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Saving taxes with the Global Residence Programme in Malta

The Global Residence Programme in Malta is an attractive opportunity for foreign expatriates to move to Malta if they are not citizens of the EU or EEA. This means that these foreign nationals can have their residence in Malta, and at the same time take advantage of the low taxation. A holder of a Global Residence permit is also allowed free movement within the Schengen Area.

The Global Residence Programme is for non-EU/EEA citizens who are economically self-sufficient and rent or own property in Malta or Gozo, and who have a permanent address on the islands. Once the residency is confirmed, the person is eligible for the 15% income tax on pensions or other income. Since Malta has double taxation agreements with over 60 nations you will not have to pay taxes in the source country.

If capital funds are invested in Malta a flat rate of 15% will be applied on capital gains, such as dividends or interest. The minimum taxable amount is €15,000 per year and per family, meaning a self-sufficient person has to have this amount as income.

Requirements for participation and rules

In order to take part in the Programme an application (for the whole household, i.e. main applicant and dependants) needs to be filed. Applicants must provide proof of self-sufficiency, as well as proof of health insurance cover. When buying property in Malta, the property needs to have a minimum value of €275,000, or €220,000 for Gozo or the south of Malta. It is also possible to rent property, and in that case the rent needs to be at least €9,600, or €8750 per year in Gozo or the south of Malta. A permit holder is also not allowed to reside more than 183 days in a foreign jurisdiction.

Other advantages of moving to Malta

The low tax rate is not everything that Malta has to offer. In fact, the islands are a real gem in the Mediterranean. Living in Malta gives you a warm pleasant climate with hot summers and mild winters, pristine waters, and many summer and winter activities to chose from. The islands have become a top location for expatriates, and life is relaxed and easy.

The office of Dr. Werner & Partner is offering services related to moving to Malta with the Global Residence Scheme or the Individual Investor Programme(which includes acquiring the citizenship), and you are welcome to contact us for a personal consultation if you would like more information on the application process.

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