INVESTORS’ PARADISE
MALTA RESIDENCY AWAITS YOU
New Global Resident Programme is most accessible
A beautiful, worth-seeing place you can call home
Enjoy a relaxed, affordable living with historical links to Britain
Malta is a small island country, south of Sicily, which is not only a really beautiful place to visit, but also to make it your destination with a residency flag. Looking to create even more economic growth, Malta has introduced yet another residency programme the ‘Global Resident Programme’ which no doubt is the most accessible programme this beautiful country has offered to date.
Numerous residents are attracted to this small island state every year. They include freelance professionals, who can work remotely as well as retirees from Northern Europe, with a good number of them from the UK. The attraction lies in the relatively relaxed way of living, affordable cost of living, as well as the country’s historical links to Britain.
The other star attractions include the plethora of leisure activities namely diving, cultural events and night life.
All those who move to Malta, the smallest European Union (EU) state, fall in love with its natural beauty, architectural gems and the Mediterranean joie de vivre that permeates life on the island. Many are also attracted by the various successful industries that are flourishing such as the gaming industry and the financial services.
Indeed Malta is one of the most charming countries in the world which has offered a new Global Immigration Programme. This island, steeped in history and surrounded by the deep, blue Mediterranean Sea ‑‑ where the sun shines for majority of days throughout the year ‑‑ is located in the Mediterranean.
Malta comprises three islands namely Malta, Gonzo, and Comino. Due to its sunny summers and mild winters, Malta is a country with the best climate in the world. But the tourists do not just visit there for the great weather; they go there for its numerous architectural and historical monuments, diverse recreational areas, and a popular boat culture. Even better, they have attractive tax benefits for the right kind of investor.
The Maltese government created the ‘Global Resident Programme’ to draw in folks who can buy or rent high value property, as well as pay taxes. The end-goal for Malta is of course its economic growth. The programme is designed to strengthen Malta’s property market, increase work for professionals working in the legal, tax, and financial services industries, and boost the leisure and hospitality sectors.
Malta understands that it has got to offer something in return to the intending investors for their investments. The ‘Global Resident Programme’ does just that with an attractive tax scheme. Added to that is the fact that residence in this beautiful Mediterranean island can grant you a visa-free access to the entire Schengen area and Malta starts to look even better.
Qualification:
- You cannot be an EU/EEA resident or national of Switzerland, Iceland, Norway or Liechtenstein;
- You cannot already have Malta’s residency through one of the other tax programmes (although you can qualify to transfer to the new programme);
- You must own or rent Maltese property;
- You must have stable and regular resources to sustain yourself and any dependents;
- You must present a valid travel document;
- You must acquire sickness insurance that covers yourself and any dependents;
- You must be able to communicate in Maltese and/or English;
- You must qualify as a fit and proper person (this includes a criminal record check);
- Once a resident, you must spend less than183 days outside the country.
Benefits:
You will be granted a special tax status that includes:
- No tax on foreign sourced income not remitted;
- 15 per cent on remitted income;
- 35 per cent on local income, and
- No inheritance tax;
- It is a fast process, allowing you the EU residence within just three months’ period;
- Your family and domestic staff can be included in your application;
- You will be entitled to a work permit;
- You will have visa-free access to the EU/Schengen area.
Documents, Language & Travel:
There are a few basic questions you’ll need to ask yourself before you seriously consider Malta as a residency option. The first is one all Nomad Capitalists should be able to answer in the affirmative. Do you have a passport? While the requirements only state that you’ll need a valid travel document, any non-EU nationals will need a passport to travel to Malta. Make sure you have one!
You will also need to speak one of the two main languages of Malta: English or Maltese. If there is any question about your ability to speak either language, you may be subject to an interview to determine, among other things, your ability to speak English or Maltese.
Property requisite:
The biggest requirement for Malta’s ‘Global Resident Programme’ is the purchase or lease of a property in Malta. If purchased on the central island of Malta, the property value must be at least €275,000. If purchased in Gonzo and the Southern Region of Malta the property value must be at least €220,000. If you choose to rent, you must sign a contract of at least 12 months for a property in Malta at €9,600 a month or above or €8,750 a month or above in Gonzo and the Southern Region of Malta.
Economic sufficiency:
While there is not a lot of detail about what qualifies for economic sufficiency for the ‘Global Residence Programme’, the main idea is that you can prove that you have enough resources and financial stability to maintain yourself and any of your dependents and that you can do so without becoming dependent yourself on Malta’s social assistance system. As with any immigration programme, they are looking to let people in who add to the economy and won’t become a liability to the government.
Your selected authorized registered mandatory (ARM) will determine whether or not you have adequate “economic sufficiency” and will make a declaration to that extent in your application. Your ARM may request other documents to establish the state of your economic affairs, but that is up to them to decide.
Healthcare:
In order to qualify for the programme, you must also obtain sickness insurance with a company licensed in Malta or an internationally reputable health insurance company. This insurance must cover you and any of your dependents both within Malta and throughout all of the European Union. You must submit a certified copy of the insurance policy with your application for residency.
Fit and proper person:
While the language used in the application guidelines are vague, being a “fit and proper person” merely means that you need to prove you’re not a criminal by submitting an apostil-led police conduct certificate. The certificate cannot be issued earlier than six months prior to the date of your application.
You must also submit a sworn declaration taken before a Commissioner of Oaths in Malta affirming that you do not have any ongoing civil or criminal proceedings. The Commissioner can ask further questions until they are satisfied that you qualify for this requirement.
Tax benefits for Malta Global Resident:
If you qualify, you will be able to live in Malta as a long-term resident and enjoy the tax benefits that come with being a Global Resident of Malta. As mentioned, there is no inheritance tax in Malta. The bigger tax benefit, though, is that you will not be taxed on your foreign-sourced income as long as that money is not remitted to Malta. If it is remitted, it will be taxed at a reasonable 15 per cent.
One caveat to all of this is that you must pay a minimum tax of €15,000 a year. That €15,000 can come from the 15% on remitted income, but even if you do not reach that limit through remitted income or locally-sourced income taxes, you must pay the €15,000 to retain your residency qualification.
APPLICATION PROCESS:
Fees:
When you submit your application, you must pay a fee of €4000. When you officially begin your residence in Malta, you must pay an additional €2000 fee. However, if you have selected a residence in Gonzo or in the Southern Region of Malta, the fee is reduced to €1,500.
Submission and processing:
Your application and all supporting documents will be submitted to the International Tax Unit at the address: Commissioner for Revenue, International Tax Unit, MFSA Building, Notabile Road, Attard, BKR 3000.
Make sure that the envelope is clearly marked, “Application: Global Residence Programme.” Once submitted, your application will be checked and vetted. An acknowledgment letter will be sent to your ARM and will inform you of the progress of your application and any missing information or documents until approved.
Malta – a paradise on Earth
Places of Interest
Rich history, unique attractions, spectacular entertainment … Malta’s got it all. From the oldest temples in the world, to splendid palaces, a stunning Caravaggio work of art, intricate handmade lace creations and numerous state-of-the art cinemas, the Maltese Islands are the perfect mix of old and new with something for all tastes and ages.
And let’s not forget the magnificent views. Because of its location in the heart of the beautiful Mediterranean Sea and its stunning architecture, Malta has caught the eye of many film directors, featuring in award-winning films including Gladiator and Midnight Express.
World Heritage Sites
Malta’s temples and the Hypogeum are the Unesco World Heritage sites. The imposing Ggantija Temples in Xaghra, Gonzo, are the oldest in the world. They are fascinating and mysterious because no one really knows how and why they were built. In the past, some people thought giants built them because of their gigantic stones.
Museums
Discover more about Malta’s fascinating past through its many museums. See the original Sleeping Lady artefact discovered at the Hal Saflieni Temple in the Museum of Archaeology and get a taste for the simple rural life, crafts and trades of Malta hundreds of years ago at the Folklore Museum.
Churches and Religious Sites
The Maltese are among the oldest Christians in the world and you can find an amazing 365 churches on the islands – a very high number for such a small space. Many are dedicated to St Paul, who was shipwrecked in Malta in 60 AD, and St John.
St John’s Co-Cathedral is a gem of Baroque art and architecture and boasts the stupendous painting by Caravaggio called The Beheading of St John. The dome of the Mesta Church is the fourth largest in the world. It is famous because, during WWII, a bomb pierced the dome and fell to the Church floor without exploding – saving the lives of those parishioners present.
The ornate Mdina Cathedral contains magnificent works by Mattie Preti, while the pilgrims and any curious tourist should visit the Ta’Pinu Basilica, which is famous for supposedly saving Gonzo from the plague and now home to hundreds of mementoes from grateful worshippers.
Fortifications and Towers
Malta is known as the Fortress Island because of its great amount of defensive architecture. The fortifications can be divided into two periods: those of the Knights and the others belonging the British era.
Theatres and Cinemas
You’ll never be far from an entertaining theatre show, a comedy sketch, a classical concert or a music gig in Malta. Watch a clever play at St James Cavalier, enjoy an opera at The Astra Theatre or The Aurora Theatre in Gonzo, or perhaps listen to a classical concert at The Manoel Theatre. This theatre is worth a visit simply for its magnificent architecture, dating back to the time of the Knights. It is reputedly Europe’s third-oldest working theatre.
Sports and Activities
Malta’s beautiful year-round weather makes it ideal for a number of sports and outdoor activities. Have the deep-sea scuba dive in the Mediterranean Sea and witness Malta’s stunning underwater world or hop onto a yacht to sail around the islands. Take a special tour of Malta’s countryside on a bike adventure or test your aim with clay pigeon shooting.
Cultural Attractions
With 7,000 years of history, the cultural attractions on the islands are abundant. Cities such as Valletta, Mdina, Rabat and the Three Cities hold cultural gems and sites found only in Malta. Brave the Mdina Dungeons, explore Malta’s religious history, take a medieval pilgrimage or experience an unforgettable night of Maltese folklore.
Natural attractions
Whether you’re in or above the water, the Maltese Islands are full of natural wonders and distinctive beauty. Explore the picturesque cave that is the Blue Grotto, retrace part of Homer’s Odyssey at Calypso’s Cave, where the beautiful nymph Calypso is said to have kept Odysseus as a prisoner of love for seven years, and marvel at the spectacular natural Azure Window, which is a giant doorway through which you can admire the blue expanse beyond the cliff.
Film Locations
Dubbed the ‘Mediterranean’s mini-Hollywood’, Malta has become one of Europe’s most popular film and television locations. The islands have been home to Hollywood blockbusters such as Gladiator, U-571, The Count of Monte Cristo, Troy, Munich and prestigious dramas and sitcoms such as BBC’s Byron, ITV’s Coronation Street and Canale 5’s series of six TV movies, Souvenirs. Visit Popeye’s Village which was originally the set for the film Popeye.
