Malta operates on a 'pre-approval followed by investment' model. Therefore, for applicants of the Malta Schengen Permanent Residence Program, it is crucial to understand the preparations required after receiving the initial approval.
If you choose the full-payment application model
For Malta Schengen permanent residence investors choosing the full-payment model, the main aspects include: making payments, purchasing funds, purchasing insurance, and renting or buying a property.
Fund Company Account Opening:
1. Submit the investor's background check documents to the fund company immediately; this can generally be completed in 2-3 working days;
2. After the background check is passed, the fund company will fill out the account opening application form. The investor must supplement the account information on the form and sign it (the investor's bank account information on the form must be capable of remitting the 250,000 Euro government bond investment and the subscription fee). After signing, the investor sends the scanned copy to the fund company;
3. The fund company selects government bond funds for the investor and sends a subscription authorization letter. The government bond subscription authorization letter will detail which eligible government bonds or government bond funds the fund company will purchase and their respective proportions. Once the investor approves, they sign and send the scanned copy to the fund company;
4. The fund company sends a subscription confirmation letter, which the investor signs to confirm;
5. The fund company finally sends the purchase certificate. This certificate is one of the important documents that the lawyer submits to the Residency Malta Agency.
Purchasing Medical Insurance:
This is purchased by the lawyer on behalf of the investor. The investor needs to select the Basic/Advanced insurance plan on the insurance application form and sign it. The basic requirement is a minimum coverage of 30,000 Euros, with coverage extending throughout the European Union.
In fact, purchasing medical insurance is also a way for investors to take responsibility for themselves. When you first arrive in a foreign land and are not yet familiar with everything, having extra insurance can provide you with protection in many aspects. Therefore, it is recommended that Malta Schengen permanent residence investors purchase medical insurance with higher coverage.
Renting a property: Investors who have not yet entered the country need to determine their entry date and fingerprinting date to make appointments in advance. Renting can also be completed while in your home country, and the lease must be held for five years after the initial approval.
Buying a property: At the same time, investors can also choose to purchase a property.
If you choose the financing application model
For investors choosing the financing model, the items to prepare after the initial approval are generally the same as the full-payment model, except for the method of purchasing government bonds.
Therefore, we will mainly discuss the special documents required for the financing process here.
1. Loan Service Agreement
Previously known as the financing service agreement, it has been formally changed to a Loan Service Agreement for reasons such as more standardized management and greater legal efficiency. The investor signs this with Visas Consulting Group (Hong Kong), and the main content relates to matters concerning financing services.
2. Power of Attorney
The investor signs this with the fund service company designated by the Malta Residency Agency, authorizing Visas Consulting Group (Hong Kong) to handle matters related to financing the purchase of government bonds.
3. Fund Account Opening
In summary, the more cumbersome procedures after receiving the initial approval will be handled jointly by the law firm and the fund company. For investors, the main tasks are making the investment payment and signing documents, making the entire process relatively easy.