The benefits of the Malta Individual Investor Programme are extensive and the MIIP is contributing to the country’s economy and sovereign fund in no small way. This was stated by the Parliamentary Secretary for Reforms, Citizenship and Simplification of Administrative Processes Julia Farrugia Portelli during the 3rd Annual Malta Workshop ‘Looking Ahead – the Future of Residency & Citizenship by Investment’, hosted by the Investment Migration Council.
During this workshop Parliamentary Secretary Farrugia Portelli also spoke about the social and community initiatives being taken by the National Development and Social Fund (NDSF).
Currently the NDSF enjoys a total of €544 million in its coffers, received directly from the IIP. The Fund has invested around €206 million in local and foreign listed securities.
It has also deployed circa €91.5 million towards social projects of national importance and public interest. This community investment is intended to develop and improve support to families experiencing forms of vulnerability.
Parliamentary Secretary Farrugia Portelli mentioned that close to €1m was invested in Mater Dei Hospital on latest technologies for invasive interventions in cardiac surgery. This will have a direct positive impact on 3,000 patients who visit Cardiology and are treated every year.
She explained how the upgrade in technology will allow patients currently referred for overseas treatment to be able to receive high-level interventions at Mater Dei Hospital instead, greatly reducing the inconvenience to patients and their families.
Ancillary to this, the NDSF will be investing €10 million in health centres she explained. The investment will be spread over eight health care centres and 54 district clinics. As an example, the Gzira Health Centre, for which €1.5 million is earmarked for renovation works, services ten localities with a total population of 72,000 and an estimated 125,000 visits a year.
Furthermore, Puttinu Cares has received a contribution of €6 million to acquire premises in London, €1 million of which has been directly donated by IIP applicants.
Needing no introduction, Puttinu aims to provide around 30 additional apartments in London so that 80 per cent of patients going to the UK for treatment will benefit from free accommodation. The entire project is estimated to cost around €20 million.
“As we all understand, having family members close by is crucial for the moral support of patients and for their rate of recovery. Additionally, easing their minds off logistical issues and costs will help no end when one is experiencing such emotional upheavals” said Parliamentary Secretary Farrugia Portelli.
The NDSF has committed €60 million towards 1,000 new social housing units in 22 different sites, spread over 12 localities.
In one of the largest housing projects ever in the country, the initiative intends to contribute towards efforts combating social exclusion. The project will not only target families in need. Its objective is also to build a more sustainable future and become a model for social housing development.
In fact, the project will pivot around environmental, social and economic sustainability. All units will be eco-friendly, reducing consumption of water and electricity. The distribution of apartments will be based on social profiling to ensure that the demand is adequately catered for.
Parliamentary Secretary Farrugia Portelli explained that another €6 million will be invested in the government’s national strategy for sport and physical activity, specifically to assist sports clubs in the coaching of athletes.
Over the last four years, beneficiaries of Maltese citizenship made more than 625 donations to NGOs with a total value exceeding €4 million, in the fields of art, culture, heritage and philanthropy. The donations are voluntary and the choice of organisation as well as the amount is at their discretion.
Finally, the Parliamentary Secretary said that there is no better place and time than this workshop to once again bring up the great wealth, in more senses than one, that the IIP programme is generating.
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The Parliamentary Secretary said that she is committed and resolved to keep investing her time and energy in the Malta programmes for the benefit of Malta and its citizens.