Report reveals 17% of Żebbuġ Gozo residents are golden visa buyers

Golden visa buyers make up 17% of Gozo's Żebbuġ residents and 14% of Munxar's population, a new report shows.

Despite the requirement for golden visa buyers to reside in Malta, the report on the controversial programme confirms that many of them continue living abroad while maintaining a minimal footprint in the country. 

New research conducted by The Daphne Caruana Galizia Foundation sheds light on the broader economic and social implications of Malta's golden visa scheme. 

The golden visa program allows non-EU nationals to secure residency in Malta in exchange for investments, predominantly in the real estate sector. 

The report confirms that many buyers remain absent, with the Daphne Foundation stating that this undermines the intended economic and social integration of visa buyers into Maltese society.

The study highlights that the programme is contributing to rising competition for housing, which is disproportionately affecting low-to-medium income renters. 

Visa holders must meet a minimum annual rent threshold of €12,000, or €10,000 if they choose to live in South Malta or Gozo. These figures exceed the median rental price for many Maltese citizens.

The report also reveals the uneven distribution of golden visa buyers, with significant population growth in areas such as Żebbuġ (Gozo) and Munxar. In some towns, golden visa residents, including their family members, account for a substantial portion of the local population—up to 17% in Żebbuġ and 14% in Munxar. 

The data indicates that around 90% of golden visa buyers are Chinese nationals. However, the NGO highlighted a notable discrepancy between the number of visas granted and the recorded Chinese population in Malta. 

The foundation noted that the 2021 census registered just over 2,700 Chinese residents in Malta, a stark contrast to the 5,200 golden visas issued to Chinese nationals (including dependents) between 2016 and 2021. This discrepancy further suggests that many visa holders do not actually live in the country.

The report notes that the programme is disproportionately benefitting law firms, tax firms, and the real estate sector. 

Figures included in the report show that Shanghai Overseas is the leading concessionaire with 2,214 golden visa applications between 2016 and 2021. In second place is Discus Holdings with just 108 applications. 

Meanwhile, the report notes that Mark Hyzler’s Kyshen International had the largest market share in the sector. 

Given the findings, the NGO called for the government to reevaluate the golden visa program's structure and impact. The research advocates for a more balanced approach that considers the long-term social and economic well-being of the Maltese population.