All about the New Global Residency Programme


Malta Global Residence Programme :  General information

 

 

The Malta Global Residence Program follows the footsteps of the Malta Permanent Residence scheme. The PRS is probably the most attractive residence scheme available to non-EU, non-EEA and non-Swiss nationals seeking to migrate overseas, to a more attractive English-speaking country with mild winters, a high standard of living, a safe environment for all the family, and a country largely unaffected by recession.

The Global Residence Program provides a program for permanent residency that is qualitative yet financially feasible and with the tax efficiency of Malta’s remittance based taxation system. Malta ticks all the boxes as a foremost global residence jurisdiction and tops the respected international indexes for quality living and retirement.

 

Who may apply?

  • The 2013 Malta Global Residence Program was designed to attract affluent individuals seeking to take up Global Residence in Malta.

Requirements of Malta’s Global Residence Program

-          No minimum stay requirements

-          A low personal tax rate of 15% on remitted income

-          A low annual tax liability of a total of €15,000 per family

-          No worldwide income/wealth tax – tax only paid on income remitted to and kept in Malta.

-          No inheritance/wealth taxes

 

Malta Residential Property

Approved beneficiaries of the Global Residence Program are given 12 months to acquire a property in Malta or Gozo in accordance with the property rules. Residence permit holders need to satisfy the minimum property value requirements of €275,000 for property in Malta and €220,000 for property in Gozo and the Southern region of Malta.

Medical Insurance: In granting a Global Residence Permit as well as Uniform Residence Permits, the authorities will verify that the applicant and dependents are covered by an all-risk medical Insurance policy in Malta.

 

Eligibility for Global Residence

The definition of dependents has been widened beyond wife and children. The age limitation of children (natural, adopted or in care) has been increased to 25. Dependents now include brothers, sisters and direct relatives in an ascending line as long as it is shown to the satisfaction of the Director of the Inland Revenue that these are the dependents of the beneficiary of the Residence Program.

 

 

Applying for a Global Residence Permit

The Program requires applications to be submitted on their behalf via the Authorized Registered Mandatories in Malta. The registered Mandatory may appear on behalf of the applicant during the application process and also on applying for and collecting the Uniform Residence Permit. Typical processing time is three months although in reality this is expected to be significantly shorter. All dependents will receive their own unique ID. The client would only be expected to appear once at the commencement of the application, thereafter the process can be accomplished through a POA. There is no compulsory time to be spent in Malta on an annual basis.

 

Typical costs

-         €4,000 at application stage

-         €2,000 when the individual takes up residence in Malta

-         Circa €2,500 in legal, compliance and admin costs

-         No Governmental renewal fee on renewal

-         Circa €1,500 in renewal costs

Note as this scheme has just been launched the specific costs are still in process. Thus, this sheet will be updated with new information regularly.

 

Renewing a Global Residence Permit

The renewal of the Uniform Residence Permit shall be conditional to the applicant and dependents satisfying the minimum conditions for the preceding year but also for the forthcoming period for which the Uniform Residence Permit is given. This includes the payment of the minimum tax and the declaration that the applicant has not been resident in any other single jurisdiction for a period of more than 183 days.

The applicant is entitled to sell the property at any time after purchase however at the time of Permit renewal the client must demonstrate ownership of a property investment of the same value.

All dependents are automatically renewed at the same time as the original applicant providing that all are still financially dependent on the original applicant.

 

Documents needed

  • Passport or another valid travelling document;
  • Proof of legal entry and permanence in national territory;
  • Proof of health insurance;
  • Signed application enabling consultation of the Malta Criminal Record by the authorities
  • Criminal Record Certificate from the relevant authority of the applicant’s home country or from any other country where he / she resided for over a year;
  • As means of evidence of compliance with tax obligations, the applicant shall deliver a declaration proving the absence of debts issued by the Inland Revenue and Customs Authority and by the Social Security.