You can get your Malta residency and your Schengen VISA provided you fulfil all the requirements to do so.
Valletta’s beautiful skyline
Why is Malta such a widely sought-after place to live?
One can think of beaches, a comfortable lifestyle, good restaurants and the beautiful sea.
Malta is also a good place to work or to open a business in because of its successful economy and its geographical location. Malta is indeed an excellent business hub.
The Maltese archipelago lies virtually at the heartof the Mediterranean Sea. It is 93 km south of Sicily and 288 km north of Africa.
The archipelago consists of three islands: Malta, Gozo and Comino with a total population of over 400,000.
Obtaining a residence permit and VISA in Malta is fairly straightforward. In general, a person has to be of age and have a stable income or otherwise self-sufficient, and to obtain an address in Malta through lease or purchase of property. (Additional requirements apply).
We can assist the customer to obtain the Residency Certificate, which would be issued upon the applicant satisfying the list of criteria published by the Malta Visa and Residency Agency.
Applicants may apply for a Maltese residence permit on the basis of one of the different types of application.
Once the Residency Certificate is issued, the Beneficiary and his/her dependants have the right to reside, settle or stay in Malta indefinitely. It also grants freedom of movement within the Schengen Area. A Beneficiary may also apply for a work permit.
Malta’s Visa and Residency Programme is available for third country nationals, along with their dependants. It excludes EU/EEA AND Swiss nationals.
Asteria offers a broad range of services for owners of
yachts, from the acquisition and registration of the yacht, to its day-to-day
management and until its onward sale. Throughout the yacht’s lifetime, Asteria
provides guidance and services that make owning a yacht a pleasurable
experience for the owner.
To any owner, a
yacht is a high-value asset that is a pleasure to own and that requires proper
management and care. Whether the yacht
is a hundred-meter superyacht that needs to comply with all international
maritime conventions, or a small yacht that only navigates in domestic waters,
registration procedures and all formalities in relation to acquisition,
ownership and charter need to be observed.
A yacht is also
capable of being exploited commercially, in order that the owner can recoup
some of the expenses necessary for its ongoing care and maintenance.
The ownership of
a yacht involves dealing with a multitude of service providers and authorities,
as well as a potential customer base (if the yacht operates commercially). However, this need not be a cause for concern
for an owner who may have other business commitments to attend to: a reliable
yacht management company and proper coordination of all the yacht’s servicing
and maintenance are available through Asteria’s own expertise and its network
of professionals.
The Yachting Industry
During recent
years, the yachting industry has grown significantly in Malta as well as across
the Mediterranean. It is still a small
industry, and key players are all very well acquainted and highly professional.
Knowledge of
operational standards as well as the rules concerning the yachts (from
registration, to actual navigation and ownership of a yacht) is essential to
ensure a smooth and uncomplicated experience.
This is why we believe that our presence at industry events is important.
Asteria makes
sure to remain abreast of all developments in order to be able to provide the
highest standards of service possible.
From Flag to Charter – Operational and Financial Choices
Whether an owner
wishes to obtain a yacht purely for pleasure purposes, or to charter it
commercially, a number of key decisions need to be taken, including the
yacht-holding structure, the choice of flag, crew selection and operational
models.
Asteria holds
the necessary knowledge base that will enable such service provision to the
best of the client’s interests, and will procure the necessary legal, financial
or tax advice in order to ensure that the soundest and most feasible choices
are made all along.
Cannes Yachting
Festival and Monaco Yacht Show
Networking Events Yacht shows are important events that bring
together service providers from different angles of the industry, as well as clientele.
The key period for such events is September, when the yachting season is
drawing to a close on this side of the globe.
Owners should begin making plans at this time in the event that they
want to change or refurbish their yacht, or if their yacht requires some
crucial maintenance or repair, in preparation for the next sailing season.
After our
successful attendance at the Palma
Superyacht Show in April, we took the plunge and visited Cannes Yachting Festival,
which was held across Vieux Port and Port Canto in Cannes this year, in order
to attend several events that we were honoured to be invited to.
The variety of
yachts was immense, ranging from the smallest of tenders to large motor yachts
and elegant sailing yachts gracing the marinas or at anchor in the open
sea. We continued to forge relationships
with important contacts across the sub-Mediterranean region, where our service
provision is the most significant.
The Monaco Yacht Show is the place
where practically every service provider of note will be at the end of
September, strengthening business ties and making new ones. Asteria already holds a number of important
contacts in the areas and will be attending important meetings which will
highlight salient issues in the yachting industry.
Representation
Asteria will be
attending with the aim of both strengthening its direct client-base as well as
offering services to like-service providers, since we believe that there are
ample opportunities for synergies across the service sector.
The Malta Business Review recently nominated our Geraldine Spiteri to sit on a panel of judges during the Malta Best In Business Awards 2018. The event took place at Castello Dei Baroni in Wardija, Malta. Among the wide range of awards given, the nominations included a number of Best in Yachting Awards.
Besides Geraldine, the adjudication panel was composed of other reputable members of the business community. The Awards formed part of the Malta Best in Business Awards, an annual event hosted by Malta Business Review.
Participants hailed from a wide variety of service providers in the industry – lawyers, ship operators and agents, shipping companies and businesses. Indeed, there was a wide range of Maltese enterprises that have achieved high standards of excellence during the year. Some of the entities participating have a long-standing business history.
At this year’s event, the pool of nominees was highly varied and interesting. The participants had a few very close wins and there was some tough competition. Needless to say, the judges all expressed difficulties in choosing the winners because of the high degree of achievement displayed.
Closing the ceremony, the hosts wished everyone a prosperous year. Naturally, everyone is excited for the Best in Yachting Awards 2019.
On the 1st January 2018, new regulations came into force setting up the register of beneficial owners within the Registry of Companies. Companies must declare the identity of the ultimate beneficial owners (UBOs). This applies for UBOs having a share or controlling interest of more than 25%. If there are none, then the company has to indicate who the senior administrators are.
The regulations exclude companies where:
They are listed on a regulated market and disclosure of beneficial owners is already required under the appropriate regulations; or
All shareholders are natural persons disclosed to the companies registrar.
The First Schedule of the regulations sets out a form which is to be delivered together with the M&As whenever a new company is being set up. Declarations must be submitted for each beneficial owner. The declarations must include name, date of birth and nationality, identification details and country of issue of the passport or identity document. Failure to comply means that the Registrar will not register the company.
The regulations require the Registrar to keep a register for information on the beneficial owners. The information is not available to the general public except under payment of a fee to download the documents.
Update – December 2023:
A recent European court judgement has confirmed that having this information accessible by the general public is not strictly necessary or proportionate in terms of human law rights and thus, the ability to access beneficial owners’ information has now been limited to licensed entities and subject persons. Read the article here.
Companies must retain accurate, adequate and up to date information on all beneficial owners in compliance with the regulations. They must hold this information in a beneficial owners register which they keep at the company’s registered office.
Shareholders and UBOs are bound to provide the information without delay, even upon any change in the beneficial ownership or interest held. New shareholders shall not be registered unless they comply with this requirment.
Any changes in beneficial ownership must be notified to the registry within fourteen days. Companies must use the prescribed Form including all the information necessary. The same applies in the case of a transfer or transmission of shares, where this has entailed a change in beneficial ownership interest held. Notices of changes must be signed by at least one director or the company secretary.
Power of Authorities
The registry is authorised to exchange the information with tax and other competent authorities as well as to subject persons carrying out CDD in terms of the applicable regulations. Subject persons requesting such information may demonstrate their legitimate interest in obtaining such information, including on the basis of previous activities and proven track record. (Note – this might cause problems for new start-ups).
In exceptional cases where the beneficial owner risks exposure to harm owing to disclosure, such information should not be disclosed. Subject persons cannot rely exclusively on the register for CDD purposes. Furthermore, authorities across the EU will have the power to exchange information with each other.
Submission and Liability to fines for default
The rules subject access to information to online registration and a fee of EUR 5.00 for every access to the information on the beneficial owners of each company. Post 2022, this information is only accessible to subject (licensed) persons.
Default will expose every beneficial owner, shareholder, officer and the company jointly and severally to fines. Officers can only escape this where they have used all due diligence in order to comply with the rules and was not at fault for the failure.
This information is to be provided at every anniversary of each company after the initial submission. Notably, the rules also apply to commercial partnerships.
False or misleading statements can lead to hefty fines and / or imprisonment. The rules make provision for electronic submission. This enables subject persons to submit documents on time.
The Second Schedule lists down the applicable administrative penalties for failure to submit on time.
Following the coming into force of the Various Financial Services Laws (Amendment) Act, 2017 (Act XXVIII of 2017) on the 1st December 2017, publication of administrative penalties imposed by the Financial Intelligence Analysis Unit (“FIAU”) for one or more contraventions of the Prevention of Money Laundering Act (“PMLA”) and/or of the Prevention of Money Laundering and Funding of Terrorism Regulations no longer falls under Article 13A of the PMLA but by the new Article 13C.
Article 13C now provides for the publication of administrative penalties where these exceed €10,000 and have become final and due. Publication is to take place in accordance with policies and procedures set by the FIAU’s Board of Governors.
The then-existing Policies and Procedures were revised on the 22nd December 2017, to take into account the changes brought about by the new Act as well as the requirements of Directive (EU) 2015/849 relative to the publication of administrative sanctions.
The revised version of the said policies and procedures is available on the FIAU’s website and can be accessed through the following link – http://www.fiumalta.org/penalties .
The FIAU advises subject persons to become familiar with these policies and procedures.
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