On the 15th of September 2011, Malta’s Finance Minister announced the High Net Worth Individuals scheme for residence in Malta. Under this scheme, tax is payable in Malta at the very beneficial flat rate of 15% on a remittance basis, that is, only on foreign source income remitted to Malta.
On the 15th of September 2011, Malta’s Finance Minister announced the much awaited High Net Worth Individuals Schemes regulating the issue of Malta residence permits to EU and non-EU nationals. Persons eligible under this scheme will be subject to Malta tax at a flat rate of 15% on a remittance basis, that is, only on foreign source income if remitted to Malta.
This scheme replaces the former Malta Residents Scheme Regulations. Malta's new HNWI tax residence scheme addresses two categories of applicants, namely nationals of:
- the European Union (EU), the European Economic Area (EEA) and Switzerland, and
- third countries.
Malta High Net Worth Tax Residence Schemes
The following is a summary of the applicable requirements for the Malta High Net Worth Residence Schemes:
“
- Malta domicile allowed
No No
- Local Business / Employment
Allowed Allowed
“
Existing Malta Permanent Residents
Malta Permanent Residence Permit holders under the former Permanent Residence Scheme will continue enjoying their former status. However, those who sell the property to which their permit refers or terminates their existing lease must acquire a Qualifying Property Holding or lease according to the thresholds of the new HNWI Residence Scheme.
