GLOBAL RESIDENCE PROGRAMME OF MALTA
The Global Residence Programme (GRP) has one particular aim: attracting third country nationals who are considered High Net Worth Individuals to invest in Malta by purchasing or renting property. The prospective applicants, together with their qualifying dependants will reap the benefits of living on an EU Mediterranean island rich with cultural heritage sporting an idyllic climate, an extremely safe environment and daily connecting flights to all the major cities of Europe. Coupled with this, one cannot sideline the enticing fiscal benefits that come together with this package.
Investors may qualify for the GRP by satisfying the following requirements:
1. Investment in Property Requirement in the Maltese Islands to the minimum value of €275,000; the property (or substitute) must be retained for 5 years; or Lease a property for which the minimum annual rental must exceed €9,600 – the property may not be sub-let.
2. Annual Tax Remittance of a minimum of €15,000 by not later than 30th April.
3. Other Requirements
Must not be an EU, EEA or Swiss national
Main applicants must have Health Insurance coverage for himself and his dependants across the whole EU
The applicant must prove that he has a stable and regular source of income which is sufficient enough to maintain himself and his dependents without recourse to the social assistance system in Malta.
Main applicant must be in possession of a clean criminal record
Must be in good health and not suffering from any contagious disease.
Must be fluent in either the English or Maltese language
4. No minimum residence requirement in Malta, but in order not to shift tax residency outside Malta, the applicant is required to reside not more than 183 days in any other jurisdiction.
5. A non-refundable application fee of €6,000 has to be paid together with the application.
The main fiscal benefits of the GRP are that it grants the applicant a special tax status and is taxed as follows:
15% on any income arising outside Malta that is remitted to Malta (subject to minimum remittance of €15,000 per annum)
0% on foreign income which is not remitted to Malta
35% on any income arising in Malta
How Kinanis as the official agents to the Maltese Authorities for the GRP can help:
Preliminary Tax advise;
Application of the Scheme; and
Liaising with the Tax Authorities;
Assistance in annual submission of income tax returns.
For more information, please request our detailed publication on www.kinanis.com.
Kinanis Fiduciaries Limited is a Malta corporate service provider specializing in corporate and tax advice excelling in providing the international investor with a one-stop-shop solution in doing business through Malta.
This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication.
Kinanis Fiduciaries Limited
7A, Sir Luigi Camilleri Street, Sliema SLM1843, Malta
Tel: + 356 27 54 00 24 Fax: + 356 27 54 00 25