A new Residence Scheme for EU/EEA/Swiss Nationals

Benjamin Griscti  -  14/August/2014

Malta has extended and improved its array of fast track programmes by which foreign investors could obtain Maltese tax residence and become eligible for a Maltese residence permit – by introducing ‘The Residence Programme for EU/EEA/Swiss Nationals’.

Similar to its counterpart, the Global Residence Programme for non-EU/EEA/Swiss nationals, the Residence Programme is a very straightforward and flexible programme, encompassing clear legal requirements.

This Programme is applicable to persons satisfying the following criteria:

  • become in possession of a qualifying property in Malta either by acquiring it for at least €275,000 (€220,000 if in the south of Malta or in Gozo) or renting it for at least €9,600 per annum (€8,750 if in the south of Malta or Gozo);
  • must not be benefitting from other specialised tax residence programmes;
  • must be in receipt of stable and regular resources that are sufficient to maintain himself and his dependants;
  • must be in possession of a valid travel document and a global health insurance;
  • must be fluent in one of the official languages of Malta;
  • must pay a non-refundable administration fee of €6,000 or €5,500 in the case the qualifying property is situated in the south of Malta or Gozo.

As synonymous with these residence schemes, foreign source income which is received in Malta, will be taxable at the rate of 15% with the possibility of claiming double tax relief but subject to a minimum annual tax liability of €15,000. Any Malta sourced income will then be taxed at 35%.

Applications under this Programme must be submitted by an Authorized Registered Mandatory – KSi Malta is registered as such. In this respect, do not hesitate to contact us and see how we can assist you.

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