In a report issued by global property consultancy Knight Frank titled The Wealth Report, Malta has seen a rise of 12% in the ultra-wealthy population.
The official report, which will be issued later this week in South Africa, highlighted that wealthy South Africans are “benefiting from its (Malta’s) investor visa and residency programme and strong growth in the local IT‚ financial services and real estate sectors”.
Lance Cohen | Luxury market specialist | Seeff Properties pointed out that Malta is fast becoming the top destination for a second home amongst South Africa’s wealthiest. Cohen praised Malta and said that “I bought a property a few months ago and for my family‚ it has become the perfect getaway. Although you have everything that you need on hand on the island‚ you can take a ferry to Italy and enjoy the best of southern Europe at the same time.”
Cedric Lebon | Greeff Properties described relocating to Malta as low-hassle: “If you don’t have a European passport or you’re worried about the political climate in South Africa‚ it’s a low-hassle way of getting you and your money abroad.”
A South African individual noted that he had invested in property in Malta back in 2012 since tax rates are reasonably low while kickstarting his process to obtain a European visa: “We purchased the property for our family at a good price‚ and we used to spend quite a lot of time there.”