The new Global Residence Program
The Government of Malta has launched the new Global Residence Program last Saturday, which program has replaced the Permanent Residence Scheme (suspended in December 2010). The Global Residence Program is aimed at encouraging foreign nationals to take up residence in Malta.
The new program establishes that the minimum tax payable is €15,000, with further income arising outside of Malta but brought into Malta to be taxed at 15%.
The program has established new thresholds in respect of value of immovable property bought in Malta by foreigners, and this is of least €275,000. However, when the property is in the south of Malta or in Gozo, the minimum value can be of €220,000. The rent threshold has also been lowered to €9,600 for leases in Malta and €8,750 in Gozo or the south of Malta.