Transcript
The island of Malta has become a beloved travel destination thanks to its rich history, stunning Mediterranean scenery, unique charm, and friendly, English-speaking people. But beyond its beautiful beaches and historic sites, it’s also gaining attention as an attractive jurisdiction to invest in, and to live. Jonathan Cardona, CEO of Residency Malta Agency, discusses what attracts people to apply to Malta’s residency-by-investment programme, and what makes the programme – and the island – unique.
World Finance: Jonathan, what is attracting people to become residents of Malta?
Jonathan Cardona: Yes, Malta’s quite an attractive and unique country. I think first is the work-life balance, which makes them want to come to Malta. Our economy is doing very well – one of the best-performing economies, actually, in Europe. Then we have very good weather, we have Mediterranean weather. We have wonderful food.
Our culture is a bit of a mix of Mediterranean and Italian lifestyles; but our work ethic is very much British. So it’s quite busy, but one can balance life well, to enjoy the outdoors, to enjoy our beaches, and enjoy the family.
We also have a very stable and safe jurisdiction; Malta is a democracy, very safe for people, even to walk at night.
Then we have a reputable healthcare system, renowned and recognised by the World Healthcare Organisation. And also very good educational institutions. So I think all the real key components, when one’s selecting where to settle – one can find them here in Malta.
World Finance: Many viewers will be interested in investing or starting their own business in Malta – what’s the climate like for entrepreneurs?
Jonathan Cardona: Well, as one would expect from a European country, when someone needs to set up a company here, it is relatively easy to find the right people who will help you and guide you get everything on track.
The benefit in Malta is that given that we are a small country, we are well connected and tightly knit. It’s a nice place to settle, well connected to Europe, and also given its location, Malta is well placed to cater to the African continent here.
World Finance: Now, Malta’s permanent residency programme is one of the more popular European residency options, offering both value for money and transparent criteria; what makes the programme unique?
Jonathan Cardona: Firstly I think it’s the only programme where one can rent – not necessarily buy – property. So that will keep the initial capital outlay low.
We have become one of the most efficient programmes – the timeline is around four months from application date to approval, which in the industry is considered a very good timeline.
Finally, when a family decides to embark on this journey, they look at it for future planning. And when you’re planning, you’re planning for the whole family. Our programme, at the application stage, already four generations can be included. But you can also include in the future, the spouses of the children. So when they grow up and they decide to get married, the spouse will be eligible to become a Maltese resident – and also, their children. So we’re now speaking about the fifth generation which has not yet been born.
So as a programme, it is really forward-looking. And I think it is the only programme which can give you that element of peace of mind.
World Finance: You updated the eligibility criteria and investment requirements in July this year – why was this?
Jonathan Cardona: Well, what we do is, we always try to adapt, to take into consideration new realities, geopolitical shifts, and industry trends. We now have a more competitive financial outlay, more flexibility with property sub-leasing and rentals, and importantly an introduction of a one-year temporary residence permit provided at the very start of the applications.
This gives the applicants the opportunity to come and visit Malta, understand our culture better; get to know the country through and through.
What definitely has not changed is our quality of service and the levels of due diligence, which continue to be at the heart of what we do. And our overall attention to detail.
World Finance: So if I’m looking at Malta as a residency option, where do I start?
Jonathan Cardona: I think the most important thing is selecting the right agent. Agents know what we require, what our expectations are. And they will help you in filling application forms and submit the right documents so that the application is processed as quickly as possible. So I think the selection of the agent is the most important one.
Then obviously there are the forms and other procedures that are very much straightforward, as we standardised the process. We have a very good IT team here as well, who helped automating the process. It doesn’t mean that there is a system which will automate the decision making, but it helps the assessors have better peace of mind in taking decisions. Because they know what they are assessing against. It’s much more clear. So now we have a template which is very similar to that of a bank. It’s very much straightforward; we know what we are looking for, we have all the details, so in about four months you will have a reply from our end.
World Finance: Finally, we’ve spoken at length about the benefits to new residents of Malta through the MPRP, but what does the programme mean for Malta and its citizens?
Jonathan Cardona: Well, I think the MPRP is an important tool to help the government and its revenues. Because at the end of the day it was implemented to better our economy, and attract talent.
Moreover, part of our programme is a donation of €2,000 to a local voluntary organisation, and we’ve seen a substantial amount of money go to these small NGOs.
And when it comes to the economic element, we have seen important revenues come in, which have been channelled both through our sovereign fund and the consolidated fund. But also we have had people who have come through this programme, who have established businesses here. Who have helped in employing people. Who have helped in increasing our economy, which at the end of the day are all important for the betterment of our quality of life.
