RESIDENCE IN EUROPE FOR NON EU:
PERMANENT RESIDENCE PROGRAMME in MALTA
Malta in November 2020 introduced a new citizenship program by investment already explained in detail, aimed at non-European citizens who want to obtain a European passport.
In this case, it is a matter of obtaining new citizenship with all the related implications.
It is also possible to obtain a new permanent residence in a European State through investment programs.
So here in MALTA we have the new residence scheme in EUROPE for NON EU: THE PERMANENT RESIDENCE PROGRAMME
Malta with Legal Notice 121/2021 has approved a new residency scheme ”Malta Permanent Residence Programme” replacing the previous Malta Residence and Visa Program, aimed at attracting foreign investors from outside Europe to the country, seeking a visa that would allow permanent residence in a European country.
The new program provides for an increase in government contributions due to the Maltese government from the previous 30,000 Euros as well as the cancellation of the obligation to purchase government bonds for 250,000 Euros.
This new scheme provides for two possibilities, depending on whether one decides to rent or buy a property in Malta:
- in case of renting a property with a minimum annual cost of Euro 12,000 (10,000 in South Malta or Gozo) , a contribution to the Maltese State of Euro 58,000 + 40,000 administrative costs , and a donation of Euro 2,000 to an NGO in Malta is due
- in case of purchase of property with a minimum value of Euro 350.000 (or 300.000 in the south of Malta or Gozo) a contribution reduced to Euro 28.000 + 40.000 administrative costs and a donation of Euro 2.000 to an NGO in Malta.
Fees for additional members, spouse and children are already included in the administrative costs while for parents and grandparents an additional Euro 7,500 is due.
It is mandatory for the applicant to have a capital of at least 500,000 Euros, of which at least 150,000 must be in the form of securities, while the requirement of a minimum annual income of 100,000 Euros has been deleted.
Any person interested in applying to this program is required to do so through an approved registered agent or accredited person
Individuals who are authorized to participate in this program, who are not of Maltese origin, and who intend to remain in Malta for a substantial period of time but do not intend to settle permanently in Malta, will be classified as resident but not domiciled in Malta (NON-DOM).
Such individuals will be taxed on income earned in Malta. They will not be taxed on non-Maltese income not remitted to Malta. Capital gains will not be taxed even if remitted to Malta.
NON DOM RESIDENT TAXATION IN MALTA
For any further information please do not hesitate to contact us
either for more detailed information on the Residency, Citizenship and Visa Program of Malta and other jurisdictions and to advise you on the best real estate solutions in Malta and Gozo and on a Qualifying Investment in Malta and many other jurisdictions
MALTAway Partners are Authorised Registered Mandatories of MALTA Inland Revenue/MFSA.
2016 Malta Residence and Visa Programme in effect until replaced by the new one shown above
Non-EU Nationals interested in taking up permanent residence in Malta can now avail themselves of the Malta Residence and Visa Programme. This programme follows on the success of the Malta Individual Investor (Citizenship) Programme and allows the beneficiaries together with their registered dependents to reside, settle or stay indefinitely in Malta.
The programme is managed by Identity Malta, whose role is to examine applications and issue certificates where all criteria required are met. Eligibility to the Malta Residence and Visa Programme requires applicants to satisfy a three-tier investment, including:
- An initial contribution of €30,000 (non-refundable), in the manner as requested by Identity Malta
- A Qualifying Investment in a form determined by Identity Malta having an initial value of €250,000. This investment ought to be held for a minimum period of 5 years from the date of the issue of the Malta Residence and Visa Programme certificate;
- Hold title to a qualifying property, be it through outright purchase or long term lease, which must be held for a minimum period of 5 years from the date of issue of the certificate.
- Either ownership of an immovable property purchased for not less than €320,000 for property situated in Malta, or €270,000 for a property situated in Gozo or in the South of Malta; OR
- Leasing of immovable property for a rent of not less than €12,000 per annum in the case of property situated in Malta or €10,000 per annum in the case of property situated in Gozo or in the South of Malta.
The application fee, due to the Authority, is set at €5,500, which is non-refundable and constitutes a part payment of the contribution.
Any person interested in applying to this program is required to do so through an approved registered agent or accredited person
MALTAway Partners are Authorised Registered Mandatories of MALTA Inland Revenue/MFSA.
Other general requirements for a person to be issued a certificate under the Malta Residence and Visa Programme demand that such person:
- Is at least 18 years of age;
- Is a third-country national (i.e. non-EU/EEA/Swiss);
- Is not a long-term resident;
- Is in possession of sickness insurance in respect of all risks across the whole of the European Union normally covered for Maltese nationals for himself and his dependants;
- Has an annual income of not less than €100,000 arising outside of Malta or in possession of capital of not less than €500,000;
- Commits himself to provide proof of title of a qualifying property in Malta in accordance with these regulations;
- Commits himself to invest in a qualifying investment;
- Commits himself to pay in full the contribution in terms of these regulations.
- Is not a person who benefits under other programmes, including;
- The Residents Scheme Regulations
- The High Net Worth Individuals – EU / EEA / Swiss Nationals Rules
- The Malta Retirement Programme Rules
- The Residence Programme Rules
- The Qualifying Employment in Innovation and Creativity Rules
- The Highly Qualified Persons Rules
The certificate issued under these regulations shall be monitored annually for the first five years and every five years thereafter.
All individuals who are beneficiaries of the Global Residence Programme shall be allowed to apply for the issuance of the certificate in terms of these regulations.
You must be logged in to post a comment.