GLOBAL RESIDENCE PROGRAMME

An overview of 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

Special Designated Areas (SDA’s)

Portomaso, St. Julians

Tigne Point, Sliema

Fort Cambridge, Sliema

Pendergardens, St. Julians

Madliena Village, Madliena

Smart City, Kalkara

St. Angelo Mansions, Vittoriosa

Ta’ Monita Residence, Marsascala

Tas-Sellum Residence, Mellieha