The new Malta Residence and Visa Programme Regulations, 2015 have recently been launched through a Legal Notice published on the 28th of August 2015. The new programme follows on the success of the Malta Individual Investor (Citizenship by Investment) Programme.
These regulations will apply to third country nationals, who will be entitled to a Certificate conferring them the right to reside, settle and stay indefinitely in Malta, without the need to apply for an entry visa.
As Malta is a member of the EU, and part of the Schengen Area, once a person gets this Certificate, that person and his/her registered dependants shall also be allowed free movement within the Schengen Area.
The Certificate may be issued to an individual who is of at least 18 years of age and who is not a Maltese, EEA or Swiss national.
The Individual must be in possession of health insurance and must provide an affidavit declaring that from the date of the application he/she has either an annual income of €100,000 arising outside of Malta or has in his/her possession capital of not less than €500,000.
Dependants of the beneficiary are also entitled to benefit from this scheme.
The applicant must also commit to the following:
Individuals granted a Certificate as per these Regulations may also be eligible to tax incentives granted under a separate programme entitled Global Residence Programme, which grants the beneficiary a 15% beneficial tax rate on income received in Malta from foreign sources, with the possibility to claim double taxation relief. It is also pertinent to note that Malta offers an attractive non-dom tax regime whereby all expatriates who take up residence in Malta are taxed on foreign source income only on a remittance basis, while capital transfers into Malta are not taxable at all.
In order to apply under this residence programme, an individual must be represented by an approved agent . Boston Trust Limited is an accredited agent and fully licenced to handle and submit applications under the programme.
For further information or assistance with on obtaining Maltese residence, please do get in touch with our team here at Boston.