Living in Malta - High Net Worth Individuals Scheme

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In September 2011, a new residency scheme was launched, aimed at foreign individuals wishing to relocate to Malta. The High Net Worth Individuals Scheme offers an array of interesting tax planning opportunities for foreigners wishing to take up residence in Malta.

Replacing the Residents Scheme, the High Net Worth Individuals Scheme adopts many of the conditions of the Residents Scheme; entitlement to a special tax rate on foreign income remitted to Malta and the requirement to purchase or rent a property in Malta. However, there are also many additional conditions that are encouraging a wealth of new individuals and investors to Malta.

High Net Worth Individuals are taxed at a reduced rate of only 15% of foreign income that is then received in Malta. Aside from this, purchasing property is a straightforward process. In order to qualify for this highly beneficial Scheme, there are number of conditions that are required, to name a few:

  • Qualifying individuals must not reside in any other jurisdiction for more than 183 days in a year.

  • Applicants must purchase a property in Malta worth at least €400,000 or for a minimum rental price of €20,000 annually.

  • Applicants and families are required to state that the above property is their primary residence.

  • Applicants and family must be covered by health and medical insurance as well as able to support themselves without the need of social assistance.

For non-EU/EEA/Swiss nationals the main conditions are the same as above, applicable to EU/EEA/Swiss citizens, however there are some further conditions, including:

  • An annual minimum tax of €25,000 and additional annual tax of €5,000 for every dependant living with the permit holder.

  • Fluency in Maltese or English.

  • Applicant must not be living in Malta and does not intent to domicile in Malta within five years of submitting an application.

The High Net Worth Individuals Scheme is highly beneficially to such individuals and offers them favourable tax and living conditions, allowing them to benefit from all that Malta has to offer. Tumas Developments has a number of high-end luxury apartments and penthouses in stunning areas of St. Julian’s, Mellieha and Marsascala that appeal to High Net Worth Individuals for their privacy, luxury and stunning surroundings.

Disclaimer: Please note that all legal notices and terms and conditions mentioned in this article are for reference only, and are subject to change without prior notice.

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