The Global Residence Programme is one of several residence schemes offered by the Maltese government aimed at attracting third-country nationals to reside in Malta. This scheme is applicable for non-EU, non-EEA and non-Swiss nationals who may wish to reside in Malta and possibly even take up employment in Malta.
Global Residence Program of Malta offers applicants an opportunity to enjoy the ease of travelling within the Schengen area. The application for this program, as for others, can include the main applicant and his spouse, financially dependent ascendants and other nonfamily members and dependent relatives that are shown to be bona fide members of the household. Children under the age of 25 are automatically eligible for inclusion. Applicant’s eligibility for the programme is subject to demonstrated financial self-sufficiency.
Benefits of the program:
- Includes family members/dependents.
- Fast processing time within 4 months.
- No minimum presence required.
- Special tax status to non-EU nationals who receive stable and regular income remitted to Malta (15%).
- If the residence is taken in Malta, pensions applicable free of tax at source and subject to a mere 15%.
- 35% on income and capital gains generated in Malta.
- Work permit entitlement.
- Possibility to apply for EU Schengen long-term residency.
- Non-refundable application fees: Payment of EUR 6,000 or EUR 5,500, if residing in Gozo and the southern region of Malta, non-refundable application fees to the inland revenue department.
- Real Estate Investment: Within 12 months of taking up residence under the Malta Global Residence Programme, the residence permit holder needs to comply with the requirement of acquiring or renting property in Malta. The applicant needs to meet minimum property value requirements of €275,000 in Malta or of €220,000 for property in Gozo and the southern region of Malta. Applicants have the option to rent a property in Malta at a minimum of €9,600 or property in Gozo and the southern region of Malta at €8,750 annually.
- Insurance coverage: Purchase suitable insurance policy covering all EU countries.
- Minimum tax requirements: Beneficiaries of special tax status granted in terms of the Global Residence Programme will need to pay a minimum tax of €15,000 annually. This minimum tax covers the income of the beneficiary and his/her dependents that arises outside Malta and is received in Malta.
Also, read our blog 7 Things You Wouldn’t Expect From Living in Malta and get to know more about the island and what it can offer before.