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On the 1st of June, 2013, the Hon Dr.Edward Zammit Lewis, Parliamentary secretary for Competitiveness & Economic Growth, officially launched the Global Residence Programme 2013 at the Malta Chamber of Commerce, Industry and Enterprise buildings in Valletta, Malta.
This programme has been long-awaited by many practitioners and professionals in the industry, not to mention by many prospective international clients who have long been waiting for the opportunity to become residents in Malta, once again under favourable conditions. In a nutshell, this programme allows any non Maltese national to obtain residency in Malta and among other advantages, pay a very favourable rate of only 15% tax on any income they repatriate through Malta. To be clear, this does not mean that they are taxed on their world wide income and in fact is one of the other key advantages of this programme.
Any individual wishing to obtain this residency, must among other things, rent or purchase a property in Malta or Gozo (within certain parameters linked to this programme) and must also adher to certain other conditions which govern this programme. However in general, the parameters and thresholds which this new programme has been built around are much more attractive and attainable than those of the current, ineffective High Net worth Individual Scheme (HNWI) and are more along the lines of its predecessor, the very popular Permanent Rresidence Scheme 2004. The miniumum tax amount has been lowered to €15,000 per annum, which also includes dependants, down from the previous €25,000 + €5,000 per dependant. Meanwhile, the purchase price has now been lowered to €275,000 and to €220,000 if the property is located in the South of Malta or on the sister island of Gozo, whereas if an applicant opts to rent a property, these thresholds have now been lowered to €9,600 per annum and to €8,750 if the property is located in the South of Malta or on Gozo. These vary substantially from the minimum thresholds of the previous HNWI scheme which were €400,000 when purchasing and €20,000 when renting.
Ian Casolani, Managing director of Belair Property in Malta and Chairman of the Real Estate section within the Malta Chamber of Commerce Industry & Enterprise, has been involved in discussions and negotiations with government ever since the original permanent residence scheme was suddenly removed and welcomes the new Global Residence Programme with enthusiasm, especially after having lobbied for it for so long.
The Global Residence Programme is now particularly attractive to non EU nationals looking for a back up or alternative residency option in a safe and reputable jurisdiction within the EU. Obtaining this residency permit also entitles permit holders to a schenghen visa renewable on a yearly basis.
The Maltese property market offers a wide range of quality property, including a number of internationally acclaimed lifstyle developments particularly on the North-East coast, many of which offer exceptional views, yacht marinas, private residents swimming pool and mixed use shopping malls as some of their key features. If one prefers more character and tranquility, then the market also offers numerous charming character houses with unique characteristics and many also with stunning courtyards and gardens.
Belair Property are looking forward to marketing and promoting this new programme internationally and are embarking on a number of initiatives aimed at doing just this. Meanwhile, should anyone wish to find out more about this programme and get to know the conditions and parameters in more detail, Download The Global Residency Programme PDF Document or contact one of our offices on +356 201228000/ 20148000 and we will be more than happy to guide you through it accordingly.