In June 2013, the Global Residence Programme was set up to attract non- European citizens (non EEA and not Swiss), providing many with great advantages and favorable possibilities and putting Malta in the forefront of attractive places to retire or invest.
Individuals benefitting from this programme are not barred from working in Malta as long as they satisfy the requirements for obtaining a work permit.
The Global Residency Programme in brief:
Who may apply?
- An individual who is not an EU citizen.
- An individual who is not a citizen of Iceland, Norway, Liechtenstein or Switzerland.
- An individual who is not already a beneficiary of any of the following Maltese tax programmes : High Net Worth Individual Program, Malta Retirement Program, Highly Qualified Persons Rules, Qualifying Employment in Innovation & Creativity
Either: Rent a property worth €9,600 (€800 per month) annually in Central or North areas or a property worth €8,750 (€730 per month) in Gozo or the South of Malta.
Or: Purchase immovable property in the South for over €220,000, Gozo for over €220,000, OR rest of Malta for over €275,000
- The minimum tax that has to be paid has been reduced to €15,000 from €25,000 on income originated in Malta, any additional income from overseas shall be charged at 15%. Any income generated in Malta will be taxed at the normal local tax bands.
- No person other than the beneficiary and his/her dependants may reside oin the qualifying property, and this may not be sub-let
- Any applicants for this program will have to hold a health insurance a prove stable and regular recources to maintain himself/herself without resorting to the local social assistance system
- Applicant must have a valid travel document, speak English and submit a police conduct certificate.
- If a property is bought in the Central or North areas of Malta then a €6,000 processing fee is required. If a property is bought in either the South of Malta or Gozo then a €5,500 processing fee is required.