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Permanent Residence in Malta (Europe)

Discussion in 'Emigration Matters [no rep deductions]' started by nicolewong, Jul 10, 2010.

  1. nicolewong

    nicolewong Alfrescian Old Timer

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    Here is an opportunity to immigrate to Malta.

    Why choose Malta?

    • Malta is in Europe and is a EU member state. Being an EU member state, you can move to the United Kingdom, France, Germany, Spain, Italy, Sweden etc

    • Malta is an English speaking country and former British colony

    • Needs only an annual income of €24,000 (US$30,000) from business profits, rents, investment income etc

    • No minimum stay requirements


    Interested? Contact:

    Embassy of Malta
    10 Anson Road #15-02
    International Plaza
    Singapore 79903
    Telephone : 63242060
    Faximile : 62276707
    Email : [email protected]
     
    2 people like this.
  2. nicolewong

    nicolewong Alfrescian Old Timer

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    Any foreigner, of whatever nationality, may submit an application for a permanent residence permit provided the capital or annual income conditions are satisfied. This permit is issued on an indefinite basis.

    Conditions for the Issue of a Residence Permit

    Capital or Income Qualifications

    Applicants must produce evidence of EITHER:

    1. an annual income of €24,000 (US$30,000) or over, consisting in business profits, rents, investment income, pension, or a combination thereof;

    OR

    2. a capital equivalent to €360,000 (US$450,000) or over, in the form of bank account holdings, real estate, investments and other assets situated in any country outside Malta.

    In either case, the whole amount is not required to be brought into the country, and the value of the property purchased locally is also taken into account as part of the capital requirement, if you proceed to acquire real estate prior to the issue of a permit in your favour.


    Conditions for the Renewal of a Residence Permit

    A. Acquisition or Rental of Property

    Within a year from the issue of their residence permit, permanent residents must purchase their own residence in Malta at a value that is not less than €120,000 (US$150,000) in the case of a house or €72,000 (US$90,000) in the case of an apartment.

    Alternatively, the applicant may opt to lease or rent a property of which the minimum rental is €4,400 (US$5,400) per annum.

    While you may invest capital in Malta, investments in real estate outside Special Designated Areas are limited to one owner-occupied house or apartment. For more info on buying property in Malta, click here.

    B. Annual Income Remitted to Malta

    The minimum annual income to be brought into the country is Lm6,000 per applicant, with an additional Lm 1,000 for each dependent (spouse, children under 21 years of age and parents/grandparents wholly dependent on applicant). In other words, a married couple would, for example, have to bring in at least Lm7,000 per annum.

    There is no restriction as to how one must use money remitted under this rule as long as it is not retransferred out to a foreign bank account.

    C. Employment/Engagement in Business

    No employment or engagement in business may be undertaken by applicants for permanent residency unless authorised by the competent authorities. Interestingly, however, official Government policy welcomes the introduction of overseas expertise and ideas in the tourism, manufacturing and catering sectors and a number of interesting options are outlined elsewhere.

    Permanent residents are not allowed to participate in political activities; however, should you be interested in local council activities you may contact the Local Councils Department for more information.
     
  3. nicolewong

    nicolewong Alfrescian Old Timer

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    Why become a Permanent Resident in Malta?

    There are a number of the reasons why an increasing number of foreigners are purchasing a home and taking up permanent residence in the Maltese Islands:

    • A pleasant climate and a hospitable English-speaking people.

    • A peaceful and safe way of life & high standard of living.

    • A rich cultural and historical heritage.

    • Freedom of movement into & out of Malta.

    • No minimum stay requirement.

    • Tax benefits.

    • Easy repatriation of capital & income out of Malta.

    • Favourable, tax-friendly procedure for moving your possessions to Malta.

    • Favourable double-taxation agreements with key countries.

    • A highly respected jurisdiction for incorporating low-tax companies

    • Excellent banking centre with the presence of major international banks

    • Excellent access by Sea and the Malta International Airport



    Tax & Other Benefits of Maltese Residence.

    1. An unusually low tax rate

    A flat rate of 15% is chargeable on all income (less personal allowances) received in, or remitted to, Malta from either local or foreign sources. This is subject to a minimum payment of Lm1,800 per annum.

    Overseas capital funds invested locally are of course only taxed on any interest or dividends generated thereon, again at a 15% flat rate. Permanent residents also benefit from double taxation agreements existing between Malta, most European countries, Canada, Australia and the USA, ensuring that tax is never paid twice upon the same income.


    2. Exemption from Customs Duty/VAT

    Your used household and personal effects, furniture and other domestic articles (excluding firearms and weapons of all kinds) may be imported free of import duty if imported within six months of your arrival in Malta to take up residence. In such cases import licences are not required.


    3. Complete Freedom of Movement

    There are no annual minimum stay requirements. A permanent residence may travel to and from Malta freely without the need of applying for a visa or extensions of stay.


    4. Vehicle Registration Fees

    Permanent Residents are allowed to register their imported vehicle at preferential rates.


    5. Repatriation of your capital and income

    Proceeds from the sale of property, encashment of investments, local income and excess income brought into Malta may be freely repatriated by permanent residents, provided that any tax due has been settled.


    6. Rental of Property

    Owners of properties with swimming pools or properties enjoying the use of swimming pools are allowed to rent them out, provided that such properties are licensed as holiday accommodation by the Hotels and Catering Establishments Board. All income thereon, is of course, subject to the 15% tax rate mentioned in (1) above and may be repatriated as in (5) above.


    7. No death duties are payable in Malta

    1. If a property is purchased in one name, the heirs of the deceased have to pay 7% provisional tax on the value of the property declared. This value will in turn be verified by an appointed architect.

    2. If a property is bought jointly and one of the parties passes away, provisional tax of 7% is only paid on half the estate, i.e. half the value as stated in (1).

    Though no death duties are payable in Malta, Transfer duty (according to the Duty of Documents and Transfers Act, 1993) is charged on:

    • immovable property in Malta.

    • any shares in a locally registered company (excluding those companies listed on the stock exchange).
     
  4. nicolewong

    nicolewong Alfrescian Old Timer

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  5. nicolewong

    nicolewong Alfrescian Old Timer

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  6. nicolewong

    nicolewong Alfrescian Old Timer

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    [​IMG]

    Boys fishing:

    [​IMG]

    Students studying:

    [​IMG]
     
  7. wrcboi

    wrcboi Alfrescian Old Timer

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    Students studying:

    [​IMG][/QUOTE]

    this is attempting for a move......lol
     
  8. nicolewong

    nicolewong Alfrescian Old Timer

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    Malta is changing/have changed permanent residence requirements. The previous income requirement is only €24,000 (US$30,000) a year. They are now considering the High Net Worth individual scheme with minimum investments of €400,000.

    As an EU member state, a Malta citizenship allows you to move and live in England, France, Germany, Sweden, Norway etc.
     
  9. da dick

    da dick Alfrescian Old Timer

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    lol. malta wants to a "stepping stone" passport to europe, just like sinkiepore used to be more ah tiongs? very funny leh. they think this is sustainable? or you think got lots of rich ah tiongs on SBF want a fake-euro citizzenship?
     
  10. nicolewong

    nicolewong Alfrescian Old Timer

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  11. nayr69sg

    nayr69sg Alfrescian Old Timer

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    I did some reading. Sounds like a pretty nice place to move to. High paying jobs may be an issue though. Also the Maltese language is something any prospective immigrant should aspire to learn as it will confer much advantage.

    nicolewong, so you're saying the US$30,000 scheme is history? No more?

    They are going for 400k Euros now?
     

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