During a press conference held on Saturday 1st June, Malta’s Parliamentary Secretary for Competitiveness and Economic Growth unveiled the general conditions of the new Malta Global Residence Programme, 2013. The new scheme is so far the most advantageous residence scheme available to non-EU nationals, particularly since the minimum value threshold related property investments and rental has been lowered together with the lowering of the minimum annual tax liability.
The salient conditions of the Global Residence Programme are the following:
- Minimum value of property situated in Malta is at €275,000, while the annual minimum rent is €9,600;
- Minimum value of property situated in the Southern Region of Malta or in Gozo is at €220,000 while the annual minimum rent is €8,750;
- Minimum annual tax has been lowered to a family total of €15,000;
- Additional tax per dependent no longer applies;
- The requirement of a government bond contract has been revoked.
May we refer you to our website for further information on the Malta Global Residence Programme.
Kindly note that the above is quite final yet not officially published as law; the legal notice enacting the new scheme will be published in June.
All individuals who are beneficiaries of a Special Tax Status in terms of the High Net Worth Individuals Rules, may opt to convert to the new Global Residence Programme. In this regard we encourage you to confirm your interest in converting to the new scheme in order that we may inform you immediately when the above is official and guide you on the procedure to be followed.
The scheme was said to increase country’s competitiveness, revitalize the property sector and boost economic growth. The Government intends to introduce the subsidiary legislation relative to the Malta Global Residence Programme, 2013 by no later than the end of June 2013.
