Tucked between North Africa and South of Sicily, Malta’s geographical location has attracted settlers from all over the globe. It has also established itself as a hub of progress and economic and political stability. If you are thinking of settling in Malta, you can take advantage of the Malta Ordinary Residence Programme. This attractive residence Programme is currently offered to EEA and EU nationals, which include nationals of Norway, Lichtenstein, Iceland and Switzerland.
It is a great option for all those who wish to transfer their tax residence to a tax efficient and safe jurisdiction like Malta. With the Malta Ordinary Residence Programme Permits, people can enjoy the right to live and work in the country and they are also free to travel across the Schengen area. They can travel all over the European Union, live, work and study there, without any hassles. In fact, families can also take advantage of a high standard of healthcare and education, both of which are also available for free.
Once you apply for the Programme, the permit is usually granted in a matter of 8 weeks. Family members are also included in the programme, which is undoubtedly a benefit. Having an Ordinary Residence card can give people Schengen residence. If you are not domiciled in Malta, you will be taxed on a remittance basis. Similarly, you will not be taxed on foreign source income that’s not received in Malta and no capital gains will be applicable that arises outside of Malta, regardless of whether it is remitted or not.
As far as eligibility requirements are concerned, it is only available to EU and EEA nationals, as stated above. In addition, people need to give evidence of financial independence, have health insurance and also rent or purchase property in Malta in order to get the Ordinary Residence card.