Malta adopts a model where approval is granted prior to investment. Therefore, for applicants seeking permanent residency in Malta under the Schengen framework, understanding the preparations necessary after obtaining the initial approval is crucial. Below, Xinhua Immigration shares several key steps involved in transitioning from receiving the initial approval to obtaining the Malta Schengen Green Card for your reference.
Firstly, investors need to reconfirm the following considerations:
· Should you choose to apply via full payment or financing?
Additionally, you will need to prepare the remittance for the investment stage, including legal fees, government bond investment fees, insurance premiums, and final government application fees, in the corresponding remittance account.
If you choose the full payment option for the application:
For investors applying for Malta Schengen permanent residency via full payment, the key aspects are as follows: payment; purchasing funds; obtaining insurance; renting or buying property.
Payment:
1. Transfer €250,000 for the government bond investment fee and bond subscription fee from the main applicant's account to the fund company's bank account;
2. Medical insurance fee;
3. Final lawyer's fee;
4. Transfer the final government application fee to the account of the Malta Identity Agency.
Fund account setup:
1. Send the investor's due diligence documents to the fund company promptly; this can usually be completed within 2-3 working days;
2. Once the due diligence is approved, the fund company will fill out the account opening application form, the investor will supplement the account information and sign it (the investor's bank account information on the form must be able to transfer the €250,000 bond investment and subscription fee), and the investor will then send the scanned copy to the fund company;
3. The fund company will select the government bond fund for the investor, and the company will provide a subscription authorization letter. The subscription authorization letter will detail which qualifying government bonds or bond funds will be purchased and the investment proportion. After the investor's approval, they will sign it and send a scanned copy back to the fund company;
4. The fund company will issue a subscription confirmation letter, which the investor must sign to confirm;
5. The fund company will ultimately provide a purchase voucher. This document is an important piece of evidence that the lawyer submits to the identity agency.
Purchasing medical insurance:
The lawyer will purchase insurance for the investor, who needs to select between a basic or advanced insurance plan on the insurance application form and sign it. The basic requirement is that the coverage amount be at least €30,000, covering the entire European Union.
In reality, obtaining medical insurance is also a responsibility of the investor; when arriving in a new country and being unfamiliar with everything, having additional insurance can provide substantial security. Thus, it is recommended that investors seeking Malta Schengen permanent residency obtain insurance with higher coverage.