NEW RESIDENCY SCHEME
Global Residency Programme
A new residence programme for foreigners (non-EU) was launched this morning, replacing the permanent residence scheme which was amended in 2012.
Parliamentary Secretary Edward Zammit Lewis said the Global Residence Programme, as the new scheme is called, will allow people who buy high value property and pay taxes in Malta to benefit from a residence permit.
Under the Global Residence Programme, the value of immovable property bought in Malta by foreigners has to be at least €275,000. Whereas for property is in the south of Malta or in Gozo, the minimum value can be €220,000.
If applicants wish rent a property it will for a minimum of €9,600 annually for Malta generally and €8750 for Gozo or the South of Malta.
The minimum tax to be paid in advance has been reduced to €15,000.
Foreign residents under this programme, including their dependants, have to be covered by health insurance. They will not be entitled to free state health services.
The new regulations will be introduced by legal notice by the end of June 2013.