THE GLOBAL RESIDENCE PROGRAMME IS LAUNCHED

A Programme that will give a strong boost to various economic sectors of Malta​
 
Parliamentary Secretary for Competitiveness and Economic Growth Hon. Dr Edward Zammit Lewis launched the Global Residence Programme whereby people who buy high value property and who pay taxes, would be able to benefit from a residence permit in Malta.
 
The Global Residence Programme was launched in June 2013 in a presentation to the stakeholders that are involved in this field. Hon. Dr Zammit Lewis said that this programme gives a strong boost to various economic sectors leading to Economic Growth. The Global Residence Programme will be revitalizing the property sector by increase property purchase in our country, especially that of a certain value, allowing the country to get more money in taxes, increasing work, even to professionals in this sector such as lawyers and tax consultants and it will also help the Financial Services industry, the leisure and hospitality industry.
 
The Global Residence Programme replaces the scheme which was introduced by the previous Government, introduces more certainty and facilitates the process which existed until today. The programme’s guides are much more attractive because they act as very good incentives for persons outside the European Union and outside the European Economic Area who want to invest in our country.
 
The Government introduced the relative subsidiary in the beginning of July 2013. This new residence programme also incentivizes those who seek to invest in the South of Malta and in Gozo.
 
"The Government will support this scheme with all the necessary infrastructure to operate and work well. We will see that the procedures that operate this program are not bureaucratic and create the least possible disruption to applicants who want to invest and pay taxes in our country, “said Hon. Dr Zammit Lewis.

This initiative effectively reduces the thresholds for the purchase of immovable property and even those renting a property in Malta for those foreigners who wish to buy property in our country. The tax threshold was also lowered to 15,000 Euros. The bond amount of the previous scheme amounting to 500,000 Euros was also removed.
 
As an initiative to the South of Malta and Gozo, the fee being applied is being reduced as well. This position taken by the Government reflects the fact that prices of property in the South of Malta and in Gozo are lower. It is also intended to boost these areas and create the Economic Growth needed to move forward.
"This is another promise delivered by the New Government in a very short period of time. We are doing this because we believe in Economic Growth and because we believe in the potential that our country offers. This is another positive sign resulting from responsible administration which has clear priorities for our country, “said Hon. Dr Zammit Lewis.
 
The Parliamentary Secretary for Competitiveness and Economic Growth said that this programme is a direct result of effective consultation, where those involved forwarded their suggestions and ideas to set up this programme to increase our country’s competitiveness.
 
After this stage the Global Residence Programme was compiled by a specifically set committee chaired by the Hon. Dr Edward Zammit Lewis and also composed of Dr Charles Mangion, Mr. Aldo Farrugia from the International Tax Unit, Mr. Mario Borg from the Inland Revenue Department, Mr. Mark Sultana from the Department for Citizenship & Expatriate Affairs, Mr. John Huber from the Malta Chamber of Commerce, Enterprise and Industry and Mr. Sandro Chetcuti from the Malta Developers Association. 
 
Table 1.0 – Comparison of Previous Scheme and the new Global Residence Programme

 

 

    

 

 HNWI

 Global Residence  Programme

 

 

 Malta

 Gozo        Malta (South)

 €

 €

 €

 Immovable  Property Purchase

 400,000

 275,000

 220,000

 Rental

 20,000

 9,600

 8,750

 Bond

 500,000 plus 150,000  per dependent

 None

 None

 Minimum  Tax

 25,000 plus 5,000 per  dependent

 15,000

 15,000

 Application Fee

 6,000

 6,000

 5,500


*All figures are denominated in Euro​


Satisfying the requirements of the Global Residence Programme 

For one to apply for the Global Residence Programme, one should prove with satisfaction of the Commissioner that:
 
(a) he is a third country national and is not a Maltese, EEA or Swiss national; 

(b) he is not a person who benefits under the Residents Scheme Regula¬tions, the High Net Worth Individuals - EU / EEA / Swiss Nationals Rules, the High Net Worth Individuals - Non-EU / EEA / Swiss Nationals Rules, the Malta Retirement Programme Rules, the Qualifying Employment in Innovation and Creativity (Personal Tax) Rules or the Highly Qualified Persons Rules; 

(c) he holds a qualifying property holding; 

(d) he is in receipt of stable and regular resources which are sufficient to maintain himself and his dependants without recourse to the social assis¬tance system in Malta; 

(e) he is in possession of a valid travel document; 

(f) he is in possession of sickness insurance in respect of all risks across the whole of the European Union normally covered for Maltese nationals for himself and his dependents; 

(g) he is fluent in one of the official languages of Malta; 

(h) he is a fit and proper person.