Buyers Guide - Residency Conditions
Residency by E.U citizens on Malta is entirely free of regulation. With regard to employment, the government does require that these residents obtain a work permit in order to seek employment on the island. Those who are self-employed may work freely, but they are required to establish a business entity on the island. As a means of promoting permanent residency for non-residents, Malta offers beneficial tax incentives in the form of a 15% income tax rate. This can be utilized by those who meet the qualifications outline below:
Non-residents are free to submit an application for a permanent residency permit. However, this application process is subject to some conditions:
- An annual income of € 23, 294; or Capital of € 349, 406
- The annual repayment to Malta of € 13, 976 in respect of the applicants and € 2,323 for each dependent.
- Either property purchase is valued at least € 174,133 when it regards a house. For apartments and other dwellings, the amount is € 104,509. A stipulation also exists in those cases where property may be leased or rented, provided that is not less than € 4,193 per annum.
- The applicant is prohibited from working due to some concession regarding taxation.
Note: Regarding the tax rate, there will be flat rate of 15% on all income (minus any applicable tax rebates) that has been received in or remitted to Malta, from local or foreign sources. This will be subject to a minimum payment of € 4,193 per annum.