As of the 1st of July the Global Residence Programme has been put into force. This new programme welcomes Non-European Individuals to apply for residency in Malta and benefit from Special Tax Status under some defined regulations.
This page has been compiled by RE/MAX Malta Real Estate agents to provide a detailed reference of the new Global Residence Programme and a brief guideline as to the other benefits that arise when purchasing or letting real estate in Malta. It is the objective of the Maltese Government to attract foreign investment into Malta where as part of the eligibilty factors is that an Individual is obliged to purchase or rent a property in Malta. The property of choice will then become known as the main residence of that individual from where he/she will become taxable from a favourable tax rate of 15% of their income generated from outside of the country. The transaction of purchasing real estate in Malta is not only a safe investment in terms of capital appreciation, the actual process is regulated and written contracts are in the English language but also may be thereafter translated into one of the official European Languages. The rental process is also quite straight forward whereby contracts are legally binded and consumer rights are protected according to European Law. As the leaders in the real estate market in Malta it is our endeavour to ensure that our clients are serviced professionally and that you are guided throughout the process from your arrival in Malta up until the transaction is complete and beyond.
In order to be eligible for the Global Residence Programme, there are a number of other criteria that the beneficiary must satisfy to be accepted. Please find hereunder a detailed description taken from the recent changes in the Income Tax Act that have been made to provide for the Global Residence Programme:
This Residence Programme may be particularly interesting for Asian, South African and individual reigning from the Americas. It is said that the Maltese Government will be revising other schemes that will be favourable for European/SWISS/ and EAA Nationals.
According to Legal Notice 167 of 2013 and included in the Income Tax Act (CAP. 123) the following are the Global Residence Programme Rules, 2013:
The individual that is accepted by the Commissioner of Inland revenue as fit for the Global Residence Programme will be taxes by 15% on any income arising outside Malta in the year immediately preceding the year of assessment which is received in Malta by the beneficiary, the beneficiary’s spouse and children with the possibility to claim relief of double taxation under article 74(a) and (b) of the Taxation Act. The minimum amount of tax payable shall be € 15, 000 for any year of assessment.