A legal analysis of the Malta Residence and Visa Programme Rules in comparison to similar foreign residence schemes

Abstract

The growing demand from the world‘s wealthy classes to relocate their investments and gain easy travel-access, is fuelling the rapid growth of the Global Residence Market. In response to this, there has been constant flux of the legislation regulating different residence schemes in countries all over the world. This term paper gives a detailed analysis of the recently launched MRVP Regulations, which gives successful beneficiaries indefinite residency rights in Malta, including visa-free travel rights within the Schengen Area. This scheme was not created in a vacuum but was preceded by various other residence schemes, and therefore, this study will start off by providing a historical background leading towards the eventual launch of the MRVP. The first contribution of this study is an in-depth analysis of the MRVP including aspects of the relevant authority, eligibility, dependents, and the applicable conditions and requirements. The application process will also be analysed with a focus on the due diligence process which is vital for the purpose of maintaining the programme‘s integrity and reputation. The benefits and the shortcomings of this scheme will also be identified, and later discussed in the light of possible ameliorations. To properly identify the strengths and weaknesses of this programme, foreign residence programmes similar to the MRVP, in that they grant their beneficiaries a residence permit in exchange of investments, will be analysed, including those of Portugal, Spain, and Cyprus. The reason for this choice is the fact that these are Mediterranean countries and full members of the EU and are therefore, similarly attractive to investors in terms of lifestyle, culture, and ease of access into other countries. Such a comparative study will serve to make the analysis of the MRVP more effective and realistic in the light of its direct competition in the Global Residence Market.