MALTA new residence scheme:
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 a new citizenship with all the related implications.
Non-EU citizens can instead obtain a new permanent residence in a European State through investment programs.
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 a 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.
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
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