The global residence program of Malta​

The global residence program Malta offers numerous benefits that make it an attractive option for individuals and families looking to relocate to the European Union market. One of the primary advantages is the access to the EU market, which can be gained by obtaining residency in Malta. In addition, the country's proximity to Africa further adds to its appeal.

Malta is also part of the Schengen area, which means that there are no borders to cross. Although there are some restrictions on travel within the area, residents can stay for up to 90 days every 180 days. The country's impressive economic and political stability makes it a priority for those looking for a safe and secure place to live.

Malta is also home to some of the strongest banks in the world, which is a testament to its stability and lack of conflict. Opening a bank account in Malta offers residents access to this exclusive circle of banks.

Another benefit of living in Malta is its free universal healthcare system. This means that residents do not have to worry about finding private healthcare or paying exorbitant fees. Education is also free, and this includes childcare, which can be a significant advantage for entrepreneurs and business owners who want to focus on their work while ensuring their children receive excellent care.

Malta's tourism industry is also unique, with numerous beaches, green spaces, and recreational areas. The climate is also mild, making it an ideal place to live for those who value quality of life.

The global residence program Malta also includes dependents, such as spouses or partners, unmarried children of any age, and even dependent parents or grandparents. Once residents are granted residency, they have the right to reside in Malta indefinitely, with no need to renew their permit.

Finally, residents have the option to apply for citizenship after five years of residency, with no requirements in terms of language, education, or work experience. This program offers individuals and families a stable and secure environment to grow and thrive, with numerous benefits and advantages that make it an excellent choice for those seeking a new home.

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The global residence program Malta offers many advantages, but it is not without drawbacks. In this article, we'll explore some of the potential disadvantages of the program.

Firstly, the Malta residence program requires a significant investment. While most programs require some capital upfront, the fees and property costs associated with Malta's program can be especially high. Applicants should carefully consider their financial situation before applying.

Additionally, Malta's program has more stringent requirements than other residency programs. To qualify, applicants must spend at least 183 days a year in Malta. This may be difficult for some individuals who travel frequently or have business interests elsewhere.

For those interested in citizenship, there are additional drawbacks. The citizenship process can be lengthy, and once citizenship is obtained, international income is subject to taxes. Furthermore, the stacked tax benefits that Malta was once known for are no longer available, making it more difficult to minimize taxes.

To qualify for the Malta residency program, applicants must meet certain requirements. They must be a non-EU citizen, at least 18 years old, and have a clean criminal record. Additionally, applicants must have the financial resources to support themselves and provide proof of assets worth €500,000 or more, with €150,000 invested in financial assets. Health insurance coverage and evidence of funds used for the application are also required.

In conclusion, while Malta's global residence program offers many benefits, potential applicants should carefully consider the program's drawbacks and eligibility requirements before applying.

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How to apply for the global residence program Malta:

Begin by gathering all the necessary documents. The application is available online, and you must complete every detail before submitting it. Remember to sign it first. Once completed, the application should be submitted to the Commissioner for Revenue.

It is highly recommended that you work with an authorized representative who has experience with these types of applications. This representative can guide you through the process and represent you during the application.

The application fee is €4,000, which is non-refundable, even if your application is rejected. If you are accepted, an additional €2,000 will be due when you begin your residence. However, this fee can be lowered to €1,500 if you choose to reside in the southern part of Malta.

After submitting the application, the authorities will review all documentation, and the authorized representative will be kept informed of the progress. Assuming everything is in order, you will receive a confirmation letter, and the application process will continue with a due diligence process.

If your application is accepted, you will receive a confirmation letter, and the process will take less than three months, bringing you to the European Union.

While the global residence program Malta is an excellent opportunity for non-European Union citizens with financial resources, it is not the only residency program available. It is worth exploring other options to find the right fit for your needs.

Discovering Malta's Residence Programme

Malta's Residence Programme, commonly referred to as TRP, is an option well-suited for most Europeans. This program is specifically designed for EU or EEA nationals, including those from Iceland, Switzerland, Liechtenstein, and Norway.

Opting for tax residency in Malta offers the added benefit of regular residence. If you fancy living on a beautiful island and enjoying professional tax optimization, then the Residence Programme is perfect for you. While EU nationals can live in Malta, this programme is primarily about tax residency.

The requirements are relatively easy - besides your nationality, you must show that you have the financial resources to support yourself. You cannot depend on Malta's social assistance program, so it is essential to have some money.

In addition, your travel documents must be valid, and you must have health insurance. You must also be in good health and be able to communicate in an official language - Maltese or English. To ensure a valid residence, you must spend at least 183 days in Malta each year.

Finding a place to live is the main aspect of this residency. You are not allowed to sublet or let the property. If you choose to purchase, the property must cost €275,000. However, in the southern part of Malta and Gozo, the requirement is lower at €220,000.

Alternatively, you can rent a property for a year at €9,600 or €8,750 for the southern part of Malta and Gozo. The price is for a year, making it quite reasonable. You can submit the documentation later.

You can also include family members on your application. Your spouse and children - including those in your custody or adopted children who are unable to support themselves - can be included. Essentially, you can bring your entire family.

Just like the Global Residence Programme Malta, you will require the services of an ARM to submit the application. The non-refundable fee for the Residence Programme is €6,000 or €5,500 for the southern part of the country. The process follows a similar pattern - application, due diligence, and confirmation letter.

Regarding the permanent residence program in Malta, the MPRP was launched in 2021 and is aimed at non-EU citizens and their families. Similar to the global residence program Malta, it offers access to the EU, the Schengen area, jobs, and indefinite stay in Malta. However, unlike the global residence program, it does not have a minimum stay requirement, but the permit must be renewed annually. The requirements are straightforward, with applicants needing to be at least 18 years old and hold non-EU citizenship, while maintaining stable finances to support themselves. A clearance from the local police is also required, and applicants must meet the capital requirement of a minimum investment of €500,000, with €150,000 or more invested in financial assets. Additionally, applicants must have a valid passport, a health insurance policy, and pass a due diligence test that will spread over four tiers. Applicants must also either buy or rent a property, with a minimum investment of €350,000 or €300,000 in the south for those buying, or paying €10,000 for those renting in the south and €12,000 for the rest of the country. Furthermore, a €2,000 NGO donation is required. The application must be submitted with a nonrefundable fee of €10,000, and it takes up to six months to complete the application and handle the diligence test. Once approved, applicants must pay another €30,000, get a property, and pay the donation. The program leads to citizenship and also offers citizenship by investment.

Malta is also a popular destination for tax optimization, as different residence programs offer different opportunities and tax benefits. The global residence program Malta is one of the easiest options for non-EU citizens, as it allows them to become long-term residents of the country. One advantage of this program is that Malta will not tax internationally sourced income, even if the individual runs a business abroad. Inheritance taxes and capital gains are also not taxed if foreign sourced, and even if the money is remitted to Malta, there will be no tax. However, local investments will be taxed at 35%. A yearly tax of €15,000 or more must be paid, which can come from remitted income or other taxes. This tax must be paid upfront in the first year, even if it exceeds the individual's actual tax liability. The same tax rates apply to those who apply for The Residence Programme (TRP), and a €15,000 payment is required for the income earned in other countries, even in the first and last year. This tax must be paid in the year the special tax status is granted, as well as in the year it is canceled.