The ‘Global Residence Programme’ (GRP) in Malta
The Government of Malta has recently launched a new advantageous taxation scheme for Non-EU/EEA nationals called the ‘Global Residence Programme’ (GRP). This now replaces the previous ‘High Net Worth Individuals Scheme’ (HNWI) as from June 2013. There is also a version of this that has just been launched called ‘The Residence Programme (TRP)’ which is for EU, EEA and Swiss nationals with the same eligibility criteria.
Here is a brief overview of the qualifying criteria for the new scheme:
- The value of any property bought in Malta has to be at least €275,000 unless the property is in the South of Malta or in Gozo, where the minimum value can be €220,000.
- Applicants must be fluent in English whilst having a stable and regular income.
- Applicants will also be eligible if they rent a property with an annual minimum liability of €9,600 in Malta and €8,750 in Gozo or in the South of Malta.
- Minimum tax threshold (to be paid in advance) reduced to €15,000 per annum on income remitted to Malta, with any further income charged at 15%. Other incomes including those locally sourced are subject to a standard tax rate of 35%.
- Applicants and their dependents, have to be covered by private health insurance. They will not be entitled to free state health services.
- Also, note that there is a standard application fee of €6,000 for Malta and €5,500 for Gozo.
Useful quick links:
Click here to search properties for sale in Malta starting from €275,000
Click here to search properties for sale in the South of Malta and Gozo starting from €220,000
Click here to search properties to let in Malta starting from €9600 yearly
Click here to search properties to let in the South of Malta and Gozo starting from €8,750 yearly