New High Net Worth Individuals Residency Scheme

The new High Net Worth Individuals Residency regime was announced in a press release this morning by the Minister of Finance. A number of varied schemes are now offered to non-residents. This regime repeals and replaces the Permanent Residency Scheme. It is available to EU/EEA/Swiss citizens and third country nationals who are also citizens of an EU/EEA country. Applicants are required to own property in Malta at the time of application, which must be purchased after the 14th September 2011, for a value of not less than €400,000, or rent property for not less than €20,000 p.a.

This tax status offers a 15% rate on any income of the permit holder received in Malta from foreign sources, and also the possibility of claiming double taxation relief if the minimum yearly tax payable is that of €20,000 and €2,500 per accompanying dependent for EU/EEA/Swiss nationals. The same final tax and double taxation relief applies to non-EU/EEA/Swiss nationals, with the difference that the minimum tax payable is that of €25,000 and an additional €5,000 per dependent.