A new Residence Scheme for EU/EEA/Swiss Nationals

BALZAN, Malta - Aug. 20, 2014 - PRLog -- Malta has extended and improved its array of fast track programmes by which foreign investors could obtain Maltese tax residence and become eligible for a Maltese residence permit – by introducing ‘The Residence Programme for EU/EEA/Swiss Nationals’.

Similar to its counterpart, the Global Residence Programme for non-EU/EEA/Swiss nationals (http://www.ksimalta.com/en/resources/4/141/the-global-residence-programme), the Residence Programme is a very straightforward and flexible programme, encompassing clear legal requirements.

This Programme is applicable to persons satisfying the following criteria:

become in possession of a qualifying property in Malta either by acquiring it for at least €275,000 (€220,000 if in the south of Malta or in Gozo) or renting it for at least €9,600 per annum (€8,750 if in the south of Malta or Gozo);
must not be benefitting from other specialised tax residence programmes;
must be in receipt of stable and regular resources that are sufficient to maintain himself and his dependants;
must be in possession of a valid travel document and a global health insurance;
must be fluent in one of the official languages of Malta;
must pay a non-refundable administration fee of €6,000 or €5,500 in the case the qualifying property is situated in the south of Malta or Gozo.

As synonymous with these residence schemes (http://www.ksimalta.com/en/personal-residence-schemes), foreign source income which is received in Malta, will be taxable at the rate of 15% with the possibility of claiming double tax relief but subject to a minimum annual tax liability of €15,000. Any Malta sourced income will then be taxed at 35%.

Applications under this Programme must be submitted by an Authorized Registered Mandatory – KSi Malta is registered as such. In this respect, do not hesitate to contact us (mailto:bgriscti@ksimalta.com) on bgriscti@ksimalta.com and see how we can assist you.