Issue link: https://maltatoday.uberflip.com/i/1337056
11 maltatoday | SUNDAY • 7 FEBRUARY 2021 OPINION Malta residency visa: one reform at a time ago – prefer to sulk, lay down their arms, and retire to their tents by the shore: leav- ing their party to face certain defeat, as it tries to besiege the Labour government with only around two-thirds of its entire fighting force left… And oh my, what a surprise: just as the Greeks – with all their infighting – were no closer to winning the Trojan war, nine years after setting sail from Aulis… the lat- est polls suggest that the Nationalist Party is still roughly in the same electoral boat as it was in the 2013 election, a good seven years ago… Which brings me back to the wise words of Nestor: the only protagonist who seems to have no counterpart whatsoever, in the political drama unfolding today. You only need to watch One News (or read com- ments on the Internet) to appreciate how just how gleefully the Labour Party is cur- rently 'rejoicing', to see those two factions 'at each other's throats'. And if this is so clearly visible to you, me or anyone else who bothers to take a look… how on earth can it not be just as perfectly predictable to Bernard Grech, and all his advisors within the party? Who knows? Maybe he does under- stand… but, like Agamemnon before him, has allowed his pride to convince him that he can still win the war, even without the support of Achilles. Or maybe it's as I've suspected all along; that some things, quite literally, just never change at all… PROTECTING the interests of Maltese and Gozitan citizens is always at the heart of what we do. The existing Malta Residency Visa Pro- gramme (MRVP), in force since 2016, has been one of Malta's successful initiatives in terms of foreign direct investment, introduced by the government as a means to develop further the country's human capital and attract business leaders, while generating a surplus in public fi- nances. To this effect, we have just launched a newly revamped Malta Permanent Residence Program (MPRP) that will further seek to create more investment for all to benefit. The changes are far more than cosmetic or a matter of nomenclature. The programme had been in place since 2016 and is separate to the previous Individual Investment Programme, although it has been one of Malta's successful initiatives in terms of foreign direct investment. It was introduced by the government to further develop the country's human capital and attract business leaders, while generating a surplus in public finances. This surplus has turned out to be priceless during unprecedented times like these. To date, the contribution to the government's consolidated fund is €24,250,000. An economic impact study was conducted that assesses the impact of the MRVP on the Maltese economy between 2017 and 2019. The programme gener- ated a one-off injection of financial capital of al- most €50 million of which 40% was registered in 2020. The Programme generated human capital estimated at €5.9m in knowledge-economy and other high skills sectors in 2019 and directly cre- ated 136 jobs. When considering all multiplier effects, 290 jobs were created in total, predomi- nantly in the finance and ICT sectors. The Programme offers third country nationals a chance at having a second residency in Mal- ta. Individuals and families often look at having a second residency in a safe and stable country where they can settle and reside due to eco- nomic and political upheaval in their country of origin. Malta competes with some 20 Euro- pean residency-by-investment programmes, all contributing towards a global movement of in- creased mobility. To benefit, applicants are to satisfy several cri- teria. To be eligible for residency under the new programme, applicants must rent a property in Malta costing not less than €12,000 a year or €10,000 a year if the property is situated either in Gozo or in the southern part of Malta. Alter- natively, applicants can also purchase a property for a minimum value of €300,000 in the south of Malta or in Gozo or €350,000 in any other loca- tion on the island. The new Programme sees a slight rise in prop- erty purchase price that reflects the market, with due consideration to any possible negative mar- ket impact. It also introduces a new donation to a charity, chosen by the investors themselves, the benefits of foreign direct investment more tangible to our community. Safeguarding Maltese and Gozitan citizens' in- terests does not mean that we focus solely on the financial benefits. On the contrary, the Agency is constantly striving to fine-tune its rigorous scrutiny via a four-tier due diligence process. We only want persons and families of repute to be attracted to the Programme, which is why we conduct rigorous checks on their source of wealth and funds. The Agency boasts of a strong team of professionals trained in auditing, com- pliance and anti-money laundering. Outsourced due diligence on every family is commissioned to reputable international companies to ensure verification of all information is also done in each of the family's country of residence. Our nations' economic success must be sus- tainable. This can only happen if we constant- ly revise our programmes, despite them doing well, in order to update them to today's realities, to implement constructive feedback and to al- ways seek the best interest of our citizens. Our commitment towards such economic sustaina- bility does not stop on paper or on a number of uttered buzz-words, but is being implemented in practice, one reform at a time. Our nations' economic success must be sustainable. This can only happen if we constantly revise our programmes, despite them doing well, in order to update them to today's realities, to implement constructive feedback and to always seek the best interest of our citizens Alex Muscat Alex Muscat is Parliamentary Secretary for Citizenship and Community The Duel of Achilles and Agamemnon - Giovanni Battista Gaulli (1639-1709)