Malta has an incredible reputation amid European Union destinations. The residency programs build on the success of Malta’s image and attract expatriates looking for a second residence in a warm Mediterranean isle. Malta also boasts full implementation and membership of the Schengen Treaty zone. The island offers a unique tax status at an effective tax rate of fifteen percent that residents need to pay on the income remitted to Malta. Residency in Malta under GRP also allows you to travel to other Schengen countries without a visa.
Malta Global Residence Programme (GRP) attracts non-EU, non-EEA, and non-Swiss nationals seeking to live in Malta and enjoy taxation benefits. Individuals under this program can avail work opportunities on the island, provided that they meet the required conditions to obtain a work permit.
The Global Residence Programme can include their spouse and children under the age of 25 in their application. They can also include additional qualifying folks, such as non-family individuals who are bonafide members of your family unit. Malta Global Residence Program has minimal requirements to meet. These include:
- Invest in a property at a value of €275000 in Malta. Candidates get an option to purchase a property in Gozo or the Southern region of Malta at a minimum of €220,000.
- Individuals who do not want to purchase a property can hold a rental property contract in Malta for at least Euro 9,600 annually. Likewise, they can rent out a property in Gozo or the southern part of Malta valued at Euro 8,750.
- Applicants need to be financially self-sufficient and hold valid sickness insurance.
- Residents must have valid traveling documents. Also, they must not spend more than six months per year in any other country.
- Residents under GRP will pay a combined annual tax of Euro 15,000.