Malta is an ideal country of residence for an array of reasons. These range from the stable political environment, the flourishing economy as well as the Mediterranean climate and culture. The government of Malta offers numerous convenient options for those who wish to obtain residency on the island.
Malta Ordinary Residence Scheme
Under the Malta Ordinary Residence Scheme EU and EEA citizens are able to move their tax residence to Malta. To qualify for this program one has to buy or rent a property on the island. In addition the applicant must be proved beyond doubt to be financially independent. Taxation only applies to remitted income or income received in Malta. With the exception of those domiciled in Malta capital gains are not taxable if realized outside of Malta.
Malta Residence Programme
For those who wish to reside in Malta albeit not permanently the Malta Residence Programme is a good fit. Affluent people from other EU and EEA member states can be awarded residency under this programme. The rights afforded by the Malta Residence Programme also caters for the household staff of the applicant provided they are employed on a property owned by the applicant. Property ownership or rental is also a necessary requirement to qualify for the residency. Under this program a resident will be taxed at a fixed rate by the Maltese authorities. This taxation rate also extends to dependants and family members of the applicant and is chargeable on all income received in Malta.
Malta Global Residence Programme
This programme is quite similar to the Malta Residence Programme with the exception that it caters for non-EU citizens. One of the principle requirements is ownership of property in Malta or alternatively rental of the property. The applicant must be willing to use the property as their main place of residence globally. To cater for the applicant’s needs family and household staff are covered under one application. Another added perk is the work permit eligibility that comes with residency. The rate of taxation under the Malta Global Residence Programme is a fixed rate applicable to all income received in Malta.
Malta Residence by Investment
Non-EU investors who wish to settle in Malta can make use of the Malta Residence by Investment programme whereby they can meet the requirements through making investments in Malta. The applicants will be required to make investments in form of property acquisition, shares and government bonds. Under this programme the resident will be liable to taxation on income remitted and received in Malta. Foreign sourced capital remitted to Malta will not be taxed as well as capital gains realised outside of Malta. Residents under this program also enjoy the limit on tax chargeable on foreign sourced income. Unlike the majority of residence programmes run by the Maltese government, there is no minimum presence requirement enforced on the applicants.
Malta Citizenship by Investment Programme
Applicants who meet the investment criteria set for the Malta Citizenship by Investment Programme can acquire life-long Maltase citizenship which can also be passed down to their descendants. This programme caters for EU and non-EU citizens alike. The rights granted by under this programme will give the non EU applicants the benefit of access to EU investment opportunities as well as the visa free travel through various states. Applicants will also be liable to Maltese tax laws which are known for their pro-investment nature.
Professional Assistance
For more insights on the Malta’s resident programmes, you may contact SIGTAX. Our invaluable team, which consists of expert lawyers, accountants and consultants will give you detailed information and counsel during each step. Our lawyers can provide you with finer details on the legal aspects pertaining to resident programmes in Malta so that you don’t skip any necessary steps.
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