The Government of Malta has launched the much awaited NEW Residence Scheme for Foreigners which will replace High Net Worth Individuals Rules for non-EU foreigners.
The Programme in short :
- Under the Global Residence Programme, the value of the immovable property bought in Malta by foreigners has to be at least €275,000. However, when the property is in the south of Malta or in Gozo, the minimum value can be €220,000.
- Applicants will also be eligible if they rent property on an annual basis of €9,600 in Malta and €8,750 in Gozo or in the South of Malta.
- The requirement to place a €500,000 bond with the government and an additional €150,000 per dependent has been removed.
- Minimum tax to be paid in advance reduced to €15,000 on income derived in Malta, with further income charged at 15%.
- Residents under this programme and their dependants, have to be covered by health insurance. They will not be entitled to free state health services.
The introduction of the new regulations will be introduced by legal notice by the end of the month.