In June 2013, the Maltese Government launched the latest residence scheme the Global Residence Programme – a residency and tax programme which provides favourable tax incentives for non-EU, non-EEA and non-Swiss Nationals seeking an alternative residence base in the Maltese Islands. A legal notice bringing into effect the Global Residence Programme for EU Nationals is expected to come into effect in the second half of 2013.
Benefits of the Global Residence Programme
Beneficiaries of a Special Tax Status under the Global Residence Programme (GRP) enjoy a flat rate of personal income tax of 15%, chargeable only on a remittance basis. Foreign source income received in Malta is subject to Malta tax only if remitted to Malta while foreign capital gains are altogether outside the scope of tax in Malta. Local source income arising from business, investment or other economic activity held in Malta is subject to tax at 35%. Minimum tax under the present High Net-Worth Individuals (HNWI) Scheme has been reduced from Euro 25,000 for the applicant (plus an additional Euro 5,000 per dependent) to a minimum tax of Euro 15,000 under the GRP, covering all dependents.
Beneficiaries are not legally bound by minimum stay requirements. However, they are not permitted to spend more than 183 days in a calendar year in another jurisdiction.