The Government of Malta announced that a new permanent residence scheme shall be launched by end of May 2013. The expectation is that this new permanent residence scheme retains elements of the former Malta Permanent Residency Scheme, but that the conditions will be changed to accommodate persons who are not eligible under the High Net Worth Scheme.
Expected Permanent Residence Rules
The
Malta Permanent Residence Scheme had led to the introduction of new
High Net Worth Individual Tax Rules in 2011 which, as the name suggests, targets persons and families enjoying high net worth status. The plan for the latest revisions was to present a scheme that resembles more closely the successful permanent residence scheme applicable until 2011. The new scheme appeals by offering permanent residence permits to permit holders along the lines of the original PR Scheme but subject to a number of new rules, that are more onerous. It is expected that the new Permanent Residence Scheme 2013 will address issues such as increased minimum property value thresholds for property purchased or leased in Malta and applicable minimum tax levels under the HNWI. It is expected that the flat rate of personal tax of 15% will be upheld as will the remittance basis of taxation that underpins Malta tax system.
Specialised Residence & Immigration Unit
The government also announced the introduction of a specialised government agency that will take over any services related to the permanent residence scheme, citizenship, visas, and other residency matters.
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