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Malta Economy Growth to Continue Says the IMF
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RIF Trust on the IMF Staff Concluding Statement of the 2024 Article IV Mission
RIF Trust’s Maltese Residency and Citizenship by Investment expert is Shukri Harfoush and he advises clients that Malta economy growth is a good barometer to use when weighing up different programs.
This Maltese financial picture is of interest if you’re considering the Malta Permanent Residence Programme (MPRP), the country’s Residency by Investment program. It’s also relevant if you’re contemplating Malta’s Citizenship by Investment, Maltese Exceptional Investor Naturalization (MEIN).
Our Malta specialist reasons: “You should take into account the economic potential of a country when you explore Residency and Citizenship by Investment options. The beauty of Malta is the stability that the International Monetary Fund believes to be a bedrock for future development.”
“RIF Trust only recommends programs offered by countries we have 100% confidence in. Our selection is carefully curated to satisfy the demands of our HNWI clientele.”
“Both MPRP and MEIN provide everything you’re looking for as an investor. They guarantee our trademark SMILE. That’s enhanced Security, Mobility, Insurance, Lifestyle, and Education.”
The IMF’s Articles of Agreement
On Saturday, July 22, 1944, New Hampshire’s Bretton Woods hosted the United Nations Monetary and Financial Conference. This meeting established the IMF’s Articles of Agreement. Back then 29 countries signed up but 190 member countries now recognize these articles.
Article I refers to purpose, Article II covers membership, Article III quotas and subscriptions, and Article IV exchange obligations. There are 27 further Articles but as our focus of this story is Article IV, “Obligations Regarding Exchange Arrangements”, let’s cover that particular article in more detail.
There are 5 sections that make up Article IV. They are as follows:
The IMF Staff Concluding Statement of the 2024 Article IV Mission and Malta Economy Growth
A concluding statement is shorthand for the initial IMF data relating to a mission aka an official state visit. Typically, a member country will accommodate one consultation a year relating to Article IV. IMF staff then use these findings as a resource to produce a report that the IMF Executive Board will later debate and implement.
There are plenty of positives regarding Malta economy growth in this particular concluding statement. The reader learns that “Malta has experienced remarkable growth over the past decade,”, “among Europe’s highest.” “The financial system remains resilient and stable.”
Yet the growth is set to slow its acceleration. 2024’s 5% increase is predicted to dip to 4% next year. Growth is tipped to continue at that steady rate after 2025.
The visiting IMF party to Malta “thanks the authorities and private sector counterparts for their warm hospitality and candid, high-quality discussions.” “The team is especially grateful to the Central Bank of Malta and the Ministry of Finance for their assistance with meeting arrangements and logistical support.”
Whether to Invest in Maltese Residency or Citizenship in 2024
There are specific advantages of both programs. If you want to mitigate against the arrival of the EU Entry/Exit System (EES), the MPRP will allow you to travel freely across these 29 countries that make up the Schengen area. The clock is ticking on cheaper Maltese residency however, as the price will increase if you wait until 2025 to apply.
As a Maltese Permanent Resident, you will be able to take advantage of the education in Malta options. These are also available to you if you qualify to become a Maltese citizen via MEIN. You become eligible for a Maltese passport.
Our Passport Index ranks this Maltese travel document as the 8th strongest passport in the world. It allows you to visit 176 visa-free destinations. Unlike in Greece, Malta, or Spain, you can’t naturalize via Residency by Investment, so the direct MEIN is your only accessible migratory path of investment.
Let’s break that figure of 176 down. 122 are purely visa-free countries. They include the likes of Germany, Hong Kong, and South Africa.
29 of these destinations require a visa upon arrival. These are countries such as Indonesia, Kuwait, and Qatar.
You can enter 25 destinations with an eVisa. They include countries that are most HNWIs’ business and leisure travel itinerary, the likes of Australia, Canada, and the United States.
A mere 22 destinations require you to apply for a visa in advance. You will need to solicit a visa to travel to the likes of Algeria, China, and Ghana, for example.
So, contact us now and we’ll show you how you can benefit from Malta economy growth. It allows you to take your pick from 2 established programs. We’ll discuss the needs of you and your family and see whether they match more with MPRP or MEIN.