How to make usage of the Maltese Global Residency program
The Malta Global Residence programme is aimed at inviting expats to seek an alternative home in the warm Mediterranean when they are conducting business in the country. Malta is situated near Europe and provides easy access to several European countries which is why this programme is so favorable. The aim of this programme is to recognize the foreigner as a tax resident so that they can enjoy the benefits and the lifestyle that the country has to offer. It has a wonderfully designed taxation system from which the foreigner can take advantage of and its success shows in the expats already living there. Schengen Area Treaty. Holders of a residential permit are able to travel to any country within the treaty without obtaining an addition visa.
There are many benefits to apply for this type of programme and one of them is that you get an unlimited Maltese experience in the country while you live there. The processing time is very fast and only takes up to 3 months for it to be finalised. Family members and domestic staff members are included and no minimum presence is required. There is a remittance basis of taxation which consists out of a 15% flat rate. The foreigner will receive entitlement to work in the country and will receive a long-term EU Schengen residence.
Taxation of global residents
Maltese residents are not required to pay tax on foreign income nor on any form of foreign-sourced capital gains. There are over 60 double tax treaties installed in the country and some of the countries they share it with are Canada, USA, and Australia. Maltese residents can receive pension tax-free and overseas capital funds that are invested locally only derive tax on the interest gained on the amount invested. There is zero taxation payable for familial dependents, and there is no inheritance tax that has to be paid to officials.
The basis of taxation in Malta is dependent on your local source of income. The system is very beneficial for entrepreneurs due to the low tax rate posed on foreign income which is 15%. There is no tax on capital gains outside of Malta, on dependent family members, or on inheritance tax. The tax rate for local business is 35% and the double tax treaty relief is available. The minimum tax per family stands at 15,000 EUR. It is possible to structure the remainder nearly tax-free using the Maltese taxation system.
If you would like more information about how the Maltese taxation system and immigration to Malta can benefit your company contact us today. We will provide you with all the information you need and help you in the process of starting a Maltese business.
Eligibility of Global Residence Programme
The programme is open to non-Swiss, non-EU and non-EEA nationals. One application can cover the main applicant, his family, non-family members, and dependent relatives. Children who are younger than 25 are automatically included, but applicants have to provide their financial self-sufficiency upon applying.
Within 12 months of entering the programme, the applicant must provide proof of residence within Malta. Holders of the permit are not allowed to reside in any foreign jurisdiction for more than 183 days of any year. Residents also need to demonstrate proof of sickness insurance for all EU risks. Residents will then be able to purchase property in Malta and start businesses.
Anyone can apply for a Global Residency Programme and the entire family can apply for this programme.
Requirements of Malta Global residence programme
You have to prove that you are economically self-sufficient and that you have EU health insurance that covers the entire family.
You must have a valid travel document.
Within 12 months of enjoying the residency programme, you must rent or purchase Maltese property.
For purchasing, you must purchase a property that has a value of 275,000 EUR in Malta and 220,000 EUR in the Gozo district. For renting, the minimum amount per annum must be 9,600 EUR in Malta and 8,750 EUR in Gozo.
The rules of the Global Residence Programme
Holders of this permit are not allowed more than 183 days in any foreign jurisdiction during the year. Residents must be able to produce proof of valid health insurance coverage for all EU risks. A Maltese domicile is not allowed, but employment, business and office occupation in the country is.
For more information, we kindly refer you to the official documentation on the Global residency programme. Malta Global Residency programme.
Non-EU citizens can make usage of the Ordinary Residency Programme.
Intercompany Solutions will be glad to assist you in the procedure. We have extensive experience and knowledge about the application and how to avoid the bureaucratic hurdles. Contact us now for the full procedure.
Have you also considered the Golden Visa programme?