Visa residency programme generated 136 direct jobs in three years

Malta’s residency visa programme generated 136 direct jobs in the financial services and ICT sectors and contributed a one-off injection of €50 million.

The figures come from a report that analysed the full three years of the programme’s functioning between 2017 and 2019.

The report was presented by Citizenship Parliamentary Secretary Alex Muscat ahead of today’s First Reading in parliament of the new residency programme.

The visa programme offered third country nationals a chance to obtain a second residency in Malta. 

According to the analysis the programme generated 136 new jobs, which increased to 290 when considering the multiplier effect.

The economic impact assessment showed that the investment in property as a result of the programme was relatively small when compared to the entire real estate market.

The visa programme will be replaced by a new residency programme, which will also allow beneficiaries to obtain citizenship after satisfying a minimum residency requirement.

The new programme will demand higher fees, an increase in the threshold for investment in property and a donation to a charity of the applicant’s choosing.

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Muscat said the new agency was committed to “strengthening” government’s residency-by-investment avenue by ensuring Malta’s proposition is competitive and the programme’s platform and management are robust.

“It will collaborate with other relevant entities to explore new possibilities of investment, while diversifying the regions of its market,” Muscat said.

With a staff of 34, the agency according to Muscat, is well-equipped with industry professionals and due diligence experts. 

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