The Malta Retirement Programme confers a special tax status to EU/EEA/Swiss nationals in receipt of a pension, provided that the pension constitutes at least 75% of their chargeable income. The applicant must satisfy the following conditions:
- acquire property for not less than €275,000 or rent a property for not less than €9,600 per annum. Should the property be situated in Gozo or in the South of Malta, the purchase value should not be less than €220,000 and the rental value should not be less than €8,750 per year.
- have adequate health insurance covering the EU territory.
- Applicants may not spend more than 183 days in any one foreign jurisdiction in a year
- need to satisfy a “fit and proper test”
- apply for a residence card on the basis of retirement
A 15 per cent rate of tax is charged in respect of foreign income received in Malta, with the possibility of claiming double tax relief. The minimum annual tax under this programme stands at €7,500, with an additional €500 per dependant and special carer, if any. A one-time registration fee amounting to €2,500 is levied by the Malta Government.
An application under this programme may only be submitted through an Authorised Registered Mandatory. M. Meilak & Associates is an Authorised Registered Mandatory and, may assist you with your application and with any immigration, tax and legal requirements.