In Shanghai, China, the Parliamentary Secretary for Competitiveness and Economic Growth José Herrera launched a residency and visa programme for foreigners who wish to invest in Malta, the Department of Information said in a statement. People who would like to invest through this programme will be expected to contribute half a million euros, specifically by purchasing or renting property, investing in Government bonds, and giving a financial contribution to Identity Malta.

This programme has already sparked global interest, as can be seen by the high turnout of over 400 people at the conference in Shanghai which was addressed by the Parliamentary Secretary, the DOI said. The programme also attracted major Chinese media houses which put forward a number of questions to the Parliamentary Secretary. The first agreement of concession and of promotion and advertisement for this programme was signed in China. The company representing the Chinese party is Shanghai Overseas Chinese Exit-Entry Service Co Ltd, which was chosen after an open process of competition and adjudication.

The legal framework for this Residency and Visa programme was launched in 2015. The Parliamentary Secretary launched the programme in Shanghai, which is now also being advertised abroad. José Herrera said that the programme will be receiving its first applications in April. The programme's crucial point, Herrera said, is the investment which it will bring about, which will in turn bolster the Government's continued efforts to attract even more direct foreign investment to our country. The Parliamentary Secretary said that this programme complements a whole framework of other initiatives and investments like the Individual Investment Programme (IIP).

"There is no doubt that this Visa and Residency Programme will be a success story. Both the Government and the Opposition agreed on the validity of this programme and the effects it will have upon Malta," Dr Herrera was quoted as saying. "With the programme, the Government will be introducing yet another incentive, this time through regular and controlled immigration. The programme requires a minimum level of investment by the applicant in order for him or her to obtain the right of residence. The programme will be giving an even larger push to the property industry."

In his speech, the Parliamentary Secretary said that Malta experienced unprecedented economic growth last year. The Residency and Visa Programme is expected to contribute to further economic growth for our country, as this will be open to people with a relatively large investment potential. He also touched upon aspects of security and stability of Malta: "It is this stability and peace of mind which is garnering major interest in our country," stated José Herrera. He said that the Government is currently undertaking a project for ambitious reform which is bearing fruit. Last year, Malta registered the second largest rate of economic growth (6.3%) in the EU, the third lowest unemployment rate, a relatively low youth unemployment rate, high female economic participation, and the second lowest wage gap between males and females. Herrera said that in the past three years the Government introduced free universal child care for parents who want to work, increased pensions for the first time in twenty-five years, and decreased income tax for the third consecutive year.

During the conference, the Parliamentary Secretary also spoke to his audience about the strong relationship which exists between the two countries, the DOI said. He declared that this agreement is a renewal of this important relationship, and said that it is through this relationship that Malta brought about major investment from Shanghai Electric Power and the commencement of a strategic relationship with Huawei.

For this trip, the Parliamentary Secretary was accompanied by the Permanent Secretary at the Ministry for the Economy, Investment and Small Business, Nancy Caruana, who signed the agreement for the concession and the promotion and advertisement of the programme in China on behalf of the Maltese Government. The company picked out for this promotion was chosen following a public call for companies who can commit to work at a global level. A presentation on the technicalities of the programme was done by the Programme's CEO, Roderick Cutajar. Cutajar explained the advantages that this programme offers and went into details about how the applications will be processed, and about the importance of the Concessionaire providing a professional marketing strategy for Malta. He also reassured the audience that Identity Malta will undertake the necessary checks and balances in order to attract people with a large potential and  sound reputation.