Since the end of May 2016, anyone can apply for participation in the program for obtaining a residence permit in Malta in exchange for investments in the economic development of the country (Malta Residence and Visa Program, MRVP). MRVP replaced the less successful Global Residence Program, which enabled investors to obtain tax status of Malta, according to an official press release Henley & Partners.
Applicants for a residence permit have to invest ˆ 250,000 in a state of Malta bonds for five years to buy a property worth ˆ 320,000 (ˆ 270,000 - to the southern part of Malta or Gozo) or rent a property with a rent of ˆ 12 000 per year (ˆ 10 000 a year - for the southern part of Malta or Gozo). The right of ownership or lease must continue for at least five years. Applicants are also required to pay a state fee in the amount of ˆ 30 000.
After five years a resident of Malta may sell the acquired property and government bonds without losing resident status. But to extend the residence permit is required residential address on the island, and for that you can rent a property for 5 years.
The process of obtaining a residence permit in Malta will take three to four months. Requirements to the presence in the country is not shown, but MRVP program, participants are not allowed at any time in the future to apply for membership in citizenship.
"Maltese Resident program is interesting because it is not presented to the candidates of the usual requirements for living in the country, on the contrary, the program rules assume that within five years the participant must spend outside the country for at least 6 consecutive months (10 months or randomly). For many people who are interested in obtaining a residence permit abroad, the presence or absence of the requirements to stay is key when choosing the country ", - says Peter Krummenaher, partner of Henley & Partners, leading to the residence of the planning market.
Those applicants who are willing to spend more than 183 days a year in Malta, may be tax resident in that country. Income tax residents who do not have domicile in Malta, shall be taxable only in that part, originating in Malta. Revenues from foreign sources shall be taxable only in that case, if they are transferred to Malta.
Certificate of permanent resident in Malta allows to live and work in the country, to become a tax resident and opens a visa-free access to the Schengen area for short-term visits.
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