Malta Global Residence Programme

The Malta Global Residence Programme was launched in 2013, owing to Malta's incredible quality of attracting expats who are in need of a second home that offers them the perfect Mediterranean lifestyle. The Malta Global Residence intends to recognise economically stable foreign nationals who are interested in purchasing or renting a property in Malta or Gozo and maintaining it as their permanent address, as tax residents.

Tax Regime for Maltese Global Residents

Maltese residents are not supposed to pay tax on income that comes through foreign sources and is not remitted to Malta. Capital gains from foreign sources are also not subject to tax irrespective of its remittance to Malta. Permanent Residents of Malta can receive their pensions in Malta free of tax at source and subject to a rate of 15% on remitted income. Malta also has double taxation agreements with most European countries, Canada, Australia and the USA, which applies to global residents so they never have to worry about paying tax twice upon the same income.  Local investment of capital funds from abroad is only subject to 15% tax on any following interest or dividends obtained. Tax rate for Local, Personal, Business, Investment income is 35%. Minimum tax for every family is €15,000 per annum and there are no additional taxes charged for the investor's family members and inheritance.

Eligibility Requirements for Malta Global Residence Programme

The Malta Global Residence Programme can be applied to by non-EU, non-EEA, and non-Swiss nationals. In order to be eligible for the Malta Global Residence Programme, the applicant must be over 18 years old, have no criminal record, a legal source of adequate income, and valid medical insurance. Eligible family members may include the applicant's spouse, financially dependent ascendants and relatives that are genuinely part of the family, and children under 25 years old.

Investment Options for Malta Global Residence Programme

Within 12 months of receiving a residence permit under the Malta Global Residence Programme, the applicant is required to purchase or rent a property in Malta, which is important for demonstrating that an address is available to them in Malta. Applicants can opt to purchase property for a minimum of €275,000 in Malta and €220,000 in Gozo and the Southern Region of Malta. If you don't wish to buy a property right away, there's always the option to rent a property in Malta at €9,600 or a property in Gozo and the Southern Region of Malta at €8,750 in annual rent.

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Rules of Malta Global Residence Programme

The rules of the Malta Global Residence Programme suggest that investors pay an administration fee and buy or rent a property in Malta in order to be considered a global resident. The number of family members has no effect on the amount of investment needed to apply and the investor has to pay taxes of at least €15,000 per annum. The ownership or rental of the residential property must be maintained, it cannot be rented out or subleased. The Malta global residence permit offers residents a chance to live in the country, and travel visa-free across the Schengen Area. Permit holders aren't required to live in Malta continuously but they cannot spend more than 183 days a year in a different country. For all EU risks, including Malta, residents must possess a valid sickness insurance coverage.

Malta Global Residence Programme Applications

Mandataries authorised by the Maltese Government are responsible for application processing and serve as a communication bridge between the applicant and the Maltese Authorities. Our advisors can educate you about the tax requirements even further and help make the application process smoother for you. Arcus Estates can assist you in choosing between the various Maltese residence programmes depending on your reason, whether it is to relocate, set up a business, or buy a second home. For further details about the Malta Global Residence Programme and its application requirements, get in touch with us today.