immigration consultants in bangalore for malta - Phoenixgrs

Malta

Malta enjoys a stable political climate and i-partisan political scene that is largely convergent on issues of national and economic importance. Malta and Germany were the only two sates in the Euro Zone maintaining economic growth during the financial crisis. Malta has been a member of the EU since 2004 and of the Schengen Area since 2007. Residence permit which allows its beneficiaries free travel within the schengen Area. Such residence permit will also grant its beneficiaries the right to reside, settle and stay indefinitely in Malta. The relative EU residence card is then renewed every 5 years.

Legal Basis

Maltese Residency by Investment may be granted under L.N.288 of 2015 as amended recently by L.N 189 of 2017. The Malta Residence and Visa Programme Regulations provide for affluent persons of impeccable standing and repute to receive Maltese residence on the basis of a contribution to and investment in Maltese Government Bonds.

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Taxation Of New Residents

The basis for taxation under the Maltese tax system is based on domicile and residence. Residence for Malta tax purposes is established by demonstrating an intention to  reside in Malta indefinitely. It may also be definitely established on the basis of a physical presence in Malta at least 183 days.

Maltese tax residents who are not domiciled in Malta are taxable on a remittance basis. Non-domiciled residents are taxable on a remittance basis only on foreign source income (not foreign-source capita) remitted to Malta and only to the extent remitted. Income and Capital gains arising in Malta are always subject to tax in Malta at the applicable personal income tax rates.

Capital gains arising outside Malta fall outside the scope of Maltese tax whether remitted to Malta or otherwise. Capital and savings remitted to Malta also fall outside the scope of Malta tax.

BENEFITS OF MALTA RESIDENCE

Permanent residency in 3 Months

Family Members Included

No Minimum Presence Required

No Worldwide Tax Remittance Basis Only

Certificate of Permanent Residency for Life. Visa Free Travel within Schengen.

Schengen Residence Card

The main applicant for Malta Residence by Investment must be at least 18years of age. Eligible dependents include the spouse or partner in a long and durable relationship, children, parents and grandparents, under certain conditions.

The Government of Malta is committed to the highest standard of due diligence to ensure only deserving and reputable applicants are allowed to proceed for th grant of maltese residency. Applicants must demonstrate a clean criminal record, verified with the international Criminal Court, INTERPOL and other authorities.

Applicants must show they do not suffer from a contagious disease or a health condition that could become a significant burden on the Maltese health system.

The Applicant has to declare an annual income of not less than Euro 100,000 arising outside Malta or has his/her possession a capital of not less than Euro 500,000.

Applicants are required to make an investment in property of at least Euro 320,000 (Malta) or Euro 270,000 (Gozo/South of Malta) or enter a property rental contract for at least Euro 12000(Malta) or Euro 10,000 (Gozo/South of Malta) p.a, both on five year contracts.

To qualify for Maltese Residency by Investment, the main applicant is required to pay a Euro 30,000 contribution to the Maltese authorities which is to be paid Euro 5,500 on application stage and the remaining Euro 24,500 on approval of the application. An additional Euro 5,000 application fee is to be paid per each dependent parent/grandparent included in the application.

Applicants are required to invest at least Euro 250,000 in Government approved bonds/shares to be kept or 5 years. This is only due ob approval.