ORDINARY MALTA RESIDENCE FOR ITALIANS
Being a member of the European Union, Malta is an attractive alternative for an Italian individual who wants to relocate out of Italy. Under the Freedom of Movement rights offered by the EU, an Italian national can hence acquire Maltese residence with ease, and be able to enjoy the benefits of residing in a Mediterranean island that boasts 300 days of sunshine, an idyllic climate and a safe environment. The regulatory and fiscal framework offered by Malta to such residents further complements the advantages offered.
Any person residing in Malta for more than three months requires a residence permit. There are a number of opportunities available to an Italian national to obtain this, and the following ones are the most common options, together with the basic requirements:
1. Proof of residential address in Malta, i.e. a lease agreement; AND
2. Satisfying one of the following tests:
a. Show to the authorities that the applicant satisfies the Economic Self-Sufficiency Test by having a minimum capital of €14,000 or weekly income of €92.32; OR
b. Obtaining Employment in Malta; OR
c. Registering as a Self-Employed person in Malta
3. Other Requirements
Must have a Health Insurance if he applies under the Economic Self-Sufficiency Test
Must be in possession of a clean criminal record
Must visit Malta personally to submit forms and supporting documentation as well as for the authorities to take his biometric data
Personal taxation depends on whether the individual will be considered to be tax resident in Malta, i.e. whether he spends 183 days in Malta in a calendar year. Hence:
A. If applicant is tax resident in Malta, such a person will only be taxed on:
Foreign source income which is remitted to Malta;
Income that arises in Malta.
B. If applicant is not tax resident in Malta, such a person will only be taxed on income that arises in Malta.
How Kinanis can help:
Assistance with the compilation of documentation;
Liaising with the Authorities;
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