Malta: Global residence programme Maitland is a global advisory, administration and family office firm providing seamless multi-jurisdictional legal, tax, fiduciary, investment and fund administration services to corporate, institutional and private clients. Founded in Luxembourg in 1976, the firm is privately owned and fully independent. It has 16 offices in 12 jurisdictions, over 1,100 employees and in excess of $250 billion in assets under administration. Malta’s Global Residence Programme (GRP), introduced by the Maltese Government in 2013, is one of the Maltese residency A snapshot of Malta programmes for non-EU, non-EEA and non-Swiss nationals. It is ideal for individuals wishing to take up residence in Malta and to Malta is in the middle of the Mediterranean, virtually halfway remit foreign income to Malta. between Gibraltar and Turkey, and between Italy and North The GRP allows for the issuance of Maltese residency for an Africa. indefinite period, subject to the ongoing satisfaction of the relevant requirements and the relevant Identity Card allows for visa-free It is well served by over 50 daily flights inbound and movement in all Schengen states. outbound, to all the major European destinations, as well as Turkey, Dubai, and Egypt. Why apply for Malta residency? It is only 320 square kilometres in size, with three main Residence in an EU country that is stable, neutral and highly islands. There is a population of 430 000 of which 30 000 respected, are expats. Good quality of life in a country with an excellent climate and a very low crime rate, Malta is a popular tourist destination with tourism making up A highly evolved educational system and excellent health 30% of GDP with over 1,6 million visitors a year. services, Proximity to mainland Europe, There is a good (free) public health system, regular and Possession of a Maltese identity card which acts as a travel affordable public transport. visa to all the other Schengen area countries. Benefits of the GRP A flat tax rate of 15% per annum is levied on income remitted to Malta (subject to a minimum annual tax payment of €15 000, per family unit). Any income earned in Malta, however, will be taxed at a flat rate of 35%. The applicant may bring over his/her dependents who will also be able to benefit from a flat tax rate of 15% on income remitted to Malta. What are the application requirements? • The applicant is not an EU national, a national of Iceland, Norway or Liechtenstein or a national of Switzerland, • The applicant should not be a beneficiary of any other Maltese tax scheme, • A property must be purchased or rented in Malta or Gozo. There are certain thresholds relating to the amount for which a property must be rented or purchased, Purchase Rental Malta (northern areas) €275 000 €9 600 per annum Southern areas of Malta € 220 000 €8 750 per annum Gozo €220 000 €8 750 per annum • The applicant must be in receipt of stable and regular resources that are sufficient to maintain him/herself and dependents, • The applicant must be in possession of a valid travel document, • The applicant must be in possession of adequate medical insurance, • The applicant must be able to communicate adequately in either Maltese or English, • The applicant must be a fit and proper person and provide proof of such through the submission of a police conduct certificate along with other possible documents. On renewal each year, the applicant is required to declare that he has not been a resident for more than 183 days in any other single jurisdiction. Maitland can help Maitland Malta Limited is authorised to act as an accredited agent for this programme. We can help with completion and submission of the relevant application forms at an agreed fee. We may also assist with any ancillary advice, including tax planning and the redomiciliation of international structures to Malta. Key contacts Anjelica Camilleri de Marco Mel Roberts Senior Associate Consultant T: +356 2248 6211 T: +356 2248 6206 E: [email protected] E: [email protected] maitlandgroup.com Canada | Cayman Islands | Channel Islands | Ireland | Isle of Man | Luxembourg | Malta | Mauritius | Monaco | South Africa | United Kingdom | United States Maitland Malta Limited is authorised to act as a Trustee by the Malta Financial Services Authority. The information and opinions herein are for information purposes only. They are not intended to constitute legal, financial or other professional advice, and should not be relied upon as such or treated as a substitute for specific advice relevant to particular circumstances. Maitland as a group or any of its member firms or affiliated entities accepts no responsibility for any errors, omissions or misleading statements in this publication, or for any loss which might arise from reliance on the material. No mention of any organisation, company or individual, whether on these pages or not, shall imply any approval or warranty as to the standing and capability of any such organisations, companies or individuals on the part of Maitland. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. M2017_07_04.