Malta reduced the thresholds for foreigners who want to buy property to benefit from a 15% flat-rate tax

Global Residence Programme will grant foreigners, who purchase property in Malta immediate residence and the same rights enjoyed by Maltese and EU citizens

Following last week’s launch of the Global Residence Programme, the value of immovable property was brought down to 275,000 euro and the 500,000 euro bond removed, while the minimum value for property is in the south of Malta or in Gozo was reduced to 220,000 euro.

The Malta Financial Services Authority and the Inland Revenue Department will be scrutinising every applicant for permanent residence permits, now that former finance minister Tonio Fenech has flagged a lack of deterrents which ensure that foreigners, especially non-EU citizens, who choose Malta as a retirement destination do not abuse of the scheme and public services.