“Malta Residency and Visa Programme (MRVP) is being launched for the first time in India targeting India’s High Net Worth Individuals (HNIs) to our scenic country, having a stable and safe economy with attractive tax structures and a booming real estate sector. We are looking at 250 applications from India by the end of the year. This programme will not only attract investment but will encourage people to look at Malta as the second choice of residency. The MRVP helps to provide access to 26-country Schengen region”, said Mr. Roderick Cutajar, Chief Executive Officer, Malta Residency Visa Agency during an interactive meeting on Malta Residency Visa Programme in India organised by World Trade Center Mumbai in association with All India Association of Industries on February 26, 2018 at WTC Mumbai.
Elaborating on MRVP, Mr. Cutajar said that HNIs can apply for MRVP by making application to the local immigration agency, who in turn will forward the completed immigration package to the Agency in Malta which will be finally screened and processed by the Malta Residency Visa Agency in the country. It takes 4-5 months from date of application to receiving the residency. The principle applicant along with his/her dependents which includes spouse, children, parents and parent-in-law needed to meet certain qualifications and requirements. The applicant has to make a payment of 30,000 Euros toward application fee; deposit 250,000 Euros in Malta Government Stocks (5 years); set aside health insurance of 1500 Euros (per dependent) and lastly either buy property worth 12,000 Euros or be ready to pay 10,000 Euros as rent (per month), before he/she can go ahead with the application.
Once the application is made four types of checks are conducted. These include Know Your Customer (KYC) by the local agent, followed by Clean Police Conduct Clearance, due diligence by in-house analysis and finally it is subcontracted to an international organisation. The permanent residency is first issued for 5 years and can be renewed every 5 years, thereafter. The applicant is then eligible for a long-term residency which enables him/her to be an EU member, Mr. Cutajar explained.
The programme is a good option for a second residency since Indians have close family ties and want to relocate with their entire families. Besides, English language is widely spoken and so the programme will be very successful for Indian aspirants as is the case with China, said Mr. Cutajar.
H.E. Mr. Stephen Borg, High Commissioner of Malta in India said,” Malta economy is one of the fastest growing economies with a growth rate of 7.5 percent and having an increasing Indian community. The sectors that have tremendous potential for growth are IT, healthcare etc. It is the right time to invest. Next week our foreign minister is coming to India with a delegation. Many Maltese companies in sectors such as healthcare, education, energy are interested to invest in India”.
Mr. Anthony Tomaselli Chetcuti, Administration Officer-Client Realtionship, Malta Residency Visa Agency, Mr. StephenBorg, High Commissioner, High Commission of Malta in India, Mr. Roderick Cutajar, Chief Executive Officer, Malta Residency Visa Agency, Mr. Y. R. Warerkar, Executive Director, MVIRDC World Trade Center Mumbai and Mr. Anil Velde, Joint Director, MVIRDC World Trade Center Mumbai at the interactive meeting on Malta Residency Visa Programme in India organised by World Trade Center Mumbai in association with All India Association of Industries on February 26, 2018 at WTC Mumbai.
Speaking on the industrial scenario, H. E. Mr. Borg said that the corporate tax rate is 35% (while in Italy it is 65%) however for certain category of investments, it is 15% and potential investors grants are available. Referring to Bollywood, he added that many India film producers are turning to Malta to produce their next film.
Mr. Y. R. Warerkar, Executive Director, MVIRDC World trade Centre Mumbai thanked Mr. Cutajar and Mr. Borg to choose World Trade Center Mumbai to launch this important programme in India and said that World Trade Center Mumbai will help in propagating this programme among its members and associates.