Vietnam’s economy is growing rapidly, with a GDP expected to increase in the coming years. This sustained period of expansion has led to positive changes for the Vietnamese people. One such positive change is improved living standards.
Table of contents
- Vietnam's Growing Economy
- Increasing Number of Vietnamese HNIs and UHNIs
- Steady Interest in the MPRP
- Applying for Malta Permanent Residence
Just like the increase in GDP, Vietnam has also seen a rise in the number of high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs). These HNIs and UHNIs are continually searching for more investment opportunities abroad to increase their assets and achieve a high quality of life.
In this article, we’ll look at Vietnam’s economy, the increasing number of wealthy Vietnamese citizens, and their search for new investment opportunities abroad, particularly the steady interest in permanent residence programmes.
Vietnam’s Growing Economy
Vietnam has undergone a remarkable economic transformation in recent years. Despite the obvious financial challenges the pandemic presents, Vietnam’s economy has remained resilient. The country has surpassed its expected GDP growth goal in 2022, asserting its position as South East Asia’s fastest-growing economy.
The main drivers of this growth are an increase in exports, foreign investment, and domestic consumption. The country has benefited from solid trade, investment ties, and a robust manufacturing sector. With continued economic growth, Vietnam is poised to become a significant player on the global stage.
Increasing Number of Vietnamese High Net Worth Individuals and Ultra High Net Worth Individuals
Vietnam’s growing economy has positively impacted all aspects of society, including the financial standing of many Vietnamese.
In particular, there has been a steady increase in Vietnamese high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs). The benchmark for HNIs is accumulating a net worth of over USD 1 million. In contrast, the benchmark for UHNIs is having a net worth of over USD 30 million.
The recorded number of HNIs in Vietnam reached 19,491 in 2020 and is expected to register over 25,000 in 2025. The country recorded around 390 UHNIs in 2020, which is forecasted to increase to 511 in 2025.
Steady Interest in the Maltese Permanent Residence Programme
Whether moving for career or educational opportunities for their children or expanding their wealth and financial options, it’s clear that Vietnamese HNI and UHNI migration is on the rise – and is likely to continue in the years ahead.
As the Vietnamese economy continues to grow, along with the increasing number of Vietnamese accumulating wealth, many high-net-worth individuals (HNIs) and ultra-high net worth individuals (UHNIs) are exploring several investment migrations options. Among the most popular countries that wealthy Vietnamese migrate to are the United States, Canada, and Australia, but more are becoming interested and are setting their eyes upon Europe.
In particular, Vietnamese applicants constitute 2.9% of the approved residence applications submitted to the Residency Malta Agency since 2016. The Vietnamese come in second in terms of submitted and approved applications. This arguably indicates a steady interest in acquiring permanent residence in Malta.
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Applying for Malta Permanent Residence
The Maltese government has created the Malta Permanent Residence Programme, a residency and investment opportunity for third-country nationals, non-EU, non-EEA and non-Swiss citizens. Applicants must show they have capital assets of not less than €500,000, a minimum of €150,000 of which must be financial assets. The government emphasises a strict 4-tier due diligence process to ensure only fit, and proper applicants are granted Malta permanent residence.
The Malta Permanent Residence Programme (MPRP) is a sought-after residency-by-investment programme for good reasons. Beneficiaries of the programme are entitled to the following:
- Permanently reside in Malta;
- Enjoy visa-free travel across the Schengen area (90 out of 180 days);
- Access Malta’s real estate market; and
- Include up to four family generations in an application.
The programme has two investment options: Full Contribution and Reduced Contribution.
The Full Contribution option requires a direct investment or contribution to the government of €98,000 and renting a residential unit for five years in the South of Malta or Gozo for €10,000 per annum. On the other hand, the Reduced Contribution option requires a direct investment or contribution to the government of €98,000 and purchasing a residential unit for five years in the South of Malta or Gozo for €300,000. Both options require a mandatory charitable donation of €2,000 to a Maltese-registered NGO.
There is also an option to purchase or rent real estate in other parts of Malta. The minimum yearly rent is €12,000, whereas the minimum purchase price is €350,000.
With an already booming economy bolstered by foreign investment and domestic spending alike, now may be an opportune time for interested investors to consider what Malta has to offer – especially those coming from Vietnam’s growing class of millionaires and billionaires.