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Global Residence Programme
THE GLOBAL RESIDENCE PROGRAMME (GRP) GRANTS
• special tax status in Malta;• Maltese residence permit to holders (via a
separate application);• possibility to pass on the Special Tax Status to
one’s heirs under certain terms; and• the above benefits without the obligation for
long-term residency in Malta.
TAX TREATMENT
• beneficiaries taxable at the rate of 15% on foreign source income remitted to Malta;
• foreign source capital gains not taxable even if remitted to Malta;
• possibility to claim double taxation relief;• Malta source income charged as separate
income at the rate of 35%; and • minimum tax of €15,000 is payable by the
holder of the tax status in respect of any year of assessment.
ELIGIBILITY CRITERIA - APPLICANT MUST
• be represented by an authorised registered mandatary (ARM);
• be a third country national and a non-Maltese, EEA or Swiss national;
• be in possession of a health insurance for him/herself and his/her dependants;
• have stable and regular resources;• pass a Fit and Proper test;• be in possession of a valid travel document;• be fluent in one of the official languages of
Malta; and• hold a qualifying property.
QUALIFYING PROPERTY
An aspiring applicant of the special tax status, who is not a long-term resident, is required to hold a qualifying property, the holding being either:
• an immovable property in Malta for a value of not less than €275,000, or if the property is located in the south of Malta or in Gozo, the value shall not be less than €220,000; or
• a rented immovable property in Malta for not less than €9,600 annually, or if the property is located in the south of Malta or in Gozo, the value shall not be less than €8,750 annually.
HOUSEHOLD STAFF
Household staff can also be included in the application. The definition refers to an individual or individuals who has/have been providing services to the beneficiary in a systematic manner for at least two years prior to an application for special tax status in terms of the programme. A beneficiary may have more than one household staff at any time.
FEES
A non-refundable one-time registration fee of €6,000 (€5,500 in the case of applications involving a qualifying property holding in the south of Malta or in Gozo) must be paid upon application.
CONTINUING OBLIGATIONS
The GRP Rules list a set of continuing obligations that need to be satisfied by all successful applicants, being that the individual must:
• not become a Maltese, EEA or Swiss national;• retain holding of the Qualifying Property;• not become a long-term resident;• retain insurance for himself/herself and his/
her dependants and continue to have stable resources; and
• must not stay in any other jurisdiction for more than 183 days in a calendar year. The GRP Rules also set up special reporting obligations, being the filing of an annual tax return and other notifications that must be complied with.
Contact us:
Karl [email protected]
Oliver [email protected]
www.wahaat.com
The material has been prepared by professionals in the firm of Wahaat. It is intended as a general guide only, and its application to specific situations will depend on the particular circumstances involved. Accordingly, we recommend the readers seek appropriate professional advice regarding any particular problems that they encounter. The in-formation should not be relied upon as a substitute for such advice. While all reasonable attempts have been made to ensure that the information contained herein is accurate, Wahaat accepts no responsibility for any errors or omissions it may contain, whether caused by negligence or otherwise, or for any losses, however caused, sustained by any person that relies upon it.
