Following last week’s report that Malta is shifting its “golden visa” regime to a more “merit”-based one, another firm that advises people on such programmes has welcome the island nation’s position.
Malta, which has been an EU member state since 2004, is making changes to its citizenship-by-investment system after the Court of Justice of the EU earlier this year said Malta’s previous scheme was unlawful. The court condemned such schemes for “commercialisation” of citizenship.
"The Maltese government's decision to transition from a citizenship-by-investment model to a citizenship-by-merit framework marks a natural evolution in the global investment migration landscape,” Armand Arton, CEO of Arton Capital, told WealthBriefing. “Governments are increasingly recognising that the long-term value of residency and citizenship programmes lies beyond just capital inflows. The major benefit of citizenship by investment lies in attracting individuals who bring skills, innovation, and economic strength to the host country.”
“Ultimately, this aligns Malta with a wider international trend, as seen in models like that of the UAE, where visas are granted to professionals who are going to contribute actively to the country’s socio-economic fabric, such as nurses and teachers. In both cases, it is the applicant’s tangible impact on society – not merely the weight of their wallet – that will determine their eligibility,” Arton continued. (Arton also spoke to this news service about the recent move by the US government to introduce a “gold card” visa.)
Last week , a prominent firm in the sector, said Malta had taken a wise move.
Malta passport
Malta’s current system, introduced in 2017, gives foreigners the chance to obtain Maltese citizenship by making financial contributions ranging from €600,000 ($695,639) to €750,000, alongside property investments and donations. Dozens of countries, including several in the EU such as Spain and Portugal, have offered variations on golden visas. (Portugal has narrowed the scope of its programme, and Spain has ended it.) Such programmes have waxed and waned – to some degree they are a barometer of globalisation and the degree to which internationally wealthy people and families want to move around.
Arton said this global market is evolving in a positive way.
“This is a sign of our industry’s maturation. As long our world remains uncertain, there will always be a demand for second residencies and citizenships. What will change, however, is the framework in which they are awarded. The industry is evolving, and Malta’s move signals a shift towards merit, purpose, and strategic national interest, ensuring that the programmes benefit both applicants and the citizens of the host country,” he added.