The Malta Global Residence Programme
Malta has just launched the Global Residence Programme. This scheme allows non EU nationals to obtain residence in Malta and benefit from considerably advantageous tax rates.
In fact, under this scheme residents are subject to a flat tax rate of 15% on foreign sourced income received in Malta. One must note that this does not imply that such residents will be taxed on a world wide basis. Indviduals under this programme will be considered to be resident but not domiciled in Malta and thus subject to tax on a remittance basis. They will therefore not be taxed on foreign source income that is not remitted to Malta or foreign source capital gains (even if such capital gain is remitted to Malta).
A number of criteria must be met for an individual to be able to benefit from this scheme. The main requirement is that one is to either purchase or rent property in Malta in accordance with the applicable tresholds. The properties purchased must have a minimum value of Euro 275,000 or Euro 220,000 in the case of property purchased in the South of Malta or in Gozo. The rental minimum threshold is Euro 9,600 per annum or Euro 8,750 per annum in the case of property situated in the South of Malta or Gozo.
For more information do not hesitate to contact us on info@nmcorporateservices.com.
In fact, under this scheme residents are subject to a flat tax rate of 15% on foreign sourced income received in Malta. One must note that this does not imply that such residents will be taxed on a world wide basis. Indviduals under this programme will be considered to be resident but not domiciled in Malta and thus subject to tax on a remittance basis. They will therefore not be taxed on foreign source income that is not remitted to Malta or foreign source capital gains (even if such capital gain is remitted to Malta).
A number of criteria must be met for an individual to be able to benefit from this scheme. The main requirement is that one is to either purchase or rent property in Malta in accordance with the applicable tresholds. The properties purchased must have a minimum value of Euro 275,000 or Euro 220,000 in the case of property purchased in the South of Malta or in Gozo. The rental minimum threshold is Euro 9,600 per annum or Euro 8,750 per annum in the case of property situated in the South of Malta or Gozo.
For more information do not hesitate to contact us on info@nmcorporateservices.com.
