What does the Residence and Visa Programme grant the applicant?
- Malta residence permit to beneficiary and dependants
- Freedom of movement within the Schengen area
- Right to reside, settle and stay indefinitely in Malta
- Possibility to apply for a work permit, if required
- Tax benefits under the Global Residence Programme
Tax benefits under the Residence and Visa Programme
An individual would be considered to be a Maltese resident, therefore liable to pay tax contribution in Malta, if s/he resides on the island for more than 183 days in a calendar year. In such instances, tax contribution would be calculated on any Malta source income and on any foreign income remitted to Malta. Capital gains arising outside Malta will not be taxable under the Maltese jurisdiction, even if such gains were received in Malta. On the other hand, if a person is neither a Maltese resident nor domiciled in Malta, s/he is only taxable on income arising in Malta.
In addition, individuals who have been granted a Certificate as per these Regulations, may also qualify for tax incentives granted under a separate programme. The Global Residence Programme grants the holder a 15% beneficial tax rate on income received in Malta from foreign sources with the possibility to claim relief from double taxation.
Eligibility criteria for the Residence and Visa Programme
- The Programme is open to third country nationals i.e. non-Maltese, EU, EEA or Swiss nationals
- Applicants must have celebrated their 18th birthday
- Eligibility may be extended to applicants’ dependants, including spouses or partners in a relationship, children and other immediate family members.
In line with the Government of Malta’s aim and commitment to attract respectable and honourable people through such programmes, all applicants will be subject to due diligence scrutiny and need to have a clean criminal record.
Once the application is approved, the applicant is required to invest €250,000 in approved instruments, typically Government approved bonds, which are to be held for a minimum of 5 years.
Property purchase or rental
Applicants are required to make a commitment to buy property in Malta with a minimum investment of €320,000 (or €270,000 if the property is in Gozo, or in the south of Malta).
Alternatively, the applicant can opt to rent a property with a minimum investment of €12,000 annually (€10,000 if the property is in Gozo, or in the south of Malta).
In both cases, the investment needs to be for a minimum of 5 years.
Contribution to the Government of Malta
Upon application, a deposit of €5,500 is required. The remaining €24,500 payable to the Government of Malta, will be due upon the approval of the application.
Applicants should present the following:
- A valid travel document
- Comprehensive health insurance
- Proof of a stable and regular income which exceeds €100,000 annually or a capital that exceeds €500,000.
For further information or for assistance on the Malta Residence and VISA Programme Regulations, please contact:
Karl Cini | Partner | firstname.lastname@example.org