Every year we feature influential people and distinguished guests in the Investment Immigration industry. In the past, CEO’s of Government units have been our special guests for the interview. This year, we welcome Mr. Roderick Cutajar, CEO of Immvest International, Malta to be our esteemed guest for this exclusive interview on Malta immigration by investment programs.
We asked him a number of questions why Malta is particularly attractive for wealth migration. Please see the question and answers below..
Why Malta attracts wealthy families to settle down?
Malta attracts various levels of families not necessarily the wealthy ones only. With a population of just under five hundred thousand people, Malta has a lot to offer to anyone planning in settling or investing in the country. For the wealthy ones, recurrent positive credit ratings like in the case of Fitch who just affirmed Malta’s rating at A+, the robust legal and financial institutions, reasonable tax brackets, the governmental entities that assist investors with the implementation of business plans and other incentives, all contribute to attract families of different national backgrounds to the islands.
Malta attracts various levels of families not necessarily the wealthy ones only.
Roderick
How many investor migration programs Malta offers?
Malta offers a diverse range of immigration by investment programmes.
- Malta’s Permanent Residency Programme (MPRP) offers potential beneficiaries the opportunity to reside in the country indefinitely.
- The Residency to Citizenship Programme, as the name suggests, is the path to the acquisition of Maltese/European status.
- For those seeking a Tax related investment migration programme, Malta offers the Global Residency Programme (GRP). This is a residency scheme that offers a special tax status in the country.
- Recently, the Malta Startup Residence Programme was also launched. This Programme provides a three-year residence permit extendable to five years during which beneficiaries are able to reside in Malta while launching their startup venture.
- Last but not least, is the Nomad Residence Permit. It enables holders to retain their current employment based in another country whilst legally residing in Malta.
How has these Investor programs reshaped the economy and landscape of Malta?
Malta’s immigration by investment programmes have contributed in no small way to the island’s economy. According to the Residency Malta Agency, it has generated over fifty million euro mainly from the MPRP and Nomad Programmes. As for the Residency to Citizenship, according to the latest data, last year the Programme generated over twenty-one million euro. Since its launch in 2014 until the end of 2019, the Programme generated over eight hundred million euro. Similarly to other European as well as Caribbean countries, these Programmes generate wealth, employment opportunities and contribute to a strong long-term economy.
What is the difference between MPRP (Golden visa) and MR2C (Residency to Citizenship Scheme)?
The Malta Permanent Residency Programme provides beneficiaries the opportunity to settle indefinitely on the islands. Other benefits include:- Six months visa free travel into the Schengen area; Government fee, donation and renting of property only after approval except for the first €10,000; No minimum stay requirements; Four generations of family members can apply; Flexibility to rent or purchase property; After five years, no minimum requirements for renting or purchasing property; Processing time – seven to eight months; Application/Government fees one of the lowest; Programme is based on a robust legal framework. MPRP does not lead to Citizenship.
The Residency to Citizenship Programme provides beneficiaries Maltese/European Nationality. There are two options to choose from. One option may lead to citizenship within twelve to fourteen months and the other one to the acquisition of citizenship in thirty-six to fourty months. In both cases, the Programme is divided into three stages: Residency Stage – whereby beneficiaries are provided a residency card for a three-year period; the Eligibility Stage – this is where the main applicant is expected to declare all his net worth and its source; and the Citizenship Stage which is the part where all applicants are invited for the oath of allegiance in Malta.
It is very important to make mention that a rigorous due diligence process is conducted prior to accepting anyone for MPRP or the Residency to Citizenship Programme. Stringent checks are performed on all applicants for money laundering, crime, blacklisting or sanctions, adverse media, drug trafficking, human trafficking, terrorism and other equally important checks. In particular, main applicant declared net worth and source will be thoroughly scrutinized.
Stringent checks are performed on all applicants
Do you have any information on how many visas and citizenships granted by government of Malta.?
According to my best judgement as numbers change continuously, since 2016, Malta has granted residency to over three thousand investors. Give or take as one cannot be 100% accurate, applications have exceeded the four thousand+ threshold. As for Citizenship (at the time it was Individual Investor Programme (IIP), it is public knowledge that the first capping of one thousand eight hundred applications was reached. The new capping, following the launch of the Residency to Citizenship Programme stands at one thousand five hundred applications for a period of three years. This Programme is very popular with high-net-worth individuals and therefore one can expect that the capping will be reached too soon.
As a licensed and experienced Agent, immVest International Limited has processed and is processing a significant number of MPRP cases from all over the world. Investors come to us with their requirements, and we gladly and wholeheartedly help them choosing the right Programme. immVest International is also very active with the Residency to Citizenship Programme.
Our foundation pillars are based on honesty and integrity hence the reputation we have built with clients and partners in the immigration by investment business. We are not there simply to process applications, but we do our very vest to build a healthy, long-term relationship with all stakeholders. Trust is key!
What is the eligibility criteria to apply?
Applicants must be over eighteen years of age and in possession of a valid passport. Anyone applying for MPRP must : be third country nationals, non-EU, non-EEA and non-Swiss; not hail from sanctioned countries, as announced from time to time by the Agency; not benefit under other pertinent regulations and schemes; be in receipt of stable and regular financial resources, sufficient to maintain themselves and their dependants, without recourse to the social assistance system of Malta; show they have capital assets of not less than €500,000, out of which a minimum of €150,000 must be financial assets; be fit-and-proper individuals and have a clean criminal record; not pose any potential threat to the national security, public policy, public health or public interest.
As for Residency to Citizenship, there are no restrictions on dual citizenship in Malta. As discussed in the previous paragraphs, the Residency to Citizenship Programme is divided into three different stages. Main applicant will only be expected to pay the donation to Komunita’ Malta after approval (Eligibility Stage successful completion). There are two different contributions of at least seven hundred fifty thousand for the ones choosing the twelve to fourteen months path and six hundred thousand for those opting for the thirty-six to fourty months. There is also a ten-thousand euro donation that needs to be paid to a local NGO.
Pertinent to point out that the donation above helps different NGOs with their day-to-day operational expenses.
How is the real estate market in Malta?
immVest International Limited provides complete solutions to prospective investors. immVest Properties Limited was set up to ensure that clients/investors/partners are offered the best real-estate opportunities on the local market. We assist partners and clients with their property requirements including the selection of a suitable location, property viewing, price negotiation, selection of properties with a high return on investment, the drafting of the promise of sale/final deed, taxes that need to be paid on the purchase and much more. A dedicated ensure the client is offered the best experience possible when purchasing property.
The Malta real-estate market is very strong. Property prices are gradually growing. The average property price rise is approximately 10% a year. Purchasing property in Malta is a safe and secure investment. We collaborate directly with developers and other reputable real-estate agents.
We also offer properties in Special Designated Areas (SDAs). These areas allow both EU and non-EU nationals to purchase property in Malta with the same acquisition rights as Maltese Citizens. They normally consist of luxurious apartments and penthouses built to a very high standard and served with leisure facilities such as a swimming pool for the residents, gym and a shopping mall.
What is the future of investor migration programs in Malta?
Closing the residency or citizenship by investment business would be a kill for any country promoting these programmes. Improving levels of due diligence and if necessary implement other checks and balances would be a win-win for governments and other policymakers. These programmes contribute in no small way to the economical stability and sustainability of any country. I have personally launched the Malta Residency Visa Programme in 2016 for the Government of Malta and can reassure readers that many families who opt for a Plan B do that for reasons related to country/political instability, education, healthcare, better financial and economical stability, better business and career opportunities, safety and security.
Closing the residency or citizenship by investment business would be a kill for any country promoting these programmes.
Roderick
What tax benefits investors can receive from Malta?
Malta is not considering the introduction of a wealth taxation system or tax on world-wide income. There is an inheritance tax of 3.5% on the first €175,000 to those inheriting a property. Different parameters may apply. On purchasing a property, one has to pay a maximum of 5% tax (stamp duty) on the value of the purchased property and 8% tax on the sale of a property. Furthermore the maximum tax to pay on income in Malta is set at 35% depending on salary/income brackets.
About ImmVest International
immVest International Limited is an approved accredited agent. The Company was founded with a clear and compelling mission: to serve as trusted and streamlined partner to prospective investors embarking on a journey to secure an enriching second residency or cherished citizenship in a secure haven or to expand their business horizons beyond borders. immVest offers an all-encompassing range of advisory solutions, meticulously tailored to the client needs, ensuring peace of mind at every step. Please visit https://immvest.com for more information
About Mr. Roderick Cutajar
As the founder of immVest International Limited, Roderick Cutajar is proud to share the unique essence that defines his family-led firm. Since its inception in January 2019, immVest rapidly established itself as leaders in the world of global mobility, residency, and investment opportunities. According to Roderick, what sets them apart from others is the deeply personal commitment behind their services. All team members ensure that a personal touch is woven into every aspect of their work. This dynamic synergy between family and business lies at the core of immVest success.
After serving as the head of the Malta Government Residency Malta Agency for three impactful years, where he had the privilege of not only launching the highly successful Malta Permanent Residency Programme but also leading the Agency to new heights, Roderick made a deliberate choice to return to the private sector. This decision marked the inception of immVest International. As time progressed, his passion and commitment to the field of immigration by investment grew stronger. Building on the expertise gained during his tenure in public roles, he expanded his portfolio by establishing immVest Properties Limited and, subsequently, Gallant Management Consultants Limited.
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