Introduction of the Malta Global Residence Program
The Maltese Government has launched the latest residence scheme by the name Malta Global Residence Programme or GRP that opens up the doors to relocation by non-EU, non-EEA as well as non-Swiss nationals satisfying the revised minimum investment or rental thresholds and enjoying a lower minimum tax requirement. The individuals under this program enjoy a lot of benefits. The Global residence permit holders enjoy a flat rate of personal income tax of 15%, chargeable only on a remittance basis. Foreign source income received in the archipelago island is subject to Malta tax only if remitted to Malta while foreign capital gains are altogether outside the scope of tax in Malta.
Local income sources arising from business, investment or other economic activity held in the island is subject to tax at 35%. The minimum tax under the present HNWI Rules has been reduced from 25,000 Euros for the applicant (plus an additional €5,000/dependent) to a minimum tax of 15,000 Euros under the Global Residence Program, covering all dependents. Unlike the HNWI Scheme, the Global Residence Program will no longer require a Bond.
Malta is a full signatory of the Schengen Area Treaty. It has signed back in the year 2007 & subsequently fully implemented, resulting in Malta integrating with all the Schengen states in a visa-free movement zone. Learn all the details about the program with Procitizenship.
European Temporary Residency for the whole family
What does make Malta unique?
Malta boasts a diverse multi-faceted history, paired with a remarkable geographical location, excellent weather & relatively a safe destination. The place features high quality and low-cost life. It is safe, secure and full of scenic beauty. The megalithic structures here are claimed of being the oldest free-standing edifices in the world, predating Stonehenge. Wherever one goes or meets, they always find that they are somehow connected either through family, friends, workmates, etc. The country is also unique due to its short distances, great weather, beautiful sea and the fact that no one is more than 30 minutes away. Wherever on the island, you are always only a maximum of 20 minutes away from the beautiful sea and the coast. The size of Malta makes traveling abroad convenient – the Malta International Airport is easily accessible from all around the island, so traveling for even a short break is worthwhile. Come settle in Malta and Procitizenship will make it easy for you!
Comparison between the Malta Global Residency Program Vs. the Malta Residence and Visa Program :
|Global Residency Program(GRP)||Malta Residence andVisa Program (MRVP)|
|Tax Rate||15%||0% – 35%|
|Property Purchase||Central/North EUR275,000South/Gozo EUR220,000||Central/North EUR320,000South/Gozo EUR270,000|
|Property Rental||Central/North EUR9,600South/Gozo EUR8,750||Central/North EUR12,000South/Gozo EUR10,000|
|Minimum Stay in MT||Zero||Zero|
|Official Application Fee||EUR6,000||Zero|
|Bond / Shares Investment||Zero||EUR 250,000 for 5 years|
|Dependants||Spouse, Children up to 25 years, brothers, sisters and parents(If financially dependent)||Spouse, Children up to 26 years+ Parents & Grandparents|
(if financially dependent)
The benefits of possessing a Malta Global Residence Program for South Africans
There are numerous benefits for South Africans that the Malta GRP program offers :
- Visa-free travel to all Schengen Areas ( which includes most European states, Switzerland, Iceland, Liechtenstein, and Norway)
- Malta’s tax structure is designed to appeal to high net worth individuals;
- Malta has a stable political, social and economic environment;
- Malta has double-taxation agreements with over 70 countries;
- Malta is located strategically with prime international flight and sea connections;
- Complete English speaking environment;
- Malta has the 14th safest banking system in the world.
Does Malta allow me to keep my original citizenship and also my residency?
Under the Maltese Citizenship Act, a person is allowed dual citizenship. Therefore, all the Maltese citizens enjoy this right without any distinction.
Will the Malta Global Residence Program automatically grant me European citizenship?
The Malta Global Residence Program will grant you visa-free travel to all Schengen Areas that include most European states, Switzerland, Iceland, Liechtenstein, and Norway.
Will my Global Residency expire?
Global Residency has to be renewed every year and the residence card needs to be renewed every two years. The renewal of the Uniform Residence Permit is conditional to the applicant & dependents satisfying the minimum conditions for the preceding year. But for forthcoming period for which the Uniform Residence Permit is given. It includes payment of the minimum tax & a declaration that the applicant has not been resident for more than 183 days in any other single jurisdiction.
Whe requirements to obtain the Malta Global Residence program
To be eligible for submission of GRP or Malta Global Residence Program application you must:
- You have to be a 3rd country national;
- You have to be a non-Maltese, EEA or Swiss national;
- Have a stable & regular income for maintaining yourself and the family;
- Have medical insurance that covers you and the entire family globally;
- Have a certificate of good health from a reputable health system;
- Have to be fluent in one of the official languages of Malta (English/Maltese);
- Not stay in any other jurisdiction for more than 183 days in a year;
- Hold a qualifying property.
The requirements for a successful application process
For a successful application to Malta’s Global Residence Programme or GRP, several conditions must be satisfied. If applying you must:
- Be a non-EU/EEA/Swiss national;
- Receive regular & stable income that is of a sufficient level to be able to support yourself and any dependents;
- Not be a person who is benefiting from any other Maltese residence or under any employment program;
- Should hold a valid travel document;
- Hold a European Health Insurance policy for you and any of your dependents;
- Should be able to communicate adequately in Maltese or English;
- They should be healthy and have a clean criminal record. Similarly, a due diligence exercise carried out by the Maltese Inland Revenue Department before giving the special tax status.
- Hold a qualifying property and his property could be purchased in Malta for at least €275,000 (or €220,000 if based in Gozo or South of Malta). There is one more option under which the applicants can also rent a property in Malta for at least €9,600 per annum (or €8,750 if rented in Gozo or the south of Malta).
Malta VS South Africa
HEALTH FIRST IN MALTA
- BE 99.5% LESS LIKELY TO BE LIVING WITH HIV/AIDS
In South Africa, 18.8% of people are living with this problem while in Malta, that number is 0.1% of people.
- LIVE 16.7 YEARS LONGER
In South Africa, the average life expectancy is 64 years and in Malta, that number is 80 years (78 years for men, 83 years for women).
- MAKE 3.1 TIMES MORE MONEY
South Africa has a GDP per capita of $13,500, while Malta has a GDP per capita of $42,000.
- BE 84.1% LESS LIKELY TO BE UNEMPLOYED
In South Africa, 27.6% of adults are unemployed but in Malta, that number is only 4.4%.
- SPEND 22.2% LESS ON TAXES
South Africa has a top tax rate of 45.0% but Malta, the top tax rate is 35.0%.
- BE 93.5% LESS LIKELY TO DIE DURING CHILDBIRTH
In South Africa, approximately 138.0 women per 100,000 births die during labor while in Malta just 9.0 women do.
- BE 88.7% LESS LIKELY TO DIE DURING INFANCY
In South Africa, 31.0 children die before they reach the age of one and in Malta just 3.5 children do.
- HAVE 50.0% FEWER CHILDREN
In South Africa, there are 20.2 babies per 1,000 people and in Malta; there are 10.1 babies per 1,000 people.
- BE 17.6% MORE LIKELY TO RECEIVE ELECTRICITY
In South Africa, 85% of the population has electricity access but in Malta, 100% of the population does.
- BE 43.1% MORE LIKELY TO HAVE INTERNET ACCESS
In South Africa, 54.0% of population has internet access while Malta offers internet to about 77.3% of the population.
- Does the Malta Global Residence program scheme have an expiry date?
No there is no expiry date on the scheme, however the program is a temporary residence permit procedure in Malta.
- Who is eligible to apply for Malta Global Residence Program?
The Malta Global Residence Program is only for the third nationals. The European, EEA & Swiss nationals cannot apply for it.
- Is the main applicant required to be in Malta in order to submit the full GRP application?
To obtain a residence permit in Malta under GRP, the applicant is not required to reside in Malta.
- In which language should documents be submitted?
The Application form and any other documents must be in English.
- Will I be able to travel to the United States as a Malta passport holder?
Yes, you will be able to travel to the United States as a Malta passport holder.
- Do I need to invest in a Malta business/create employment opportunities to be eligible for the program?
No, you are not required to invest in a Malta business/create employment opportunities to be eligible for the Global Residency program.
- Who is eligible for the Malta Global Residence Program?
The Malta Global Residence Program (GRP) is only for the third nationals. The European, EEA & Swiss nationals cannot apply for it.
- Can parents or grandparents of the main applicant apply for it?
A parent but not grandparent of the main applicant can apply for it. The condition is that he/she should prove to the satisfaction of the Minister that he/she is not economically active and is principally dependant on the Main Applicant, is eligible as a dependant.
- In the case of an application for the entire family, will be there additional fees to the government of Malta?
The €6,000 covers the entire family but a residence card processing fee applies when a residence card is issued or renewed. The fee is €27.50 for a one-year time period/person.
- For how long is the residence card under Global Residence Program valid?
The validity period of the residence card under the Global Residence Program is 2 years.
- What form of investment is required?
There is no investment needed at all.
- Am I allowed to apply for citizenship after staying for a number of years having Global Residency Program status?
No, the Global Residency Program doesn’t lead to citizenship. However, you are able to upgrade to the Citizenship program whenever you wish to.
- Do minor children of the main applicant need to visit Malta and file an application?
No, the minor children of the main applicant need to visit Malta and file an application.