The Residency by Investment Programme : its benefits to third country nationals (TCNs) and contributions to the local economy

Abstract

In order to acquire a deep understanding of Residency by Investment (RBI) Programmes’ rules and regulations, a thorough study has been conducted by the Author of this paper. For the purpose of this study, the legislation regulating the Malta Residency and Visa Programme (MRVP) has been reviewed. Reference will be made to the MRVP’s eligibility criteria, administrative policies, operating procedures and due diligence flows which for all intents and purposes are covered in the Programme’s legal framework. The legal mechanisms surrounding RBIs offered to third country nationals, as adopted through various enactments of the Maltese Parliament, as well as those promulgated by foreign European Countries have been consulted. This has led to a comparative study on the RBI Programmes offered by European Union jurisdictions competing directly with the MRVP, in order to highlight the salient benefits and strengths as well as its weaknesses, lacuna and contradictions found within the Law itself. Through the aforementioned methodologies, the Author has researched and drafted suitable recommendations that may be considered by the relevant policymakers to the MRVP legal framework in order to further consolidate and improve procedures, levels of efficiency, as well as make it more attractive to TCN investors to bring their investments to our shores. During the course of this Paper, the Author reinforces the need to ensure effective due diligence practices are in force to ensure that only quality and reputable TCNs are approved as permanent residents of Malta or Gozo.