Malta offers a number of residency schemes, for both EU and non-EU citizens, with associated tax advantages that include no taxation on worldwide income, with taxation only on Maltese-source income and foreign income that is remitted to Malta. These residency schemes are designed to attract high net worth individuals, retirees or highly qualified people in the finance or creative IT sectors by offering a 15% flat rate of income tax. Similar incentives are available for those wishing to retire to Malta.
- Global Residence Programme Rules;
- Residence Programme Rules 2014;
- Highly Qualified Persons Rules;
- Qualifying Employment in Innovation and Creativity (Personal Tax) Rules;
- Malta Retirement Programme Rules.
Foreigners may also take up residence and be subject to the normal rates of income tax with no minimum. There are no wealth or real estate taxes in Malta. Capital gains tax is applied to the sale of immovable property in Malta, but this does not apply to the sale of a main residence if the property is owned and occupied for at least three years.
The Individual Investor Programme (IIP), which allows for the granting of citizenship by a certificate of naturalisation to individuals and their families who contribute to the economic and social development of Malta, was also introduced in 2014.
:: Click to read more about Malta Citizenship.
Sovereign can assist with applications for residence, visas and work permits, and also provides ancillary services such as tax planning, tax compliance, as well as arranging introductions to professional service providers, such as legal, real estate and relocation firms.