Back door entry

Malta is becoming the gateway for wealthy South Africans to secure quick residency in the European Union, writes Bronwynne Jooste in Cape Argus in South Africa:

For the right price South Africans can bypass reams of red tape when applying for permanent residence in Europe...There are criteria that must be met before people can be granted residency in most EU countries, and the controls are getting even tighter.

Now well-off South Africans can get permanent EU residency in just four months through the historic island. Successful applicants do not even have to live in Malta for a minimum amount of time to qualify.

But they will have to earn at least R300 000 a year or have a net worth of R4,5-million. The applicants will also be required to lease or buy property in Malta and bring a certain amount of money into the country each year..

A Cape-based company, Crusader Rock, is one of the few companies to offer the deal in the country. There has been a flurry of interest since its launch earlier this year and several company directors have already secured their residence in this way. James Bowling, manager of Crusader Rock, said the option was attractive because it eliminated a lot of lengthy procedures..

"It's getting more difficult to get residence in Europe - there's a lot of red tape. But in Malta the barriers to entry are lower than in other countries in the European Union." The company already has close to 100 clients eager to take advantage of the opportunity. Bowling said the agreement benefited those applying for residence and the Maltese.