Malta’s Residence and Visa Programme enables beneficiaries under the Programme to take up residence in Malta subject to meeting certain qualifying criteria. The Maltese residence card granted in terms of the programme also permits visa free travel for a period of 3 months in any 6 month period throughout the Schengen Area.
Malta is an EU member state which is fast becoming the destination of choice for foreigners who, for various reasons, seek to relocate to the centre of the Mediterranean. Malta boasts an idyllic climate with more than 300 days of sunshine per year, low crime rate, world heritage attractions and friendly locals. Malta has enjoyed a booming economy for decades and successfully attracted numerous business ventures by offering competitive tax rates and other incentives. A 2015 survey published on the Wall Street Journal, ranks Malta as the third best country for expatriates, listing the work-life balance, health care and overall well-being as some of the main motivators. International Living ranked Malta in the top 10 in its ‘World’s Best Retirement Destinations for 2015’ survey, highlighting the low crime rates and the Mediterranean cuisine as key factors. Finally, the New York Times lists Malta as the 3rd world’s best destination to visit in 2016.
The Government of Malta has recently introduced the Malta Residence and Visa Programme through which applicants may acquire the right to reside in Malta, subject to the fulfilment of certain conditions, including:
Please note that this status would not entitle the holder to exercise any rights other than those expressly granted. For example, the exercise of employment activity remains subject to the employment license requirement.
In and of itself, the status in terms of the Malta Residence and VISA Programme would not affect one’s liability or otherwise to Maltese Income Tax. This liability or otherwise would depend upon the beneficiaries’ personal facts and circumstances, specifically whether s/he would be considered to be resident for tax purposes and/or domiciled in Malta.
© 2017 KPMG, a Malta civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.