Residency & Personal Tax

Any foreigner, of whatever nationality, may apply under the Permanent Residents Scheme for a permanent residence permit provided the capital or annual income conditions are satisfied.

This permit is issued on an indefinite basis.

Within twelve months of obtaining the permit, the applicant must either:

• Purchase a flat in Malta worth at least €72,000 or
• Purchase a house in Malta worth at least €120,000 or
• Rent a property in Malta for at least €4,320 per annum.

Applicants must produce evidence of either:

• an annual income of €24,000 or over, consisting in business profits, rents, investment income, pension, or a combination thereof or
• a capital equivalent to €360,000  or over, in the form of bank account holdings, real estate, investments and other assets situated in any country outside Malta.

In either case there is no requirement that the whole amount need be brought into the country, and the value of the property purchased locally is also taken into account as part of the capital requirement.

In the case of a person registered under this scheme:

• income remitted to Malta is chargeable to income tax at a flat rate of 15%, subject to a minimum charge of €2,400 per annum;
• the Applicant must remit to Malta annually a minimum of €14,400 plus €2,400  for each dependant and if he or she does not then he or she is deemed to have done so;
• the applicant does not pay tax on income not remitted to Malta
  
  
  

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