Malta offers attractive special residence schemes to individuals seeking to transfer their tax residence to a more attractive jurisdiction. Individuals looking for a warmer climate, a high standard of living, a safe environment for younger and older members of the family and a permanent residence that is selective, affordable and tax-friendly; will find out that Malta fulfils their requirements. Malta occupies the highest positions in respected international indexes for quality living and retirement.
Settling in Malta is highly beneficial with an advanced healthcare system, simple relocation prospects and lower tax rate. Malta is categorised as ‘Very High in Human Development’ by the Human Development Index and the New Economics Foundation rates Malta as the 40th best country in the nexus of environmental sustainability and human well-being.
Apart from the particular residence schemes an entrant to Malta can also apply under the Ordinary Residence Permit which has low financial qualifications and bestows its own bill of benefits for people wishing to transfer their tax residence from a high-tax jurisdiction to Malta, including, no requirement to purchase property, no worldwide income or wealth tax, no minimum investment requirements, and no inheritance taxes. Malta’s property costs are relativity low in comparison to the rest of Europe and buying property in Malta is a fairly simple and swift process for non-residents and is based on a permit system based on the minimum value and description of the property, as follows: Minimum value €113,000 villa or house Minimum value €67,800 Apartment, flat or maisonette. In addition, the non-resident can apply for a mortgage in the Maltese Islands. It is becoming also very popular for historical buildings to be renovated and restored to their former glories; the acquisition of such buildings might provide an advantageous tax position when purchasing property.
On the other hand, a non-resident of Malta can only be taxed on chargeable income and capital gains arising in Malta and is exempt from tax on worldwide gains.