All who migrate to Malta, the EU’s smallest member state, fall in love with the island’s natural beauty, architectural marvels, and Mediterranean joie de vivre. People are drawn to Malta because of the several profitable businesses that are blooming there, such as gaming and financial services.
Other highlights include a wide range of recreational activities like diving, cultural events, and nightlife.
This section will tell you everything you need to know about relocating to this historic island.
Obtaining the documentation to be able to relocate to Malta is relatively simple.
This type of visa is provided to nationals of third countries who need a visa to visit the Schengen area for tourism. It is valid for a maximum of 90 days and can be a single or multiple entrance visa, based on the authorities’ choices and other relevant conditions. If the applicant requires an extension while in Malta due to unforeseen circumstances, he or she may request one from the Central Visa Unit.
Malta is a member of the Schengen Area, a group of countries that have abolished passport and immigration controls at its shared borders.
Passengers traveling to and from Schengen states don’t need to have their passports checked at the border. Immigration Police may seek to inspect documents at any moment throughout their journey.
If you become a permanent resident of Malta, you will be required to pay a 15% tax on all income brought into the country. You will almost certainly won’t have to pay any tax to your place of origin due to double tax treaties with other countries.
You can apply for one of two categories of residency depending on where you are emigrating from. There is Ordinary Residence or Permanent Residence. The difference between the two comes down to the amount of tax you pay.
For instance, Ordinary Residence applies to EU citizens who arrive in Malta. Depending on salary and your marital status, the tax you pay ranges from 0% to 35% of your income.
Firstly, Permanent Residence is available to anybody, regardless of their nation of origin. If you’re not from the EU, you’ll need to apply for this. If you are from the EU, you can apply for this plan as well. We always recommend consulting a lawyer to determine which scheme is best for you.
You have to renew Ordinary resident permits every five years, whereas permanent residency permits must be renewed every year.
Malta’s Global Residency Program
Lastly, the Maltese government announced a new residency program in July 2013. Third-country nationals (excluding EEA and Swiss nationals) have a specific tax status in Malta. To apply, you must meet certain requirements, including purchasing or renting a property in Malta or Gozo. Besides, you need to pay a minimum annual tax due on foreign income received in Malta.
Source: gov.mt
