Do you want to relocate to Malta? If so, you are not alone. Many people apply for Maltese residency or register a company on this tiny island every year. Malta is the smallest state in European Union that makes everyone fall in love with its architectural gems, natural gems, and Mediterranean charisma.
Maltese attractions comprise a host of leisure activities like vibrant nightlife, cultural events, and exciting diving. For entrepreneurs, Malta has various thriving industries, such as the financial services and the gaming industry, which keep flourishing in the country.
Malta residency process is simple and straightforward. Here is what you need to know about moving to Malta.
Types of Malta Residency
Malta residency schemes come in two different types. Depending on your country of origin, you can choose from the Permanent Residence or the Ordinary Residence Program. The primary difference between these two residency programs is the amount of tax you may be taxed.
- Ordinary Residence
The Malta Ordinary Residence Program aims at serving EU nationals. The Maltese government will work out the payable tax by taking from zero to thirty-five percent of your income, depending on your marital status and how much you earn. The Malta ordinary residency scheme needs renewal every five years.
- Permanent Residence
Anyone can apply for a permanent residence program to move to Malta. The residency permit under this scheme is renewable every year at a minimal fee.
- Malta Global Residency Programme
Malta introduced a new residency scheme known as the Malta Global Residency Programme in 2013. It aims to provide special tax status to the third-country residents in Malta. Applying for this residency scheme needs you to meet some requirements, including investing in Malta real estate and paying the minimal tax liability on remittance received on the island.
Consulting a lawyer is always wise to check which Maltese residency scheme is more suitable for your particular case. You can get more information about available Malta residency programs at http://papilioservices.com/residence/.