Herrera launches residency, visa programme in China

Parliamentary secretary for economic growth Jose Herrera has labeled the residency and visa programme a “success”.

Speaking in Shanghai, China, Herrera launched the residency and visa programme to foreigners wishing to invest in the country.

“Whoever wishes to contribute to the programme is expected to contribute what essentially amounts to almost half a million euros in rented or purchased property, bonds or financial contributions to the government agency Identity Malta,” he said.

Herrera said that the programme had already generated extensive interest from around the world, attracting some 400 people to the launch as well as media channels in the country.

He added that Herrera had also signed the first concession agreement with Shanghai Overseas Chinese Exit-Entry Service Co. Ltd, for promotion and advertising of the programme. The company was selected after an open competition and adjudication process.

“The legal framework for the programme was launched in 2015,” Herrera said, adding that the programme would begin receiving iys first applications in April.

“The programme will continue to increase the government’s efforts to create more foreign direct investment in Malta,” he said, adding that the aim of this programme was to incorporate investment with residence.

Herrera added that the programme also complements other investment programme like the Individual Investors Programme (IIP).

“There is no doubt in our minds that the programme will be a success,” Herrera said, adding that both the government and the opposition had agreed on the validity and positive effects of the programme.

“The programme will be introducing another incentive for investment, through controlled and legal migration.”

Herrera said that the programme established minimum levels of investment that applicants were bound to attain in order to obtain a right for residence.

Adding that the country had experienced unprecedented economic growth throughout the year, Herrera said that the programme would continue in the footsteps of this growth.

“Malta is a safe and politically stable country and it is this stability that is attracting so much investment to the country,” he said, adding that the country was currently undergoing an ambitious reform process.

Herrera hailed the new agreement as a symbol of the renewal and strengthening of the relationship between the two countries.