Malta Global Residence Programme

Malta Global Residence Programme
This morning I attended the press conference by PS Hon. Dr Zammit Lewis who this morning announced the New Malta Global Residence Programme which renews excitement about Malta's attractiveness as a residence destination for foreigners.  The new residence programme builds on the original Permanent Residence Scheme, preserving the current flat tax rate of 15%, reducing the minimum tax of €15,000, from €20,000 under the existing scheme and setting lower thresholds for property ownership.

This is good news for individuals and families having Malta on the top of their list as chosen country of residence.  Existing permit holders will be allowed to either preserve their existing tax status under current residence permits or move to the new scheme to lower the minimum tax obligation.

We also welcome the news of a new dedicated visa unit and improved immigration process aimed at shortening the time frames for the processing of immigration applications as well as ensuring applicants for Maltese residence permits only need to visit Malta once to complete the residence procedures.

The original Permanent Residence Scheme was suspended and replaced by the High Net Worth Individuals Rules which raised the minimum value of purchased property from €116,000 to €400,000.  Under the new Global Residence Programme, applicants need to purchase property in Malta at a minimum value of  €275,000, reduced further to €220,000 in the Island of Gozo and in the south of Malta.  Applicants also have the option to rent property at a minimum of €9,600 in Malta and €8,750 in Gozo or the South of Malta, down from €20,000 under the previous scheme.

The bond requirement imposed only on third country nationals has been completely removed.

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