Malta permanent residence for a large Indian family

Firstly, Rajesh and his wife Rekha were concerned about the future well-being of their children. They wanted to give their children the best possible education and raise them in a country with a high standard of living. They were planning to move to the EU.

Secondly, Rajesh’s business had numerous European activities and involved frequent business trips. The lengthy bureaucratic processes of travel visas were unacceptable for fast-paced business life.

Rajesh was determined to get permanent status in Europe to not suffer with visas and get the opportunity to live in a European country with his family. But since Indian citizens cannot have a second citizenship, Rajesh decided to obtain permanent residence in the EU.

On 22 February 2021, the investor turned to Immigrant Invest. He chose the company on the recommendation of his business partner, who had obtained a residence permit in Portugal with the help of Immigrant Invest.

Rajesh left a request for a meeting with Immigrant Invest lawyers and discussed his issue with them. After, the lawyers asked the investor to provide his passport to conduct a preliminary check.

Before starting cooperation and signing a contract with the client, Immigrant Invest lawyers from the internal compliance department conduct a comprehensive preliminary Due Diligence.

Due Diligence is the key stage in a program. If an investor passes it, they obtain citizenship or a residence permit. If an investor is refused, the way to other investment programs can be closed.

Suppose the lawyers find points in the investor’s background that could result in their application rejection. In that case, Immigrant Invest experts offer a suitable alternative solution or decline to proceed with the application after explaining the situation to the client concerned.

The preliminary Due Diligence is carried out before signing a contract with an investor and takes one workday.

Vladlena Baranova,

Head of Legal & AML Compliance Department, CAMS, IMCM

In Rajesh’s case, the lawyers found no issues preventing him and his family from participating in a program: no criminal record or visa denials, and they have no tax debts. They have a legal source of income for the investment contribution under a program. The Immigrant Invest team was 99% confident that any citizenship program would approve Rajesh’s application.

However, there is always a minimal risk of rejection, as the final decision remains with the citizenship program department.

Rajesh’s main criterion was to stay in an EU country for unlimited time. Immigrant Invest lawyers have selected appropriate residence permit programs for Rajesh.

An investor can obtain residence permit by participating in the programs such as Malta Permanent Residence Programme, Portugal residence permit and Cyprus permanent residence.

Rajesh chose Malta Permanent Residence as the less expensive program. The parents also emphasised that in Malta, there is a high level of education. Maltese certificates of both secondary and higher education are accepted in universities in Malta and other countries of the European Union and Great Britain.

The parents were glad that with Malta Permanent Residence, their children would get the best education.

An investor passes Due Diligence, fulfils investment conditions and gets permanent residence in Malta.

An investor fulfils several investment conditions:

• buys or rents a residential property;

• pays administrative and state fees;

• donates to a Maltese organisation;

• confirms the availability of free assets of at least €500,000, including at least €150,000 of liquid financial assets, such as deposits, stocks or bonds, every year during the first five years after getting permanent residence.

All the requirements are mandatory. The only choice an investor makes is renting or purchasing real estate.

An investor can add in an application the whole family: a spouse, children, parents and grandparents.

If choosing a buying real estate option, an investor is to own the property for at least five years after obtaining permanent residence. After five years, an investor can sell it and return a part of the invested money.

Immigrant Invest real estate experts have selected several suitable options for the investor.

Elena Kozyreva,

Managing Director for Real Estate projects

We recommend setting aside three days to select an apartment in Malta. The investor is looking at options with a realtor and an Immigrant Invest lawyer. When the investor has made a choice, the realtor provides a lease agreement and the investor signs it. We check the legal purity of the object and the terms of the contract before viewing the objects.

Rajesh has chosen to view the property remotely, using online video broadcasting. The investor and his wife liked the three-bedroom apartments within walking distance from the sea in the South Eastern Region of Malta.

The apartment has stunning views, a relaxation area, a spa, a shopping centre with retail and catering outlets, a private pool, a gym, underground parking and security. The project is located just fifty metres from the sea.

Examples of properties in Malta

Malta, Kalkara

€300,000 — €1,900,000

Apartments in a large-scale residential project on the first coastline

71 m² — 310 m²

1—3

1—3

Malta, Sliema

€920,000 — €1,300,000

Apartments in a new residential high-rise project near the sea

176 m² — 211 m²

2—3

2

Malta, Valletta

€1,510,000 — €3,370,000

Modern apartments not far from sea in Valetta

123 m² — 281 m²

1—3

1—3

Rajesh wanted permanent residence in Malta for the whole family: his wife and four children. But not all children are common to spouses. The current marriage was the second for Rajesh. The two older children were born in previous marriages and now live in the US with their mother.

Applicants for Malta Permanent Residence by Investment

The investor’s children from a previous marriage are of the full legal age. If they were underage, they could only participate in the program with the consent of both parents.

Igor Buglo,

Head of the Maltese office, MBA

The parents submit the consent for their children’s participation in the investment program in writing, and both parents are to sign the document. It is obligatory to sign the consent at the embassy or consulate of Malta in the presence of the responsible officer of the selected Maltese representation.

In Rajesh’s case, the list of all the necessary documents to apply for permanent residence in Malta for his family included:

• copies of passports of the spouses;

• marriage certificate;

• birth certificates of children;

• investor’s bank account statement for the last six months;

• company tax returns;

• medical insurance;

• Police Clearance Certificate;

• copy of the real estate lease agreement for five years.

The lawyers also compiled Rajesh’s wealth history and a list of assets he owns: real estate, business, savings and bank deposits. It is necessary to confirm the investor’s wealth — at least €500,000 under the terms of the permanent residence program.

The documents were ready in four weeks. Rajesh paid the administration fee of €10,000 — the receipt is included in the required package of documents.

On 30 March 2021, Immigrant Invest lawyers submitted the documents to the Residency Malta Agency. Due Diligence in Malta for investors is one of the most stringent in the world — every year, the program department rejects a quarter of applications.

First of all, the program department checks the legality of the investor’s income:

• all places of work;

• sources of income throughout life;

• assets owned by the investor and his family members.

In Rajesh’s case, Due Diligence took five months. The lawyers received a notification from the program unit that Rajesh’s application was approved on 31 August 2021. The investor was to pass biometrics and fulfil the investment conditions.

Igor Buglo,

Head of the Maltese office, MBA

Due Diligence in Malta for investors usually takes four months. But according to the experience of Immigrant Invest, in practice, the period is from six to eight months. If Residency Malta Agency has questions, the Agency may send a request to clarify the situation. In this case, the inspection period increases by an average of two to three weeks.

Immigrant Invest conducts its Due Diligence for investors before applying for a program and signing a contract with a client. Preliminary Due Diligence helps prepare an investor in advance for the inspection at the Agency and avoid additional requests.

Rajesh paid the remaining €30,000 of the administration fee and €65,500 of the contribution fee. The investor also donated the amount of €2,000.

Rajesh transferred the investment from his bank account to the account of the Residency Malta Agency.

The investor also received health insurance covering €30,000 for each family member. Obtaining medical insurance is a condition of the program.

Immigrant Invest lawyers submitted the supporting documents to the Residency Malta Agency when all the conditions were met.

€152,400 — the investor’s expenses under the Malta Permanent Residence Programme for a family of six

• €50,000 — renting real estate for five years

• €40,000 — administrative fee

• €58,000 — contribution fee

• €2,400 — medical insurance

• €2,000 — charitable donation

An investor needs to submit biometrics at any time after passing Due Diligence but before the final approval from the Residency Malta Agency. The final approval is issued after the investor fulfils the investment conditions and submits supporting documents to the Agency.

Fingerprints of the investor and his family members are only accepted at the Residency Malta Agency offices in Malta. To do this, the date and time of the visit are booked in advance.

Immigrant Invest lawyers registered Rajesh’s family for biometrics in Malta at a convenient date for the family — 20 September, 2021. The parents and the young children flew to Malta on their Schengen visas. The eldest children went to Malta on their US passports.

From the airport to the Residency Malta Agency, the investor and his family were accompanied by an Immigrant Invest lawyer.

The Residency Malta Agency reviewed the additional documents provided by the Immigrant lawyers after the investor had fulfilled all the program’s conditions.

After that, one month after the investment conditions were met, Immigrant Invest lawyers received the final approval, which means that Rajesh and his family will get permanent residence cards.

In two weeks, the Residency Malta Agency issued certificates of residence and permanent residence cards for Rajesh’s family and sent them to Immigrant Invest lawyers in Malta.

Rajesh got the documents by courier to the address he had indicated.

8.5 months to get Malta permanent residence

1

22 February 2021

Rajesh turned to Immigrant Invest

2

+ 1 day

Preliminary Due Diligence

3

+ 3 days

Renting an apartment

4

+ 4 weeks

Collecting the documents

5

+ 5 months

Due Diligence

6

+ 2 weeks

Fulfilment of investment conditions

7

+ 1 day

Submitting biometrics

8

+ 1 month

Final approval

9

+ 2 weeks

Permanent residence cards issuing

10

5 November 2021

Obtaining Maltese permanent residence cards

1

22 February 2021

Rajesh turned to Immigrant Invest

2

+ 1 day

Preliminary Due Diligence

3

+ 3 days

Renting an apartment

4

+ 4 weeks

Collecting the documents

5

+ 5 months

Due Diligence

6

+ 2 weeks

Fulfilment of investment conditions

7

+ 1 day

Submitting biometrics

8

+ 1 month

Final approval

9

+ 2 weeks

Permanent residence cards issuing

10

5 November 2021

Obtaining Maltese permanent residence cards

After getting Malta permanent residence cards, the family immediately moved to Malta. Since the school year had already begun, the parents did not want their children to miss the school days they had applied for.

The parents are happy that they will raise their children in a country with a high standard of living, good education, medicine and climate.

With Malta permanent residence, Rajesh does not have to arrange his business trips far ahead in advance and worry about the duration of his visas anymore. With that, he can finally concentrate on his entrepreneurial and personal development, travelling for business or leisure with his family.

The eldest children in the US are planning to try moving to Malta and finding a job here. Lakshmi and Vijay are very excited about their new life in the EU and the career prospects in Malta.

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.