A new residence scheme has been launched by the Maltese Government, called ‘The Global Residence Scheme’ aimed at attracting non-EU persons to take an EU residence in Malta.
‘The Global Residence Scheme’ offers to a non-EU person and his/ hers dependents a Universal Schengen Visa, which enables the holder to travel across the European Union countries (which form part of the Schengen Area) without the need for a Visa.
Below are some salient points of this scheme:
(a) rental on annual basis a residence in Malta from Euro 8,750 to Euro 9,600 or buy a property ranging from Euro 220,000 to Euro 275,000 depending on the locality;
(b) There is no particular requirement to physically reside in Malta during any time of the year;
(c) The applicant must pay a minimum annual tax of Euro 15,000 covering himself and his/hers dependents, if any. This Euro 15,000 tax covers up to Euro 100,000 income remitted to Malta. Any other income remitted to Malta in excess of Euro 100,000 is subject to tax at only 15%. Obviously, if income is not remitted to Malta, this would not be taxed;
(d) Any capital gains remitted to Malta are not subject to tax at all;
(e) The applicant must have a health insurance to cover him and his dependents for all medical expenses;
(f) The Government’s application fees vary from Euro 5,500 to Euro 6,000 depending on the locality of the property rented or acquired;
(g) Under this scheme, an applicant may still work or carry out business activities in Malta;