Visa-free access to the Schengen area at any convenient time, treatment at the best hospitals, children’s education at top European and foreign universities to allow for starting their own business, a favorable taxation … These are just a few examples of the benefits that our clients receive by applying for a permanent residence in Malta.
- Ivan, 56, a businessman, owns grain elevators in the CIS region
- Irina, a housewife
- Svetlana, their eldest daughter, 34, married, lives in Munich
- Polina, their youngest daughter, 22, studies design in Italy
Ivan and Irina suffer from their inability to spend time with their daughters, as it is not always convenient for them to access the Schengen-area. Irina would also like to spend more time with her grand-daughter that lives in Germany with Svetlana.
Irina has a serious autoimmune disorder, so twice a year she needs to undergo medical procedures in Wien. Every time she has to apply for a visa beforehand; this also includes submitting letters of invitation for medical treatment, etc.
Goals and objectives
Ivan and Irina contacted us and told us what problems we have to solve together; we highlighted the main issues:
- They want to be free to access their children in the Schengen area visa-free
- They must be eligible for long-term residence in Europe without additional visas and documents
- Irina needs to be able to go be treated in Austria, on time and without extra trouble
- Their youngest daughter Polina needs to be able to stay in Europe after finishing her degree
Ivan is not going to resign and move to Europe. Iran and Irina want to be free to travel freely on a temporary basis.
Searching for the right solution
The initial plan was to apply for permanent residency in Hungary, but Ivan is not very enthusiastic about the idea of spending EUR 300,000 on government bonds. The country did not seem to be a very attractive short-stay destination, either.
We offered an alternative – permanent residence in Malta.
This option got Ivan interested, as government bonds can be purchased by him directly, thus letting him control his finances. Moreover, we came to a conclusion that it is better for him to retire in Malta from a tax point of view. The fact that their grand-daughter is now studying in Malta was also important in the process country selection.
The right choice
According to Malta Residence and Visa Programme Regulations, the main applicant (Ivan, in our case) has the right to include with wife and children under 26 (Polina, in our case).
To participate, the applicant has to invest minimum EUR 250,000 in purchasing of government bonds. After 5 years, Ivan will be able to sell them and earn up to 3%, thus partially covering the administration and registration costs (EUR 30,000).
In addition, the couple was required to buy a property in Malta (from EUR 350,000) or rent a house (from EUR 10,000). The couple decided to choose the second option – as they did not want to bind themselves to any additional obligations.
How to get a permanent residence permit in Malta
The updated residence permit scheme was presented in June 2016, and Ivan’s family applied for it in August. Only 3 months later they became happy owners of permanent residence in Malta, thus meeting all their key objectives (they would have to spend 5-6 years in other EU countries)
The couple can now travel to Europe at any time, using their visa-free Schengen area access.
Malta attracts Ivan as an international business destination. Irina is pleased that she can spend time with her grand-daughter.
They rented a house near their grand-daughter’s summer English school, so it is possible to combine leisure and studies. Irina is free to get her medical treatment in Austria.
Polina is now also a permanent resident in Malta; she is allowed to stay in EU even after finishing her degree. She can start looking for job without being pressed for time, and she can always open a design studio in Malta.
In hindsight it was the right decision to contact us. Ivan and Irina have been provided with professional support at each stage of their application for a Maltese residence permit. Our partners helped them choose a property and cope with paperwork. Working effectively as a team, we faced no delays in dealing with the Maltese authorities.