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A number of tax benefits and a decrease in the property value threshold are among the criteria introduced recently through the publication of Legal Notice 270 of 2014, entitled Residence Programme Rules, which are now part of the Income Tax legislation in Malta.
What is the new minimum Property Value required?
Those EU, EEA or Swiss nationals applying for residency are requested to either buy or rent a property on the Maltese islands. Those opting to buy have to invest a minimum of €220,000 if property of their choice is on the island of Gozo or in the southern region* of Malta and a minimum of €275,000 if selected property is in the remaining area of Malta. Should applicants be interested in renting a property, the minimal rental value if property chosen is in Gozo or in the southern region in Malta* is €8,750 per annum (average €730 monthly), whereas this amount goes up to a minimum of €9,600 per annum (€800 monthly) if property of choice is located in all other parts in Malta.
What are the main Tax Benefits?
A tax rate of 15% will be applied on any income arising outside Malta in the year immediately preceding the year of assessment and which is received in Malta. The Rules also state that the minimum amount of tax payable in respect of the income arising outside Malta is €15,000 for any year of assessment. Moreover, applicants’ income which is not included in this Scheme, is charged as separate income with a tax rate of 35%.
Should you wish more details on the scheme, call us on +356 2011 8000 or +356 2014 8000 or send an email to firstname.lastname@example.org. We will guide you accordingly in all your requirements.
*For the purposes of this Legal Notice, the localities deemed as forming part of the south of Malta are the following: Birżebbuġia, Cospicua (locally known as Bormla), Fgura, Għaxaq, Gudja, Kalkara, Kirkop, Luqa, Marsascala (locally known as Wied il-Għajn), Marsaxlokk, Mqabba, Paola (locally known as Raħal Ġdid), Qrendi, Safi, Santa Luċija, Senglea (locally known as Isla), Siġġiewi, Tarxien, Vittoriosa (locally known as Birgu), Xgħajra, Żabbar, Żejtun and Żurrieq.