Maltese government has replaced its existing residency scheme, High Net Worth Individuals TaxResidence Scheme, with new scheme known as Malta Global Residence Programme.
The new residency scheme has enhanced the terms of the incentive scheme offered to high net worth individuals (HNWIs) seeking to obtain a residence permit.
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Under the terms of the new scheme, the taxpayer are required to purchase immovable property worth EUR275,000 (US$365,000) in Malta or EUR220,000 in Gozo or the south of Malta, where property prices are generally lower. This is a marked reduction on the previous requirement of EUR400,000.
Alternatively, the scheme also allows individual to rent property for no less than EUR9,600 in Malta, or EUR8,750 in south Malta or Gozo, down from EUR20,000 prescribed by the existing scheme.
Currently, the taxpayer are mandated contribute EUR25,000 to revenue plus additional EUR5,000 per dependent. The new scheme proposes to bring it down EUR15,000, regardless of their locality.
Launching the program, Malta’s Parliamentary Secretary for Competitiveness and Economic Growth, Edward Zammit Lewis said that the Government would enact the necessary legislation to introduce the program by the end of June 2013.
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By GlobalDataThe new residency scheme coincided with stricter requirements for Schengen visa applications, which might boost Malta as a destination for South African seeking dual residency status.
