Residency Malta is expected to triple its revenues to €25 million next year in 2024, based on Budget estimations.
According to the government agency, which offers residency programs for wealthy internationals from non-EU countries, it projected revenue of a total of €7.5 million last year, and slightly over €10 million the year before, SchengenVisaInfo.com reports.
The figures came from the Budget estimates published on Monday, according to a report from Times Malta.
Residency Malta oversees a coveted residency program for nationals from countries outside the bloc, according to its website.
The agency is responsible for three residency programmes:
Malta’s Digital Nomad Visa Program gives digital nomad workers the opportunity to legally stay in this country and work remotely for companies or businesses located outside the country.
At the same time, Malta Startup Residence Programme is dedicated to non-EU citizens who want to bring their start-ups to the island. It gives them the opportunity to acquire a three-year residence permit, extendable for an additional five years.
As for the Golden Visa, the program gives wealthy foreigners the opportunity to acquire residency if they meet some specific conditions and invest in Malta.
In order to get a Maltese passport in one year, through the country’s Residence and Visa Program, applicants should invest at least €750,000 to the national development fund.
Regarding this scheme, the Ministry for Home Affairs, is expecting no changes in how much money will the country earn through the sale of passports.
The same notes that just like the previous year, it is expected to bring €21 million from the Individual Investment Scheme, known as the Golden Passport Program.
In spite of making a significant economic contribution, Malta’s golden visa raised security concerns, of its involvement in illegal acts.
Besides, a fund that administers income brought to Malta from the Golden passport Scheme, still didn’t make accounts for 2021 public.
The annual report and audited financial statements are in the final stages of review and will be published once this process has been concluded.
Minister for National Security, Byron Camilleri previously revealed that since 2014 until March this year, a total of 1,532 requests for Malta’s Golden Passport scheme were received by authorities in Malta.
Camilleri stressed that nationals from North and South America, Asia, the Oceana and those from Gulf countries were the top beneficiaries from this scheme.