In 2016, China registered more than 16,000 ultra-high net worth individuals, placing it in 3rd place on a global scale. According to the World Ultra Wealth Report issued in early 2017, their combined wealth increased by a further 2.2% in 2016.
Considering another country for residency or citizenship can provide easier mobility to an ultra-high net worth individual and their dependants.
Malta offers such applicants the perfect gateway to Europe. With a politically stable environment, good free education, and access to excellent medical care which is free for all Maltese residents, obtaining a second residency in Malta can be considered like an insurance policy to protect the applicant and their dependants including any consequences of conflict or political persecution.
As a former British colony, Malta’s Individual Investor Programme and Residence and Visa Programme are highly sought after thanks to the island’s reputable stability and security.
Having the 10th most powerful passport, Malta offers visa-free travel to over 165 countries which include all EU member states, Australia, Switzerland and the US. A remittance-based tax system is another benefit for individuals wishing to become Maltese residents.
Furthermore, inheritance, gift or wealth tax are non-taxable while stamp duty is only payable upon transfers of Maltese property (5%) or on shares in local companies (2%).
Acquiring Maltese citizenship doesn’t give the applicant tax residence, and if one opts to reside permanently in Malta, they would still be a non-domiciled person for taxation purposes.
We can assist you in evaluating both the IIP and MRVP options and offer the necessary advice, and tailor-made solutions to suit your needs. Contact Karl Cini | Partner today for more information.