In June 2013, the Global Residence Programme was launched. Applications under this progamme are open to non-EU, non-EEA and non-Swiss nationals. This Residence Scheme offers favourable and advantageous taxation scheme. Applications are to be processed via mandataries authorized by the Maltese Government to handle application process. A similar scheme for EU, EEA and Swiss Nationals is also available and is called ‘The Residence Programme’.
This Programme is limited to only 1800 approved applications. The following is a brief description of the scheme and requirements:
- The value of the immovable property purchased must be atleast € 275,000, however if the property is located in the south or in Gozo, the value can be € 220,000.
- Applicants will also be eligible if they rent a property with an annual amount of € 9,600 in Malta and € 8,750 in Gozo or in the south of Malta.
- Applicants must be covered by a health insurance. They will not be entitled to free state healthcare.
- The minimum tax to be paid in advance, reduced to € 15,000 yearly on income remitted to Malta with further income charged at 15%.
- This new scheme Glocbal Residence Programme replaces the High Net Worth Individuals scheme for Non-EU foreigners.
- The requirements to place a €50,000 bond with the government and an additional €150,000 per dependent has also been removed.
- Applicants of the Global Residence Programme will also be able to to work or setup business in Malta and will be taxed at a flat-rate of 35% on any income arising in Malta. The standard 15% flat-rate will be applicable on income declared in Malta from overseas.
For further details kindly contact our office.