Non-European Hight Net Worth Residence Scheme
The Malta High Net Worth Individual Residence Scheme is an attractive residence scheme available to HNWI nationals of countries outside the EU, EEA, Switzerland, Liechtenstein, Iceland and Norway seeking to transfer their tax residence to a safe, high quality and tax-efficient jurisdiction such as Malta. Persons with a stable income and who purchase or lease a residence in Malta could take up residency as permanent residents of Malta under the HNWI Residence Scheme. HNWI permanent residents may live and enter into Malta freely. Residents of Malta under the European HNWI residency scheme and who are not domiciled in Malta are taxable on a remittance basis at a flat rate of 15%. Accordingly, HWNI residents are not taxable on foreign source income not received in Malta and also not taxable on any capital gains arising outside Malta, whether remitted to Malta or otherwise. HNWI residence is suitable for persons seeking to take up fiscal residence in Malta and seeking to exit their home-country tax jurisdiction by satisfying Malta rules on tax residence as well as properly staying out of the fiscal jurisdiction of their home country.
The High Net Worth Individual Tax Rules in force in Malta offer permanent residence permits to HNWIs along the lines of the original Permanent Residence Scheme applicable between 1988 and 2010. Rules introduced by the HNWI Rules include minimum property value thresholds for property purchased or leased in Malta and minimum tax levels and allow HNWI residence permit holders the possibility of taking up employment and conducting a business activity in Malta, subject to a personal tax rate of 35% on local source income.
Our Residence Services
Led by Dr Jean-Philippe Chetcuti and Dr Priscilla Mifsud Parker, Chetcuti Cauchi's award winning Immigration & Relocation Law team is the oldest specialised immigration law practice in Malta. We have successfully represented individuals and families ranging from expatriate retirees, HNW entrepreneurs and families leading an international lifestyle to individuals listed in the Fortune 500 List. We advise on the legal and tax rules and implications of taking up residency in Malta under the HNWI Rules as well as handle residence applications as authorised registered mandataries. Our advice covers the rules applicable to immigrating to Malta under a number of available residence schemes as well as practical relocation assistance ranging from transportation and insurance to schooling and health insurance coverage.
