Malta Ruling: One Door Closes, Another Stays Open (for now)

The European Court has just ruled Malta’s “Passport by Investment” scheme illegal. The good news for now though, is we’re still able to get you all the benefits of full EU Residency through our Gateway to Europe Residency Program. And for a lot less money, time and risk.

For some time, Malta’s had a reputation of selling passports to the rich (many of dubious character from places like the middle east, Russia and Asia who have very little, if any connection with Europe or its values).

As a result of the program, and its endless publicity, we often got asked how regular people (like us) could do the same to gain EU citizenship, fast.

This so called “golden passport“ though, we felt, was tarnished, and in fact not that straight forward, often costing upwards of €500k – €1m and taking up to 3 years.

The Juice, in my opinion, wasn’t worth the squeeze. At the end of the day, if you did spend all that money and jump through the hoops, you ended up keeping some pretty questionable company with your shiny new Maltese passport. As a result, many EU banks for example, didn’t like opening accounts (under KYC and AML laws) for Maltese passport holders.

The headlines around these Golden Passports were often misleading people into believing a quick (under 3 years), and honest EU passport was possible.

They were missing the point. A European residency offers almost everything that citizenship does, without the additional cost, and hoops to jump through. Whether it’s a temporary residence permit, or permanent residency, you have the right to live in the European Union, enter and exit as often as you like, get free access to healthcare, employment, and all the other rights and benefits of a true European. If at the end of the term of your residency though, for whatever reason, you wanted to obtain citizenship in your chosen state, the path is usually clear, simple, and affordable.

The many clients we’ve worked with, become friends with, and helped gain EU residency over the last couple of years are all safe and happy in their new European lives, with a residency from a legitimate member state still firmly in the EU’s good graces. They have bank accounts, homes, employment, kids in school, or just visit the EU for longer than 90 days at a time, welcomed when they return, as residents.

There is no real shortcut to becoming a citizen in the EU, possibly with the exception of the loopholes and special privileges which are currently still open to BCP clients in places like Lithuania.

In one respect, I’m glad to see Malta banned from the practice of selling passports to Oligarchs, in other respects the EU ruling is bittersweet.

It means all European member states will need to come to heal sooner rather than later, ultimately closing any remaining “loopholes” and privileges we enjoy ourselves, and share with clients.

My advice, as you’ve heard me say often, is that if you are ever thinking of spending more time in Europe than 90 days at a time, plan to move here one day, or retire, we need to submit your application. Fast.

Once you are resident, you’re in. On track to becoming a citizen if you wish (in 5 to 10 years and, unlike Malta, with no massive investment required). Until of course the laws change here as well, prohibiting new applications, as they just have in Malta. – See the full article in Forbes here

Everyone that received their “golden passport“ from Malta last month, is I guess safe. But I’m sure there’s a long line of people who were sitting on the fence or “thinking about it”, maybe even “planning to do it in the next 6 – 12 months“ that now wish they acted sooner!

Don’t be the next one…

Get in touch today, to learn how we can work together to secure your Visa free access to 27 countries, a great lifestyle, and countless business opportunities for you, and your family… for generations to come.

Book a time to chat with us about your options here – before it’s too late.

P.S. – A reminder that the new EU entry rules requiring billions of travellers, including those from Australasia, to pre-register and get a pre-approved entry visas before arriving in the EU starts rolling our from October this year. Everyone at the border will also be required to submit finger prints and biometric data. Travel “chaos” is predicted; unless of course you are already an EU Resident.