New Global Residence programme launched in Malta

The Three Cities, Valetta

The cosmopolitan environment, low crime rate, warm, friendly people and fantastic weather year round make Malta a popular tourist destination and a highly sought-after country in which to reside. Crystal-clear seas offer world class diving, sailing and other water sports while the long stretches of white sandy beaches are a popular draw-card to holiday makers.

English is an official language and the language of business in Malta. In recent years Malta has been accepted internationally as a reputable international business, financial and maritime centre and has an excellent reputation and track record. It has the largest free port in the Mediterranean and although an on-shore low tax jurisdiction, Malta is not included among the black-listed tax havens.

An attractive residency programme

When Malta first joined the EU in 2004 and signed the Schengen treaty, their residency programme became highly attractive to non-EU nationals wishing to benefit from visa-free travel within all EU countries. However the high level of interest in the programme resulted in the government introducing the High Net Worth Investor programme and raising the requirements for would-be investors thus making it a less attractive proposition.

The new Global Residence programme launched in June 2013 replaces the High Net Worth Individuals Scheme and eligible applicants can once again benefit from attractive residency and investment opportunities. This new option offers non-EU nationals great advantages and favourable thresholds with a similar programme being made available to EU nationals shortly.

In order to qualify for the Global Residence Programme, investment in immovable property has to be at least Euro275,000, while the minimum value for property bought in the South of Malta or in Gozo is Euro220,000. Applicants will also be eligible for residence benefits if they rent property on an annual basis to the value of Euro9600 in Malta and Euro8750 in the South or in Gozo.

Further benefits

Other attractive benefits in this programme include a reduced minimum tax advance payment or threshold of Euro15,000 with a tax of 15% on any further untaxed income remitted into Malta - capital or capital gains would be untaxed. The previous requirement to place a Euro500,000 bond with the government and an additional Euro150,000 per dependent has also been removed, however a standard processing fee of Euro6000 is applicable when a property is purchased in Malta and Euro5500 if the property is bought in Gozo or South Malta.

There are no minimum stay requirements, however residents under the Global Residence Programme and their dependants have to be covered by health insurance. They will not be entitled to free state health services. There are also no employment restrictions under the new programme.

Malta has ranked second out of 193 countries in International Living's "Quality of Life Index 2011? and ranked first for Best Climate in the World.

On Tuesday 20 August 2013 in Johannesburg and on Thursday 22 August 2013 in Cape Town, Monarch&Co International and their Maltese partners for this programme will be holding seminars and will also be available during this period for one-on-one meetings with interested parties. The seminars will cover the recently launched Malta Residence and Citizenship programme; suitable properties to meet the investment requirements of the programme and also highlight the attractive lifestyle that Malta offers.

For bookings and further information on the seminars, email moc.ocdnahcranom@ofni or go to www.monarchandco.com.