The Global Residence programme is aimed at attracting foreign investment by offering certain tax benefits as well as a uniform residency permit to non-EU, non-EEA and non-Swiss nationals.
Beneficiaries under the GRP are not precluded from working in Malta.
Who may apply?
Taxation and Residence
An individual whose application under the GRP has been approved shall be subject to a flat rate of tax of 15% of all income that is received in Malta from foreign sources by the beneficiary, his spouse/partner and dependants. A minimum annual tax of euro 15,000 must be paid on foreign sourced income. No tax will be imposed on income received from foreign sources that is not received or remitted to Malta. All income realised in Malta will be taxed at 35% .
A uniform residence permit will be issued and will be continued to be issued annually. If the individual later acquires the status of a long term resident in Malta or has resided in Malta continuously for 5 years, the GRP will no longer apply. Such an individual will then be subject to the relevant taxation rates applicable to such person and chargeable on one’s worldwide income (ie both local and foreign sourced income will be subject to tax in Malta)
The GRP will no longer apply if an individual stays in another jurisdiction for more than 6 months in a calendar. The special tax status under the GRP is transferable to the heir of the deceased beneficiary provided that such heir meets the requirements contained in the said rules.
How to apply?
The application procedure has to be carried out by an Authorised Registered Mandatory (ARM). The team of FS Malta includes a licensed ARM. Only ARMs may effect registration of an application under these rules following a fit and proper test of the applicant. Kindly contact us for more information about applying for this program.
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