The permanent residence program of Malta has become a staple among our clients, tackling the business, study and leisure travel problems in one effective solution. In this Case, all members of a large family received their much-needed freedom to travel all over the world and, most importantly, a solid basis for their future academic and business success without borders. How did we do it? Read on to find out!
- Roman, 47, entrepreneur;
- Daria, his wife;
- Anastasia (23) and Maria (15), Roman’s children from the first marriage;
- Ivan (5) and Anton (1), the couple’s own children.
The ProblemRoman was concerned about the future well-being of his large family. Anastasia, his eldest, was finishing her first university degree in Russia but was keen to deepen her knowledge by studying further, somewhere in Europe, and doing an overseas internship. Maria, the younger of the daughters, was still at school but had similar academic plans to her older sister. The two littles sons, Ivan and Anton, were born in the USA and therefore had US citizenships. So far, they’ve been living in the US with their mother, and Roman had to undertake frequent Transatlantic flights to visit them. Daria and Roman, Russian nationals, were looking into getting a permanent resident status somewhere in the EU, together with all their children. Besides, Roman’s business had numerous activities throughout Europe and involved frequent business trips. For a fast-paced business life, the lengthy bureaucratic processes of travel visas was unacceptable. And so, obtaining a permanent residence permit in an EU country would appear like an excellent solution for all the family.
The GoalsThe family did not have any particular preferences towards any one country. The couple were interested in an unrestricted access to all Schengen Area States for their business needs, as well as to ensure a smooth access to education and the work market for their children. So the main choice criterion was achieving all that without having to permanently relocated to a new country and without excessively large investments. Roman and Daria sought our help thanks to a tip from one of their business partners. After the meeting, we’ve established our shared goal: obtaining an EU residence permit for our Clients, while taking into account the wishes of all family members, and without taking up too much time in the couple’s busy working schedule.
Looking for a SolutionWe met Roman in our Moscow Office and laid out the possible routes. His family’s goals could be achieved through the State-organised ‘Golden Residence Permit’ programmes of Spain, Portugal, Greece, or the Permanent Residence programme of Malta. The latter turned out to be the most appealing to our Clients. A special feature of this programme is that the permanent residence permit is issued for a period of five years right away – unlike in other States with similar programmes, where successful applicants first receive temporary permits and need to renew those every two years. This was a considerable advantage for the busy schedule of our Clients, since this type of document does not require annual bureaucratic visits to Malta to submit biometric data and wait for the re-issue of temporary permits. Furthermore, and unlike other similar programs, at the application stage the applicants are not required to fulfil any exacting investment conditions. The only requirement is a State fee of EUR 5,000 for the entire family at the start of the application process. With that, the Malta Permanent Residence Programme is the only one with such easy initial conditions, which very much appealed to our Clients.
Our CooperationWith a ‘go’ from our Clients, we began assembling the application portfolio. This was made more difficult by the fact that the family lived across two countries: Russia and the US. For Roman, Daria and their two sons we had to collect the documents via our US intermediaries, closely consulting our Clients on all aspects of the process. For example, thanks to our network of business contacts, the process of obtaining an US police record statement for Daria took no more than two days. Other documents had to be obtained through a power of attorney or signed before a Maltese consul or notary. While at that moment Roman and his family were visiting in the US, we contacted the Maltese Consulate in Washington D.C. and arranged for our Client to appear and conduct the necessary formalities there. The programme also requires proof of the source of applicant’s financial means. The lawyers of our Maltese Office consulted Roman on the necessary documents and assisted with creating a clear diagram of Roman’s business, supported by the necessary financial documents, to provide a clear and unambiguous illustration of the source of our Client’s wealth to the Maltese authorities. At the same time, we were closely collaborating with Roman’s first wife in order to obtain the necessary document for the two elder daughters. In particular, Maria was not yet 18 and therefore required additional permits and authorisations from her mother. With the help of the lawyers from our Moscow Office, Roman’s first wife successfully appeared before the Consulate of Malta in Russia and gave the necessary consents. All in all, the process went very fast and was completed in under one month.
The State Due DiligenceThe Due Diligence process conducted by the Maltese Authorities took around five months to complete. Finally, the Clients received their positive results – and just in time for the start of summer! But before the family could enjoy their new residence in this Mediterranean country, there was another series of mandatory requirements to fulfil. Namely: pay the Administrative Fees, rent or purchase a property on one of the Maltese islands, and purchase the Government Bonds of Malta.
The InvestmentsRoman began by transferring EUR 25,000 to the accounts of the competent State agency MRVA (Malta Residence and Visa Agency). As the second step, the family decided to rent, while looking for a suitable property to buy in the long run. In fact, the Programme does allow changing from renting to buying, as long as the total value of the real estate investment corresponds to that set by the Programme Rules. For the Government Bonds, Roman used a licensed Maltese broker suggested by us. This was the fastest option, without the delays associated with opening a bank account, and took a little less than a week. Once completed, we sent copies of all the necessary documents to the Maltese Authorities and, following a quick review, the broker account of our Client was successfully registered. To complete the process, the next steps were transferring the necessary funds and ordering the purchase of the securities. With all these steps successfully completed, Roman and his family were invited to submit their biometric data. Four working days later, the Permanent Residence cards were issued and we forwarded them to Roman.
Advantages of the Malta Permanent Residence Programme for the Client’s Family
- Business travel needsRoman won’t have to arrange his business trips far ahead in advance and worry about the duration of his visas any more. With that, he can finally concentrate on his entrepreneurial and personal development, travelling for business or for leisure with his family.
- Education and trainingAnastasia and Maria are also free to travel around Europe, which eases the process of choosing universities and attending interviews for internships. Their professional development is no longer limited by borders and visa durations.
- Career prospectsAnastasia is very excited about the career prospects on Malta – she is sure that an internship, and later possibly a job in Malta will pave the way for an excellent career!
- Stability for all the familyThe couple is planning to have a third child of their own, so certainty about the immigration status of the future newborn is among their priorities. The Malta Permanent Residence Programme ensures that any child of the Programme’s main applicant (or of his/her spouse) born after the approval of the MRVP documents will automatically receive the same residence permit as the rest of the family. Thus, Roman and Daria are secure in the knowledge that the newest member of their family will automatically be able to participate in all their travel and life plans.
- Room to growIn addition to newly born children, the Programme participation can also apply to any son- or daughter-in-law of Roman and Daria, as well as to their grandchildren. This is a considerable advantage for a large and united family like that of our Clients! And the fees for any new participating family member are just EUR 5,000.
- No age limits for the residence permitsToday, the Programme does not set an age limit for children of the main applicant (as it used to in the past). With that, Roman’s children can continue to enjoy their residency status even after their 27th birthdays.