In the town of Qormi, on the outskirts of Valletta, behind a labyrinth of narrow alleys, lies a rare historical treasure: A centuries-old palace of one of the Knights of St. John, restored with a swimming pool, billiards and iconic columns. Real estate agencies are offering it for 13 million euros, a price that could buy a house in Manhattan or a luxury villa in Porto Cervo. While an average Miami Beach-style apartment with sea views in Sliema reaches about 1 million euros.
The Maltese archipelago is a trick of the eye. From the touristy streets of Valletta it looks like a typical holiday destination with cheap charters and crowds of visitors, but a short trip to Vittoriosa, or Birgu, reveals a different reality. Luxury yachts, crews in white uniforms and the atmosphere of the great history of the defense against the Ottoman attacks in 1565. High-class restaurants and museums hidden among the palaces offer a unique experience for visitors on a significant budget.
Recently, Malta has become a favorite destination for the rich and super-rich, attracted by the climate, security and the possibility of obtaining citizenship through investment. The former “Malta Individual Investor” program has been replaced by the CES, which requires investments of up to 600-750 thousand euros and a property of over 700 thousand euros to benefit from the passport that offers free movement in the Schengen area and the United Kingdom.
However, the system has been plagued by scandals. A passport granted to a Russian businessman convicted of money laundering was revoked, and the European Court of Justice has criticized the “selling” of citizenship. Nevertheless, the government continues to defend the program, which has brought significant capital into the island’s small economy.
Malta, according to experts, is also a haven for individuals involved in criminal activities, including elements of the Italian mafia. On Gozo, the smallest island, luxury villas and spa hotels coexist with ancient history and 5,000-year-old temples, creating a strange combination of luxury and history.
Meanwhile, on the main island, the urban panorama moves from Venice to Monte Carlo, reflecting the contrasts of Maltese society: A place that attracts billionaires and tourists, but which remains an unpredictable “social laboratory”, where political and economic scandals do not seem to affect the economic boom and the ruling elite.