PERMANENT RESIDENCY IN MALTA OFFERS NUMEROUS BENEFITS.
“Affordable access, an excellent and low-cost lifestyle, ease of travel, favourable taxation, and excellent services are among the many advantages of permanent residence in Malta,” explains Jean-François Harvey, Worldwide Managing Partner of Harvey Law Group (HLG).
In this article, we address some of the frequent questions surrounding the Malta Permanent Residency Program (View Program).
DOES MALTA HAVE A GOOD PASSPORT? HOW POWERFUL IS A MALTESE PASSPORT?
Malta is an EU member, and its passport currently ranks as one of the top 10 most desirable passports in the world because it gives access to over 180 countries visa-free or with visa-on-arrival. That is over 75% of all the countries in the world! Malta
IS MALTA A SCHENGEN COUNTRY?
For businesspeople or those who just like to travel, that is a huge advantage, eliminating all the hassle of trying to get visas approved in advance. You can spend up to 180 days a year in the Schengen countries of Europe (90 days every 6 months), greatly enhancing travel mobility.
WHAT ARE THE OTHER BENEFITS OF PERMANENT RESIDENCE IN MALTA? IS MALTA A LOW-TAX COUNTRY?
A second consideration is taxation. Many affluent people are planning to move to Malta or have already done for tax reasons. Maltese residents pay personal income tax up to a maximum tax rate of 35% which is itself not high but also comes with quite generous deductions.
For example, with an income of just 60,000 Euros and above, a spouse, and no children, you will receive at least 9,000 Euros in deductions.
WHAT OTHER TAX BENEFITS ARE THERE?
Furthermore Malta has no gift tax, no inheritance tax and, in some cases, no property tax. There is no tax on dividends, interest, or royalties. Its VAT tax rate is one of the lowest in Europe and even if you are resident for less than the standard 183 days in a year, you may still qualify as a tax resident.
Malta will also grant your permit for permanent residence upon approval of your application. This gives you the right to set up a business. That will likely have significant tax advantages compared to your current jurisdiction.
CAN I INCLUDE MY FAMILY? HOW LONG DOES IT TAKE?
The application can include your spouse, dependent unmarried children, parents, and grandparents, with some relatively low additional fees. Processing is usually less than 6 months
WHAT ARE THE BENEFITS FOR MY FAMILY? DOES MALTA HAVE GOOD HEALTH CARE? DOES MALTA HAVE GOOD SCHOOLS?
The infrastructure and services for Maltese residents are also good. Malta’s National Health Service (NHS) provides practically universal coverage for residents. As a resident, you and your family have access to the highly rated education system. Students come from many other countries to study there. Teaching is in English or Maltese.
IS MALTA AN EXPENSIVE PLACE TO LIVE? DOES MALTA HAVE A HIGH STANDARD OF LIVING?
The standard of living is generally excellent and very affordable. As of mid-2022, Malta ranked 18th in Europe in terms of cost of living, with only 3 major western European countries being slightly less expensive (Spain, Greece, and Portugal) (Numbeo.com)
WHAT IS THE CULTURE AND LIFESTYLE OF MALTA LIKE?
Three main islands make up Malta. The culture is very diverse and definitely friendly to foreigners, of whom there are many. With amazing scenery and extraordinary historical sites spanning more than 2,000 years, there is plenty to see.
The restaurants and shopping are terrific, as is the nightlife, especially around St. Juliens, but mostly the lifestyle is more relaxed and less stressful than in London, New York, or other capitals. The weather is also a whole lot better, with the average monthly temperature varying from 32°C in the middle of summer to rarely falling below 15° to 17°C during the very mild winters.
MALTA RESIDENCY AND PASSPORT
IS MALTA POPULAR WITH PEOPLE SEEKING A SECOND PASSPORT?
“Malta is very much in demand for residence, and there is a well-trodden pathway: the Maltese Residency-by-Investment Program (View Program),” says Mr. Harvey. “This gives you the right to live in Malta permanently, makes you eligible to apply for a work permit, and also allows you to apply to start a business,” he elaborates.
HOW DO I GET A RESIDENCE CARD FOR MALTA?
There are 2 options. The first is by property purchase. The applicant must invest at least EUR 300,000 if buying in the south or Gozo and EUR 350,000 if buying in other parts of the archipelago. They must also make a government contribution of EUR 68,000 and donate at least EUR 2,000 to an approved Maltese non-governmental organization.
The other option involves property rental. The property must be worth at least EUR 10,000 per year if located in Gozo or the south, or EUR 12,000 if located elsewhere in the. The government contribution is EUR 98,000, and again, there must be a donation of at least 2,000 Euros to a recognized non-governmental organization in Malta.
CAN I APPLY FOR CITIZENSHIP IN MALTA?
After 5 years of residence with a legal permit, you can apply for citizenship. Malta grants citizenship for life and to future generations.
HOW DO I FIND OUT MORE ABOUT MALTESE RESIDENCY?
To understand the Maltese Residency-by-Investment Program further you can visit https://harveylawcorporation.com/malta-residence-by-investment-programme/ .
Or you can go to https://harveylawcorporation.com/citizenship-and-residency-programmes/ for information on other residency or citizenship-by-investment programs available around the globe.
HLG has more than 20 offices around the world and over 30 years’ experience in immigration law. If you would like to talk to one of our staff or have further questions, please feel free to contact us at email@example.com