Malta offers some interesting possibilities for non-EU, non-EEA and non-Swiss citizens to take up residency. The Global Residence Programme enables people to become residents by making an investment. The Individual Investor Programme is an investment programme that also awards the citizenship. In this article, I would like to highlight the requirements and advantages of the Global Residence Programme.
Taking part in the Global Residence Programme of Malta is tied to certain requirements. These include renting or purchasing property and paying income tax. The values of the properties are minimum requirements, and a purchased property has to cost between €220,000 in €275,000, depending on the location. A rented property has to cost an annual rent of between €8750 and €9600, also depending on location. You also need to present a full cover medical insurance prior to your application.
What do you get for taking part?
The Global Residence Programme entitles residence permit holders to reside in Malta and benefit from the favourable personal income tax structure of 15% flat rate. Malta has many double taxation treaties, and it can be financially worthwhile to move to the islands. Income only has to be taxed on remittance basis. Income from foreign sources will only be subject to income tax if it is being remitted to Malta, and foreign capital gains are not taxed in Malta. If you are operating a business in Malta or you have income from other economic activities you will have to pay 35% tax. The minimum amount that is taxable is €15,000 per year. If you are a residence permit holder you do not need to spend a set amount of time in Malta and you can come and go as you please. However, restrictions to residing in other countries apply and you cannot spend more than 183 days of a year in the same country.
The application will also incur a fee of €4000. The application process needs to be carried out by a Authorised Registered Mandatory. You can contact the legal office of Dr. Werner & Partner for more information about the application process, and you are welcome to schedule a personal consultation if you are interested in applying for the Global Residence Programme of Malta.
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