MALTA ORDINARY RESIDENCE SCHEME
Malta offers a wide range of opportunities for both personal and business growth which is why investors are attracted to the country. The Malta Ordinary Residence scheme has been designed with the foreign investor in mind and is available to EU and EEA nationals. Citizens from Switzerland will also benefit from this programme if they would like to transfer their tax residence to a safer and more flexible environment. A Malta residency offers you the opportunity to stay in the country to tend to business without actually absconding their original citizenship in their original country.
The country of Malta is placed in a very favorable geographic location and is very close to Italy. It offers great opportunities for businessmen to grow their import-export business and it has a growing amount of expats living in the country itself. The Malta Ordinary Residence scheme allows holders to enjoy the right to work and reside in the country and travel freely across the Schengen area (Malta has been a member since 2007). Families of the holders benefit greatly from the high standard of education and healthcare, and these two services are provided to residents absolutely free.
Benefits of Malta Ordinary Residence Scheme
Holders of the Malta Ordinary Residence permit have the right to work and reside in Malta, and to enjoy the privileges set forth by the country. They have access to safe, fair, and highly efficient tax jurisdictions. As already stated, family members are included in the programme and the Ordinary Residence Permit gives way to a Schengen Residency, too.
The benefit that is the most attractive when it comes to this programme is the taxation system. Those who hold the Ordinary Residence Permit and who are not domiciled in Malta are taxable on a remittance basis. Ordinary residents are not taxable on foreign sources of income in Malta and neither on any capital gains rising outside of Malta.
Requirements for Malta Ordinary Residence Scheme
In order to apply for the Ordinary Residence scheme in Malta you need to be an EU or EEA national, you have to be able to provide evidence of financial independence, you have to purchase or rent a property or a piece of land in Malta, and you must have full health insurance before you apply. Medical tests might be conducted if need be.
Process of Malta Ordinary Residence Scheme
The Ordinary Residence Permit takes up to 8 weeks to process after which your card will be ready and available. The first week will be based on the preparation phase where you gather the necessary documentation and the submission is done to the department of immigration. The weeks that follow will be focused on the processing of the documentation. Due diligence checks by Malta officials will be done and your application file will be reviewed. As soon as this is completed succesfully, you will receive a notification stating that your card is ready for collection.