Malta offers a range of  residency and  citizenship  schemes that  has made it a  popular – This articles looks at residency options available for Indian nationals in the EU – Malta

The Individual Investor  Programme(IIP)
The Individual Investor Programme  (IIP) leads to citizenship  of Malta, and is aimed at foreign  individuals, who contribute to the  economic development of Malta,  and their families.  It is the first citizenship programme  in the European Union to  be recognized by the European  Commission.  In order to be eligible, applicants  must satisfy the following criteria: • The acquisition of real estate  with a minimum value of EUR  350,000 to be held for at least 5  years; or  • Lease a residential immovable  property in Malta for a period of 5  years, at an annual rent of at least  EUR 16,000; and  • Make a contribution to the  National Development and Social  Fund consisting of EUR 650,000  for the main applicant and an  additional EUR 25,000 per direct  dependents, including the spouse  and minor children.  • An investment in stocks, bonds  or special purpose vehicles to be  identified by Identity Malta, for a  minimum value of EUR 150,000 to  be held for a minimum period of 5  years.  KSi Malta is licensed and authorised  by Identity Malta to submit  applications on behalf of individuals  seeking to apply for the IIP Programme.  At KSi Malta we have experts  that can help you by performing the  necessary due diligence checks and  give you an indication whether your  application is likely to succeed or  not.  Through our vast business  network and connections we can  furthermore provide you with advice  on finding the right real estate, and  also provide you with step-by-step  guidance throughout the application  process.

The Malta Residence  and Visa Programme  (MRVP)
The MRVP scheme offers  its beneficiaries and dependents  the possibility of a  Universal Schengen Visa.  With such a residence  permit, the applicant and  his dependents have the  possibility of travelling  freely across the Schengen  Area without the need of a VISA.

To be eligible for the MRVP  programme, the applicants must  be third country nationals who are  not long-term residents of Malta.  Furthermore, they must pass all due  diligence procedures and satisfy the  following criteria:

• Hold a qualifying property in  Malta valued at least EUR 320,000  (EUR 270,000 if situated in the  south of Malta or Gozo) or renting  it for at least EUR 12,000 per annum  (EUR 10,000 if situated in the  south of Malta or Gozo);

• Have an annual income of at  least EUR 100,000 or accumulated  capital of EUR 500,000;

• Holds a qualifying investment  of an initial value of EUR 250,000;

• Pay a non-refundable administration  fee of EUR 5,500 and  the balance of EUR 24,500 upon  approval  The MRVP and IIP are not the  only programmes through which  one could become resident of Malta.  There are several other means  which relate to an individual’s situation,  such as employment, business  or retirement, which can take the  form of tax residence programmes,  namely:

• The Global Residence Programme  or the Residence ProgrammeThese offer amongst the quickest  ways of obtaining Maltese residences.  They also offer beneficial taxation  possibilities. One must hold a  qualifying property of EUR 275,000 if  acquired in the North of Malta, EUR  250,000 if acquired in Gozo, and  EUR 225,000 in the South of Malta.  Instead, the property can also  be rented, in which case the minimum lease would be EUR 9,600 per  annum if the property is leased in  the North of Malta, and EUR 8,750  per annum if leased in Gozo or in  the South of Malta. There are also  national costs involved, including:  EUR 6,000 if the property in question  is in the North of Malta and EUR  5,500 if the property in question is in  the South of Malta or Gozo.

• The Malta Retirement ProgrammeWhilst this may not necessarily suit  all persons moving to Malta for  retirement, in certain cases it may  offer enhanced tax advantages.  The cost of property related to this  scheme is the same as ‘The Global  Residence Programme’ (see above).  On the other hand the national costs  involved are EUR 2,500 with the  application which must be submitted  by an Authorised Registered Mandatory.

• Programmes for persons of  certain skills and/or qualifications  in particular industriesQualified persons holding senior  positions within Maltese companies  in: Research and Development;  Aviation; Gaming; Financial services;  IVF Medical services; Maritime, Oil &  Gas; could benefit from a flat tax rate  of only 15% on their salaries  Besides the above mentioned  tax advantages, these Programmes  also offer Visa-free Schengen travel  possibilities and allow the issuance  of tax residence certificates from the  Maltese tax authorities.

Maltese Private Taxation
As soon as a person obtains  Maltese residence/citizenship due  consideration must be given to the  Maltese tax implications, if any. The  good thing is that Malta’s taxation
manifests a very attractive remittance  basis of tax. In other words,  unless a person earns income in  Malta or brings foreign non-capital  income to Malta, no Maltese taxes  would apply except for a minimum  of EUR 5,000 in annual tax in certain  cases. Any tax residence certificates  issued by the Maltese authorities  would be recognized by worldwide  tax authorities for the purpose of  double tax relief.

 Working Permits
There are various ways on how a  foreigner may obtain a working permit.  One of them is by registering a  Maltese company with EUR 500,000  share capital and then operate a  business from Malta.  bgauci@ksimalta.com
“The good thing is that Malta’s taxation manifests a very attractive remittance basis of tax.” 

To find out more on how global desi’s can make the most of Maltas residency options- email rajan@nazranroth.com

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