On 1 June 2013 the Maltese government launched the Global Residence Programme, a set of rules under which persons purchasing high-value property and paying taxes in Malta will be eligible to be granted a special tax status in Malta.
The programme aims to foster growth in the high-end property sector and provide added revenues in taxation.
The Global Residence Programme targets non-EU, non-EEA and non-Swiss residents.
Some benefits of the programme include:
- No minimum presence is required
- Any foreign sourced income remitted by the applicant will be taxed at a special fixed tax rate of 15%
- All other foreign sourced income which is not remitted to Malta will not be taxed in Malta
- Fast process – takes around 3 months to conclude
- Work permit entitlement
- Ability to apply for a residence permit in Malta – this will entitle family to not only reside in Malta but to also travel to Schengen area