New Non-EU Malta Retirement Programme
The Malta Retirement Programme that has been on offer to applicants from the EU, EEA and Switzerland since 2012, is now also available to nationals of non-European countries in terms of Legal Notice 69 of 2020.
Malta, a European country in the heart of the Mediterranean, is the ideal destination to consider for retirement for a number of reasons, that include:
- Vibrant, English speaking culture
- 300 days a year of sunshine, mild climate
- Excellent healthcare
- Negligible crime rate
- Settle in Malta and travel freely within the Schengen region
- 15% flat income tax rate on foreign income that is remitted to Malta
- Remittance basis of taxation
- The option to own or rent property in Malta. Annual rental should be not less than €9,600 (or €8,750 in Gozo/Southern regions) or purchase a property for no less than €275,000 (or €250,000 in Gozo/Southern regions).
- Be in possession of a valid passport.
- Have comprehensive health insurance valid in the EU (for applicant and dependants)
- Pay a one-time administration fee of €2,500.
- Receive all pension payments in Malta, the pension should constitute at least 75% of the beneficiary’s chargeable income. The applicant may therefore still generate up to 25% of his total chargeable income from additional income sources.
- The applicant should not be gainfully employment, they may hold non-executive posts
- The applicant need not be domiciled in Malta and does not need to establish his domicile in Malta within 5 years from application date.
- The applicant may not spend less than 90 days a year in Malta and more than 6 months in any other country.
- The applicant must be seen to be a fit a proper person
- €7,500 for the main applicant and an additional minimum tax of €500 per dependent.
PROCESS & TIME-FRAME
The application process does not require the personal presence of the applicant in Malta in order to submit their application.
An authorised registered mandatory can lodge the application with the Commissioner for Revenue by supplying the required documentation. Application processing time takes around 3 months.
For more information, contact our private clients team on [email protected].