The Malta Permanent Resident Scheme, which was suspended at the beginning of 2011 was replaced by the HNWI Rules. In 2013, the HNWI Rules for Non- EU/EEA/Swiss Nationals was further replaced by the Global Residence Programme Rules (GRP), while in 2014, the HNWI Rules for EU/EEA/Swiss nationals was subsititued by The Residence Programme Rules (TRP).
These new sets of rules are very similar to the now –repealed HNWI Rules and are intended to attract high net worth individuals to take up residence in Malta. As such, individuals eligible to benefit under these programmes would be taxable in Malta on foreign source income which is received in Malta at the favourable flat rate of 15% (such persons would not be chargeable to tax in Malta on foreign source capital gains). Local source income and gains would be taxable in Malta at the higher rate of 35%.
The High Net Worth Individuals Rules, The Global Residence Programme and The Residence Programme have not, strictly speaking, replaced the Malta Permanent Residents Scheme (although no new permits shall be issued under the said scheme). Still, whilst individuals currently in possession of Permanent Residents Permits shall continue to benefit under the latter scheme, they shall additionally be required to:
- be in receipt of stable and regular resources which are sufficient to maintain him/herself and his/her dependents without recourse to the social assistance system in Malta;
- be in possession of sickness insurance in respect of all risks normally covered for Maltese nationals for him/herself and the members of his/her family.
In addition, the property declared as the Permanent Resident Permit (PRP) holder’s place of residence cannot be occupied by any person other than the holder of the certificate and his/her family members. Furthermore, should the permit holder transfer that property, s/he would be required to acquire a new property having a value at least equal to the minimum value prescribed under the new scheme in respect of qualifying immovable property.
The citizenship by investment programme allows successful applicants access for visa free travel in more than 160 countries, work and live in all EU countries (28) and to Live in Malta, with a stable and thriving economy and most importantly a safe place to live in.