Wealthy South Africans choose Malta as stepping stone to EU
Malta is becoming the gateway for wealthy South Africans to secure quick residency in the European Union, according to South African online news site IOL. The website, probably referring to Malta’s permanent residence scheme for foreign nationals, reported that South Africans can bypass red tape when applying for permanent residence in the EU through Malta. The website said that well off South Africans who earn at least EUR 22,792 per year or have a net worth of at least EUR 341,873 can get permanent EU residency in just four months, and that successful applicants do not even have to live in Malta for a minimum amount of time to qualify. The applicants will also be required to lease or buy property in Malta and bring a certain amount of money into the island each year. The Schengen treaty, which Malta is a signatory to along with 26 other European countries, allows people who have permanent residence in one country to move freely across all signatory countries without having to apply for visas.
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