MALTA
ADVERTORIAL
Malta launches its new Global Residence Programme
S
ituated in the heart of the Mediterranean, the islands of Malta and Gozo are ideally located as lifestyle and investment destinations. With a history
dating back to the time of the Crusaders this ancient
land is steeped in culture with a heritage spanning over
7000 years.
The cosmopolitan, crime free environment, warm friendly people and fantastic weather year round make Malta
a popular tourist destination and a highly sought after
country in which to reside. Crystal clear seas offer world
class diving, sailing and other water sports while the long
stretches of white sandy beaches are a popular drawcard to holiday makers.
English is an official language and the language of business in Malta. In recent years Malta has been accepted internationally as a reputable international business, financial and maritime centre and has an excellent reputation
and track record. It has the largest free port in the Mediterranean and although an on-shore low tax jurisdiction,
Malta is not included among the black listed tax havens.
When Malta first joined the EU in 2004 and signed the
Schengen treaty, their residency programme became
highly attractive to non-EU nationals wishing to benefit
from visa free travel within all EU countries. However the
high level of interest in the programme resulted in the
government introducing the High Net Worth Investor
programme and raising the requirements for would be
investors thus making it a less attractive proposition.
The new Global Residence programme launched in June
2013 replaces the High Net Worth Individuals Scheme
and eligible applicants can once again benefit from attractive investment opportunities. This new option offers non-EU nationals great advantages and favourable
thresholds with a similar programme being made available to EU nationals shortly.
In order to qualify for the Global Residence Programme,
investment in immovable property has to be at least
Euro275,000. while the minimum value for property
bought in the South of Malta or in Gozo is Euro220,000.
Applicants will also be eligible for residence benefits
if they rent property on an annual basis to the value of
Euro9,600 in Malta and Euro8,750 in the South or in Gozo .
Other attractive benefits in this programme include a
reduced minimum tax advance payment or threshold
of Euro15,000 with a tax of 15% on any further untaxed
income remitted into Malta - capital or capital gains
would be untaxed. The previous requirement to place a
Euro500,000 bond with the government and an additional
Euro150,000 per dependent has also been removed however a standard processing fee of Euro6,000 is applicable
when a property is purchased in Malta and Euro5,500 if the
property is bought in Gozo or South Malta.
There are no minimum stay requirements however residents under the Global Residence Programme and their
dependents, have to be covered by health insurance.
They will not be entitled to free state health services.
There are also no employment restrictions under the
new programme.
Malta has ranked 2nd out of 193 countries in
International Living’s: “Quality of Life Index 2011”
and ranked 1st for Best Climate in the World.
Monarch & Co, in association with Malta’s leading estate
agents Frank Salt Real Estate and EMD legal and tax advisors will be hosting seminars showcasing all that Malta
has to offer to South African nationals interested in the
Programme. These will take place on the 20th and 22nd
August in Johannesburg and Cape Town respectively.
For more information or to register for the seminars one
may visit www.malta-residency.com.