Malta as an International Base for South Africans
Malta as a base for South Africans
In recent years, growing numbers of South Africans have looked abroad to try and find an alternative residence for their families and assets. They have focused on jurisdictions that allow flexibility and share at least some of the cultural values of South Africa. Malta ticks both of these boxes.
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Why Malta is so Attractive?
While separated by eleven thousand kilometres, Malta and South Africa both enjoy pleasant climates with lots of sunshine and beautiful vistas. English is an official language of both while there are similarities in the legal codes, based on a shared historical legacy of being part of the British Commonwealth.
Another reason that leads to strong interest in Malta is the buoyant economy, which is among the fastest growing in Europe for the last numbers of years. In 2019, Malta’s Gross Domestic Production grew by over 5%, which was of the highest in the European Union. Unemployment has also consistently been among the lowest in Europe over the last five years.
There is a very healthy real estate market with Malta being the second strongest property market globally in 2018 and continuing that strong growth trajectory since. This is partly fuelled by Malta being a major hub for i-gaming, finance and, more recently, cryptocurrency.
Viable Routes to Establishing a Base in Malta
South Africans have a number of routes available to establishing themselves in Malta including the Individual Investor Programme , the Malta Residence & Visa Programme and the Global Residence Programme.
These programmes vary greatly in investment amount and benefits, but all offer a viable route to establishing a residence in Malta.
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Outlook
The coronavirus pandemic is undoubtedly a challenge to the global economy. However, Malta has handled it better than most of its peers. While there will almost certainly be some limits on global travel for the remainder of 2020, Malta has not suspended or closed of the programmes mentioned above. It remains open to investment as welcoming to South Africans as ever...
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