A new residence programme has been launched by the Government of Malta. The programme is aimed at people who buy high value property and encourages foreign nationals to take up residence in Malta.
By means of Legal Notice 167 of 2013, the Global Residence Program Rules 2013 have been published. Contrariwise as what has been expected, these Rules are only applicable to non-Maltese, non-EEA and non-Swiss nationals – therefore only to third country nationals.
The Global Residence Program Rules may be summarised as follows:
|Malta||Gozo and South of Malta|
|Purchase of Immovable Property||Of at least €275,000||Of at least €220,000|
|Rental of Property||Of at least €9,600||Of at least €8,750|
|Minimum Tax Payable||€15,000||€15,000|
|Non-Refundable Application Fee||€6,000||€5,500 when the qualifying property is in the South of Malta.|
In terms of these Rules, the localities in the south of Malta are the following, Birżebbuġia, Cospicua, Fgura, Għaxaq, Gudja, Kalkara, Kirkop, Luqa, Marsascala, Marsaxlokk, Mqabba, Paola, Qrendi, Safi, Santa Luċija, Senglea, Siġġiewi, Tarxien, Vittoriosa, Xgħajra, Żabbar, Żejtun and Żurrieq.
The Global Residence Program Rules establish that on income arising outside of Malta but brought into Malta, the minimum tax payable is €15,000, with further income arising outside of Malta but brought into Malta to be taxed at a flat rate of 15%. The minimum tax payable, must be paid fully and yearly in advance and any other income will be taxed at the rate of 35%.
In order to avail from the Rules the beneficiary must:
In terms of the GRP Rules the special tax status may now be inherited. Moreover, the Rules state that the beneficiary must continuously satisfy the obligations in terms of the Rules.
Applications for the GRP Rules may be applied for only through an Authorised Registered Mandatory. We may
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