As of the 1st July, the Malta Global Residence Programme has been out in full force. This new initiative welcomes Non-European Individuals to apply for residency in Malta and benefit from a Special Tax Status under a few defined regulations.
This page provides a detailed reference of the new Malta Global Residence Programme, and offers a brief guideline regarding the other benefits that arise when purchasing or letting real estate in Malta. It’s the objective of the Maltese Government to attract foreign investment whereby the individual must purchase or rent a property in Malta as part of the eligibility criteria.
The property of choice will then become known as the main residence of that individual, and based on that they'll be taxed at a favourable rate of 15% of the income generated from abroad. Purchasing real estate in Malta is a safe investment in terms of capital appreciation; while the actual process is regulated, and written contracts are in English, everything may be thereafter translated into one of the official European Languages.
The rental process is also quite efficient; contracts are legally binding and consumer rights are protected in line with European Law. As leaders in the Maltese real estate market, we always strive to give our clients the most professional service on the island, guiding them through the process from their arrival right up until the transaction is complete, and beyond.
To be eligible for the programme, there are a number of important requirements the beneficiary needs to satisfy to be successful. Read on, and you’ll find a detailed description drawn from recent changes in the Income Tax Act that have been established to provide for the Malta Global Residence Programme:
This Residence Programme may be particularly interesting for Asian, South African, and American individuals. The Maltese Government is expected to revise other schemes that will be favourable for European/SWISS/EAA Nationals.
According to Legal Notice 167 of 2013 and included in the Income Tax Act (CAP. 123), the following are the Global Residence Programme Rules, 2013:
If you're successful in your application and are accepted by the Commissioner of Inland revenue for the Malta Global Residence Programme, you’ll be taxed at 15% on any income derived from outside the country in the year preceding the year of assessment, which is received in Malta by the beneficiary, as well as their spouse and children. Here, it’s possible to claim relief from double taxation under article 74(a) and (b) of the Taxation Act. The minimum amount of tax payable is €15,000 for any year of assessment.
With over 21 years of experience within the real estate market, Damcar Properties Unite is best positioned to help you find your dream home. With our main office located in Msida, we strive to provide our clients with the very latest investment opportunities in-line with their budget and requirements.