The Tax Treaty between Malta and Russia has come into force as from 22nd May 2014. The relief of tax is applicable to income arising as from 1st January 2015.
By virtue of Legal Notice 47/2014, the Government of Malta grants, after a rigid and thorough due diligence process, naturalisation by investment to reputable individuals and their dependents who will make a significant contribution to the social and economic development of the country.
Edward J. Zammit CPA is a licensed Accredited Agent by Identity Malta Agency (license IIP 033) to assist with completion and submission of the relevant application forms as well as providing guidance throughout the whole process. See the Publications tab (Specific industries) for a summary of the programme.
You may wish to visit the Identity Malta Agency website.
This Programme is designed to attract individuals who are not nationals of Malta, the EU, EEA or Switzerland, to take up residence in Malta. The main advantages for persons who wish to establish their residence in Malta:
- There are no minimum stay requirements
- English is one of the official languages in Malta
- The standard of living is high, whereas the cost of living is cheaper than in the rest of Europe (2nd worldwide ranking in Quality of Life Index)
- Well-equipped public and private hospitals
- First-class educational system
- 2nd safest country worldwide
- Climate: 300 days of sunshine
- Location: in the middle of the Mediterranean Sea between Europe and Africa
- Individuals taking up residence in Malta are able to benefit of favorable and advantageous overall taxation
Individuals eligible to benefit from this Programme would be taxable in Malta on foreign source income which is received in Malta, at the favorable flat rate of 15%.
Qualified applicants are not precluded from working in Malta.
The following is a brief summary of the Programme:
- The applicant must purchase property worth at least €275,000 situated in Malta or €220,000 for property situated in Gozo or the South of MaltaorRent a property in Malta for at least €9,600 per annum or for €8,750 per annum for a property situated in Gozo or the South of Malta
- Must have health insurance recognized across Europe
- An application fee of €6,000 is envisaged, but for Gozo and the South of Malta is of €5,500
- The applicant can reside in any other jurisdiction for not more than 183 days
- The minimum tax payable is €15,000. Foreign income will be taxed at 15%. 35% tax will be paid on any local income.
- The applicant has to be in receipt of stable and regular resources that are sufficient to maintain himself and his dependents
- Is in possession of a valid travel document
- Fluent in Maltese or English
- Fit and proper person
Application for the special tax status may only be made through the services of a Registered Authorized Mandatory. Mr. Edward Zammit CPA is a Registered Authorized Mandatory bearing registration number ARM00025.
For more detailed information on the above scheme and on how we can help you, please contact us at email@example.com or visit our website at www.ejz.com.mt
The Maltese Government has introduced as of 1st July 2013 the Global Residence Programme applicable to non-EU, non-EEA and non Maltese. The new Global Residence Programme (GRP) replaces the High Net Worth Individual (HNWI) scheme that was introduced in 2011.