The Malta Global Residence Programme is one of the most beneficial residency schemes of the world. It doesn’t need investment, only a relatively low amount of flat tax. It is the only and official residency by investment program of the world, without necessary investment.
I am not authorised to sell or promote the MGRP. Only Authorised Agents can do that. However, I can share some authority info on it because I was there when Malta launched the scheme and helped that time (working for an Authorised Agent) several applicants to collect and validate their documents, find the qualifying real estate and obtain their Maltese residence permit.
So, the objective of the Program (launched in June 2013) is to give a boost to several sectors of the economy of Malta. As one of the requisites is the purchase or rent of a qualifying residential property, it helped the real estate development industry. The Government introduced decreased fees in the scheme for South Malta and Gozo, so the capital inflow helped to develop the whole country. The tax incentive became so attractive that many people in business from third countries (outside EU/EEA) came to Malta.
Most significant advantages of the Malta Global Residence Programme
- The right to live, work and stay in the European Union (and Schengen zone)
- Foreign sourced and not remitted income is tax exempt
- The resident under the MGRP does not have to live in Malta
- Family members and domestic staff included
The MGRP replaced several previous immigration schemes for High Net Worth Individuals (HNWIs). Meanwhile, the scope of the programme widened as not only the wealthy could participate.
Financial requisites and fees of the MGRP
Immovable Property Purchase:
- Malta 275,000 Euro
- Gozo/South Malta 220,000 Euro
- Malta 9,600 Euro
- Gozo/South Malta: 8,750 Euro
- 15,000 Euro
- Malta 6,000 Euro
- Gozo/South Malta 5,500 Euro
Who can apply for the Malta Global Residence Program – MGRP?
- Applicants cannot be citizens of Malta, any EEA country or Switzerland.
- The applicant cannot participate in other current or previous Maltese immigration schemes, as: “Residents Scheme Regulations, the High Net Worth Individuals – EU / EEA / Swiss Nationals Rules, the High Net Worth Individuals – Non-EU / EEA / Swiss Nationals Rules, the Malta Retirement Programme Rules, the Qualifying Employment in Innovation and Creativity (Personal Tax) Rules or the Highly Qualified Persons Rules.”
- The applicant must hold the qualifying real estate.
- The applicant must be self-sufficient and prove it.
- Candidates must have a valid passport
- Valid sickness insurance
- Must speak either Maltese or English.
- The applicant must be a fit and proper person.
The duration of the process is 2-3 months, if the applicant has all necessary, validate documents.
Taxation of the Maltese residents under the MGRP
The residents do not pay income tax on their foreign income –
not remitted to Malta and also they don’t have to pay capital gains tax on their foreign capital. Local personal, Investment and business income is taxed at 35%. The Maltese tax authority issues tax residence certificate and annual tax return.