Malta's Golden Visa Change

Malta's Unique Landscape

Following last week’s report that Malta is shifting its “golden visa” regime to a more “merit”-based one, another firm that advises individuals on such programmes has welcomed the island nation’s progressive position. Malta, which has proudly held the status of an EU member state since 2004, is undertaking significant changes to its citizenship-by-investment system. This shift comes in the wake of a ruling from the Court of Justice of the EU earlier this year, which deemed Malta’s previous scheme to be unlawful. The court expressed strong disapproval of such schemes, condemning them for promoting the “commercialisation” of citizenship. The Maltese government's decision to transition from a citizenship-by-investment model to a citizenship-by-merit framework represents a natural evolution in the global landscape of investment migration. As Armand Arton, CEO of Arton Capital, articulated in an interview with 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. He further elaborated on the implications of this shift, noting that it reflects a growing recognition among nations of the importance of fostering a diverse and skilled population that can contribute positively to their economies and communities. Arton also spoke to this news service about the recent move by the US government to introduce a “gold card” visa, which similarly seeks to attract talent and expertise rather than merely financial investment.

Malta’s current system, which was introduced in 2017, provides foreigners with the opportunity to obtain Maltese citizenship by making substantial financial contributions ranging from €600,000 ($695,639) to €750,000. This process also requires applicants to engage in property investments and make donations to approved causes. Over the years, dozens of countries, including several within the EU, such as Spain and Portugal, have offered various iterations of golden visa programmes. However, the landscape is shifting; for instance, Portugal has recently narrowed the scope of its programme, while Spain has decided to terminate its golden visa initiative altogether. Such programmes have waxed and waned over time, serving as a barometer of globalisation and reflecting the degree to which wealthy individuals and families around the world desire the flexibility to move and reside in different countries.

Arton emphasized that this global market for investment migration is evolving in a positive direction. “This is a sign of our industry’s maturation. As long as 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. This evolution not only highlights the growing sophistication of investment migration policies but also underscores a broader commitment to ensuring that these programmes contribute meaningfully to the social and economic wellbeing of the nations that host them.