Malta Residence for EU Nationalsby EMD Advocates Taxation Malta Company
In order to obtain residence in Malta, EU nationals may opt to apply for Ordinary residence or The Residence Programme (TRP). Under both programmes, applicants will be handed with a 5-year residence permit which can be renewed, provided all conditions are met.
The Ordinary Residence programme is a great opportunity for individuals seeking a safe and tax efficient jurisdiction. Apart form becoming residents of Malta, applicants will benefit from free local health care, free access to public schools and travel freely across the Schengen Area.
Individuals may apply for Ordinary Residence on the basis of economically self-sufficient, study, employment or as a family member. If an applicant decides to proceed as economically self-sufficient, he/she is required to provide proof to the authorities that they have sufficient funds in their bank account to support themselves as well as their dependants.
If an individual will be applying as single person, he/she is required to have a minimum of €14,000 available balance in their bank account. If they would be applying as a married couple, they are required to have a minimum of €24,000.
Applicants applying under one of the above-mentioned options are required to be covered by a comprehensive health insurance. Once the application is submitted the residence card is usually issued within an average period of 4-6 weeks.
Alternatively, EU and EEA nationals can apply for a special tax programme called The Residence Programme (TRP). There are a few requirements which the applicant needs to satisfy in order to be able to apply for this programme including a qualifying property if purchased at a minimum of €275,000 or if leased at a minimum of €9,600,as well asan adequate health insurance coverage.
Furthermore, applicants will be required to settle an annual minimum tax payment of €15,000.TRP status holders will be taxed at 15% on any foreign income remitted to Malta (over and above €100,000 which is already covered by the annual minimum tax).
Applicants under this programme cannot spend more than 183 days in any other jurisdiction in one calendar year. One would then benefit from advantageous tax rates and would be able to apply for a residence permit on the basis of the acquired tax status.
The TRP application process is longer compared to an Ordinary Residence application. This is because before applying for a residence permit the applicant is first to be awarded Tax status by the Maltese Finance Ministry.
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Created on Feb 24th 2020 01:49. Viewed 172 times.
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