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The Malta Global Residency Program is a residency program that is predominantly tax-based and designed to attract investment from third-country citizens. When the applicant is approved under the rules of the Malta Global Residency Program, the applicant will receive a certificate of approval from the Malta Department of Internal Revenue. This certificate gives the applicant and his dependents the right to apply for a residence permit in Malta, which gives the family the right not only to reside in Malta, but also to travel in the Schengen area without the need to apply for a Schengen visa.
ELIGIBILITY TO APPLY UNDER THE MALTA RESIDENCY PROGRAM
A person will be eligible to apply for a residence permit in Malta under the Global Residence Program if he meets all of the following requirements:
– The applicant must rent an immovable property in Malta for at least € 9,600 per year (or rent an immovable property in Gozo or in the south of Malta for at least € 8,750 per year) or purchase an immovable property in Malta for at least € 275,000. (Discounts apply for properties in the south of Gozo and Malta)
– The applicant must have a health insurance policy covering him and his dependents in terms of all risks throughout the European Union;
– An international due diligence study will be carried out by the Malta International Tax Office before the special tax status is granted. According to this study, the applicant must be considered an eligible person.
– The applicant must speak English and Malta fluently.
– After submitting the application, a non-refundable fee of € 6,000 must be paid as a state contribution by the applicant for a one-time basis. (A discount is available for applicants who buy or rent in Gozo or in the south of Malta)
– The applicant must pay a minimum tax of 15,000 euros per year.
– The applicant must not reside in another jurisdiction for at least 183 days in a calendar year.
This program is 1 year old and the program must be renewed every year to prevent its expiration. The processing time is about 90 days.
ANNUAL COMPLIANCE OBLIGATIONS
Any person who has been granted special tax status under the Malta Global Residency Program must comply with the following obligations on an annual basis:
– The immovable property must be kept.
– The applicant must keep the health insurance policy.
– The applicant must not reside in another jurisdiction for more than 183 days.
– Special reporting obligations (filing an annual return together with an annual tax return).
TAX TREATMENT
Even the Global Residency Program will have some tax situations that the applicant arriving in Malta must comply with. That is to say;
– Any income of foreign origin transferred to Malta will be taxed at a fixed rate of 15%, with the possibility of claiming a double tax deduction on such income;
– The applicant must pay a minimum of €15,000 in taxes each year;
– A rightholder and his spouse cannot opt for a separate tax calculation;
– Income of foreign origin not sent to Malta is not taxed in Malta;
– Income received in Malta will be taxed at a fixed rate of 35%.
WORK AND RESIDENCE PERMITS IN MALTA
WORK PERMIT
A person who is not a citizen of a European Union Member State (also known as a third-country citizen) must have a work permit in order to be able to legally work and reside in Malta. This requirement originates from Section 217 of the Immigration Act, Laws of Malta, which is a section on the limitations, control and regulation of immigration in relation to Malta.
The work permit of Third Country Citizens in Malta is now carried out by Applying for a Single Permit. This application is intended for citizens of third countries who want to both live and work in Malta. The relevant authorities ensure that the work of future citizens is facilitated by producing a single document, which is generally called an e-Residence card, which will allow an individual to both work and reside in Malta.
A work permit is issued for third-country citizens who work with a specific employer to perform a specific job. For this reason, the employee cannot use the permit to enter a different job or work for a different employer, albeit part-time. Work permits are generally issued for a maximum of one year.
Currently, all foreign nationals wishing to work in Malta, except EU/EEA/Swiss citizens and third-country citizens and their family members, need a work permit.
In this regard, although some third-country citizens are allowed to stay in Malta without a visa, third-country citizens who are not subject to this permit must have a valid visa before entering Malta. If a visa is issued for a certain period of time, it is determined according to the conditions that vary from country to country. If a visa is issued for a certain period of time, it is determined according to the conditions that vary from country to country. For example: Serbian individuals only need to apply for a Visa if they want to stay in Malta for more than 90 days. Third-country citizens must apply for a visa in their home country and, in particular, at the diplomatic mission or consulate that issues a visa representing Malta.
As we have arranged in our article, residence permit purchases in Malta proceed through easy processes. A person with a permanent residence permit in Malta with a Schengen Residence status has the right to free movement in the Schengen countries and receives a permanent residence permit in the Schengen countries. He can study or study in any Schengen country. At the same time, he is able to obtain visa-free entry to many countries, including the USA, Canada and the UK. Given all this, it seems that Malta is a beautiful and advantageous country for investment and living purposes. All these processes and conditions are also covered in detail in our article.
