The most important benefits of the Malta Global Residence Programme are:
- very low taxation (foreign income tax exempt)
- Schengen Visa with the residency permit of a member state of the European Union
- low administration fees
The tax advantages:
- The applicant does not have to pay tax on his/her worldwide income!
- The applicant must pay at least EUR15,000 tax every year.
- The applicant for the Malta Global Residence Programme has to pay tax for the foreign sourced income which has been remitted to Malta at a fixed rate of 15%. The applicant can claim double tax relief on such income.
The duration of the whole process is 2-3 month after the applicant gives us all the necessary documents.
Our representative in Malta is qualified as an “Authorised Registered Mandatory”, without this title it is strictly forbidden to offer residency solutions in Malta.
The new Maltese resident does not have to work from Malta, but of course it is possible. Still the new residents have to purchase or rent real estate in Malta or Gozo (in Gozo it is always cheaper) as long as he/she wants to have the benefits of the tax relief.
Requirements of the Malta Golden Residence Programme for individuals:
- Must purchase a property in Malta or Gozo for a value of minimum EUR275,000. If the applicant buys the property in the island of Gozo or in the south of Malta the value reduced to EUR220,000 .
- The applicant can also rent a property in Malta for at least EUR9600/year or in Gozo/south of Malta for EUR8750/year.
- The property can not be shared, of course the family members can live there.
- The applicant and his/her dependants has to have a health insurance which covers all of them for the whole EU.
- The applicant has to be a fit and proper person, before the granting of the special tax status there will be an international due diligence process.
- The applicant must speak English or Maltese.
When the applicant succeeded to have the the special tax residence status in Malta, there are obligations which the authorities will check every year:
- Can not sell or can not stop the rent of the qualified property (but of course can change it).
- Has to continue with the health insurance
- The resident can not spend more than 183 days in any other jurisdiction.
- Has to fill an annual declaration together with the annual tax return
- There is a non refundable fee of EUR6000 , this amount must be paid when the application process starts.
Malta Residence Programme Rules 2014
The “Residence Program Rules” (RPR) have now substituted the former branch of HNWI, now having the same thresholds as the Global Residence Program. In terms of The Residence Programme Rules (RPR), citizens from the EU/ EEA/ Switzerland can apply for a special tax status in Malta subject to the satisfaction of certain conditions.
From the 8th of July, the HNWI Residence Program Rules (High Net Worth Individuals) have now amended to reflect the Global Residence Program threshold, both in terms of tax and real estate value.