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Malta Global residence program

Malta Global Residence Program (for 2019)

November 5, 2018
Read: 4 minutes
The Malta Global residence program was founded on the foundation of attracting expats to Malta together with their family. Malta residency has become more appealing to those seeking an opportunity to reside in a Mediterranean country in the heart of Europe.
 
In this article, we will discuss how you can obtain the Malta residence permit for non -EU individuals interested in a Global residence.
 
You may or may not have considered Malta as your base for your second residency, However, it's interesting to note that Malta offers special tax status by setting the personal tax rate on foreign source income remitted to Malta at 15%.
 
This is just one of the benefits of the Malta Global Residence Program. The Malta Global residence program gives you tax status on Maltese Islands but not a residence card.
 
 Malta global residence programme
 

Discover

  1. What is Malta Global Residence Program (for 2019)?
  2. Benefits of the Malta Global Residence Program
  3. Taxation of Maltese Global Residents
  4. Eligibility for the Maltese Global Residence Program
  5. What is the cost of obtaining GRP?
  6. Malta Global Residency Program Rules
  7. Frequently Asked Questions (FAQs')

What is Malta Global Residence Program (for 2019)?

The first thing you should know about the Malta Global Residence is the key concept to offer applicants a better way to optimize their tax opportunities. This means that applicants can benefit from a flat - rate of 15% on income tax
 
What's more, is that the requirements of the applicant are minimal.
 
The Malta Residency requirements are to rent or buy a property in Malta and paying an administrative fee amounting to EUR 6,000.
 
 Key Feature: 
In order to obtain your residence permit in Malta with the Global Residence Program, you do not need to reside in Malta. 

Benefits of the Malta Global Residence Program

The Malta Global Residence Program offers a host of advantages for you and your family. Besides living and working in the heart of Europe, you can also benefit from;
 
  • Work Permit Entitlement;
  • EU/ Schengen/ Long Term Residence;
  • Remittance of Taxation [15% flat rate];
  • Family Members Included;
  • Faster Process than other Programs;
  • No Minimum Presence is Required.
 
If you have any query, please feel free to reach out to us

Taxation of Maltese Global Residents

This exclusive scheme grants you a Tax status under the Maltese jurisdiction.
 
If you are a non-EU/EEA national, you can benefit from this program and can take up residence in Malta. You can benefit from the Tax Status that is granted to you under GRP.
 
It can be advantageous if you are seeking to establish an alternate residence to further enhance your lifestyle and tax profile.
 
Under GRP your income will be taxed on source and remittance basis.
 
Which means, all the income with Malta source or any other income sourced outside of Malta but received in Malta will be taxed at a special 15% rate under GRP.
 
As we mentioned earlier, Malta offers special tax status by setting the personal tax rate on foreign source income remitted to Malta at 15%.
 
 Important: 
GRP only gives you a Special Tax Status with a tax number in order to remit your income in Malta. 
 
You can couple GRP with Malta Residence and Visa Program (MRVP) in order to get both Tax Status and a Residency card.
 
Related:
 

Our team of tax professionals can assist you with all your Tax related queries.

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Taxation of Maltese Global Residents

Eligibility for the Maltese Global Residence Program

To be eligible for submission of Global Residence Program (GRP) application you must:
 
  • Be a 3rd country national;
  • Be a non-Maltese, EEA or Swiss national;
  • Have a stable and regular income for maintaining yourself and your family;
  • Have medical insurance that covers you and your family globally;
  • Have a certificate of good health from a reputable health system;
  • Be fluent in one of the official languages of Malta (English or Maltese);
  • Not stay in any other jurisdiction for more than 183 days in a year;
  • Hold a qualifying property.
 The Malta Global residence program gives you Tax status on Maltese Islands but not a Residence card. 
 

Malta Global Residence can also be obtained by:

  • A spouse
  • Adult children under 25 years of age
  • Parents above 55 years of age
Residence permit in Malta can be obtained by other family members who are dependent on the main applicant.
 
 Noteworthy: 
If you want, you can also include more than one household staff in your application. Provided they have been serving you for at least 2 years in a systematic manner.
 
 
The Malta Global Residence Program could be the solution to every query you have.
Reach out to us today to know more about it.
 
 
Moving on to the next critical question,

What is the cost of obtaining GRP?

To get the Malta residence permit under GRP, a number of financial obligations have to be met with.

  • Registration Fee - €6,000 (Government of Malta);
  • Annual Minimum Tax - €15,000 (covers only the first €100k of income remitted to Malta);
  • Qualifying Property - €9,600 (Rent per annum).

GRP COST FINAL-1

Other than this you would be required to fulfil:

Malta Global Residency Program Rules

The GRP Rules list a set of continuing obligations that need to be satisfied by all successful applicants.
 
For that the individual must continue the following annually:
 
  • Not become a Maltese, EEA or Swiss national;
  • Retain the Qualifying Property;
  • Not become a long-term resident;
  • Retain insurance for yourself and your family;
  • Continue to have stable income resources; and
  • Must not stay in any other jurisdiction for more than 183 days in a calendar year.
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wahaat_citezenship_Malta Global Residency Program Rules

Moving on,
 

Frequently Asked Questions (FAQs')

Below we have listed some frequently asked questions (FAQs);
What are the tax implications of obtaining Residence in Malta?
Answer: If you are a resident of Malta but not domiciled in Malta, then all your income generated in Malta will be taxed. All the foreign source income remitted to Malta will also be taxed.
In simple words, you will only be taxed if you become a Malta tax resident.
 
Capital gains arising outside Malta will remain non-taxable in Malta even if received in Malta.
If you are neither an ordinary resident nor domiciled in Malta, then you’ll be taxed only on income arising in Malta i.e. income having a Malta source.
 
The Global Residence Program (GRP) grants you 15% beneficial tax rate on income received in Malta from foreign sources.

You may also have the possibility to claim relief from double tax treaties. Till date, Malta has concluded more than 72 double taxation agreements for the avoidance of double taxation.
 
Our professional tax advisors can assist you in clarifying all your doubts.
 
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What is Malta Permanent Residency (and how can it be obtained)?
Answer: It is a scheme designed to attract all individuals and their families to take up permanent resident status in Malta. 
 
If you are a non-EU national and have been legally residing in Malta for five continuous years.
You can be eligible for applying for Permanent Residency status. This scheme is also known as Long-Term Residency scheme.
What does Qualifying Property mean?
Answer: If you are not a long-term resident, then you are required to have a property in Malta,
Which is either:
 
  • An immovable property (primary residence)  - €275,000 (minimum value). OR
  • A rented immovable property -  €9,600 annually (minimum rent).
 

Conclusion

Malta’s jurisdiction is an attractive option if you are looking for options to relocate.

If you are thinking of becoming a Resident of Malta, some of the many factors that rank Malta amongst the top ones are:
 
  • Steady Economic Growth;
  • Political Stability;
  • Its Geographical Location;
  • Booming Sectors including Financial Services, Maritime, Aviation, Gaming and Real Estate;
  • Tax Efficient Systems;
  • One of the World’s Safest Countries.
Many residents are attracted to this island state every year. They may be freelance professionals who can work remotely or retirees from countries like Northern Europe or the UK.
 
Everyone who decides on becoming a resident of Malta is attracted to its natural beauty and architecture; relaxed lifestyle; affordable cost of living along; and its rich historical culture.
 
If you are interested in knowing about your relocation options; for all the assistance you require, please visit our Residency Program Services page.
 

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