The new residence scheme for foreigners has been launched. The
Global Residence Programme, as the new scheme is called, will be
replacing the High Net Worth Individual Scheme. The flat tax rate
of 15% on foreign sourced income received in Malta has been
retained with the minimum tax liability being reduced from
€25,000 plus €5,000 per dependent per annum to
€15,000 per annum.
In order for the 15% rate to be applied the individual must
acquire or rent immovable property in Malta. The thresholds of the
properties have also been reduced to €275,000, or
€220,000 if the property is purchased in the south of Malta or
on the sister island of Gozo. The rental thresholds have been
reduced to €9,600 per annum, or €8,750 per annum if the
property is rented out in the south of Malta or in Gozo.
Individuals under this programme will be considered ordinarily
resident but not domiciled in Malta for tax purposes, therefore any
foreign sourced income which is not received in Malta is
