Concerns Surrounding Malta’s Golden Visa Program Highlighted in New Report
Key Insights:
- A research report by the Daphne Caruana Galizia Foundation raises concerns about Malta’s Golden Visa Program, particularly the involvement of high-ranking officials and intermediary agents.
- The program’s economic benefits are unevenly distributed, often exacerbating Malta’s housing crisis for low-to-middle-income residents.
- While Chinese nationals benefit from the program despite their country’s dual citizenship restrictions, the majority of Golden Visa beneficiaries reside outside of Malta, indicating limited local impact.
Report Findings:
Malta’s Golden Visa Program allows foreign investors to gain residency through financial contributions, often leading to increased demand in Malta’s real estate market. However, the disproportionate benefits of the program have raised questions about its broader economic and social impacts. Local residents often face challenges competing for housing due to rising prices driven by high-income foreign buyers.
The program remains attractive to Chinese nationals, offering access to EU Schengen Zone travel, improved education opportunities, and healthcare benefits without requiring them to renounce Chinese citizenship. Despite these advantages, most beneficiaries neither reside in Malta nor contribute to its community, as only 67 of 2,500 applicants purchased properties, while the rest opted for rentals.
The research, titled “Malta’s Golden Visas: What problem are they solving and who benefits?”, underscores the program’s limited contributions to Malta’s economy while aggravating the housing situation for many citizens.
