Malta Permanent Residence Scheme
Why choose Malta?
The Permanent Residence Scheme under Malta law offers a number of incentives to foreign individuals who would like to obtain an indefinite Residence Permit in Malta.
Apart from the various benefits associated with living in Malta, such as its warm Mediterranean climate and ist central geographic location between Europe and Africa, there are also a number of other reasons why setting up residence in Malta can be beneficial.
Favourable rate of tax
A person having a Permanent Residence Permit (permanent resident) is chargeable to tax at a flat tax rate of 15% on all income (less tax rebates as applicable) sourced in Malta, or received in, or remitted to, Malta from foreign sources, subject to a minimum annual tax liability of €4,150 (net amount after taking into account any double taxation relief).
Any remittance of capital or any capital gains remitted to Malta are not chargeable to any tax in Malta.
No death duties are payable in Malta. Duty is however charged on the transfer of immovable property situated in Malta and on any shares owned in a locally registered company (excluding shares in companies listed on the Malta Stock Exchange).
Who may apply for the scheme?
Any foreigner, of whatever nationality, may submit an application under the scheme provided that specific conditions are satisfied.
What are the conditions for eligibility?
An individual will be eligible subject to the following conditions:
§ Such individual must have an annual income equivalent to €23,000 arising outside Malta or capital equivalent to €349,000;
§ Such individual must remit to Malta an income equivalent to €13,950 annually and €2,330 in respect of each dependant (where applicable).
Dependent, in terms of the Permanent Residence Scheme means:
- The spouse;
- Children under twenty-one (21) years of age;
- A parent or grandparent who is financially dependent on the applicant.