The HNWI Scheme launched by the Malta Minister of Finance, the Economy and Investment on the 15th September 2011 replaced the Malta Permanent Residence (PR) Scheme. Transition between the schemes was smooth; contention focused on the treatment of pending PR permit applications and their eligibility to classify for the new scheme.
The Commissioner of Inland Revenue in Malta released a set of guidelines in response. Applicants for the PR Scheme not issued with a permit by the 1st January 2011 are eligible for the new permit although not meeting the Qualifying Property criteria condition. Such applicant is considered to hold property which qualifies for the purpose of the HNWI Rules when having:
1. purchased property in Malta before the 14th September 2011 for the price of at least €116,000;
2. entered into a promise of sale agreement prior to 14th September 2011 to buy property in Malta for at least €116,000. An applicant must prove that the purchased the property to which the promise of sale agreement refers is complete by not later than 31st March 2012; or
3. entered into a lease agreement prior to 14th September 2011 for a rent at least €4,150p/a. An applicant must deliver a copy of the rent agreement, attested by a notary or advocate, to the Malta Inland Revenue Department by not later than 31st March 2012.
The qualifying property must be occupied by the individual as his primary residence worldwide and may be occupied only by the individuals family members apart from himself.
