residency and Visa Programme in Mumbai, India, in association with the All India Association of Industries. Targeting High-Net Worth Individuals, the Programme aims to attract investment through appealing tax structures, a stable economy and a safe climate, as well as listing Malta as a choice of residency for Indian families.
Mr Roderick Cutajar, Chief Executive Officer at the MRVA explained through his presentation the requirements needed for HNIs to submit an application to the local immigration agency before it is taken over by the Agency for screening. The list of requirements is not new to those familiar with the Residency and Visa Programme policies;
A payment of €30,000 towards the application fee; a deposit of €250,000 in Malta Government Stocks for the duration of 5 years; the setting aside of health insurance of €1500 Euros (per dependent) and lastly, the purchase of property worth up to €320,000 Euros or €10,000 rent of property (per month), before the applicant can go ahead with the application.
An applicant can add a number of dependencies, namely spouse, children, parents and parents-in-law which all need to meet a set of requirements but can enjoy the full benefits of the applicant. A 4 to 5-month wait is to be expected, after which the applicant may receive residency. During these months, a number of checks are conducted (KYC, Clean Police Conduct Clearance, due-diligence both in-house and sub-contracted to an international organization). Permanent residency is issued for 5 years and can be renewed every 5 years thereafter.
Malta’s favorable climate, excellent healthcare and education as well as the English language status as an official language of the country, are factors that will surely appeal to people looking to invest in a second residency. Being part of the European Union would also give residents better access to the rest of Europe. “Malta economy is one of the fastest growing economies with a growth rate of 7.5 percent and having an increasing Indian community.” H. E. Mr. Stephen Borg, High Commissioner of Malta in India said. “The sectors that have tremendous potential for growth are IT, healthcare etc. It is the right time to invest. Next week our foreign minister is coming to India with a delegation. Many Maltese companies in sectors such as healthcare, education, energy are interested to invest in India”. Touching on tax structure, Mr Borg outlined the advantageous tax benefits and grants when compared to other countries, adding also a note on the country’s appeal for film-makers, as India’s Bollywood is extremely known for.