New Developments in the High Net-Worth Individuals Residency Scheme

The High Net-Worth Individuals Residency Scheme has been updated in virtue of Legal Notices 41 and 42 of 2012. The salient points of such amendments are being outlined hereunder.

A qualifying contract with the Malta Government need not be entered into if a declaration is made in the application stating that the applicant does not intend to become a long-term resident of Malta. As a result, the applicant may not spend more than nine months in a calendar year in Malta, and would be expected to leave Malta for a minimum period of three months in a calendar year.

The qualifying contract, therefore, must only be entered into where the applicant declares that he or she intends to become a long-term resident of Malta in the application form.

Furthermore, a “qualifying owned property”, is now defined as property in Malta purchased after 1st January 2011, rather than after 14th September 2011.

The Commissioner of Inland Revenue now has discretion, upon good cause being shown, to treat a property covered by a lease agreement entered into prior to 14 September 2011 for an amount of not less than €4,150 per annum, as a “qualifying rented property” where such agreement is entered into by a person who filed an application under the Residents Scheme Regulations, and such application was duly received and acknowledged by the Commissioner before 14 September 2011. A copy of the relative lease agreement, attested by a notary or advocate, must be deposited with the Commissioner by not later than 31st March 2012.

Furthermore, the €6,000 registration fee is waived in respect of applications submitted until the 15th of September 2012.

Information current as at 10th February 2012