Are you looking for a warmer climate, a high standard of living, a safe environment for younger and older members of the family? A permanent residence that is selective, affordable and tax-friendly? You will find out that Malta fulfils all these requirements. Malta occupies the highest positions in respected international indexes for quality living and retirement.
Benefits of Residence in Malta
Settling in Malta is highly beneficial with an advanced healthcare system, simple relocation prospects and lower tax rate. According to the Human Development Index Malta is a ‘Very High in Human Development’. Moreover, the New Economics Foundation rates Malta as the 40th best country in the nexus of environmental sustainability and human well-being.
Malta offers attractive special residence schemes to anyone who is seeking to transfer their tax residence to a more attractive jurisdiction. Apart from the particular residence schemes one can also apply under the Ordinary Residence Permit. This has low financial qualifications and bestows its own bill of benefits. Among others, no requirement to purchase property, no worldwide income or wealth tax, no minimum investment requirements, and no inheritance taxes. Ideal for people wishing to transfer their tax residence from a high-tax jurisdiction.
Malta’s property costs are relativity low in comparison to the rest of Europe. Also, buying property in Malta is a fairly simple and swift process for non-residents: it is based on a permit system based on the minimum value and description of the property. As follows:
- minimum value of €113,000 applies for villas or houses and a
- minimum value of €67,800 for apartments, flats or maisonettes.
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.