The Global Residence Programme (GRP) in Malta
The Global Residence Programme (GRP) in Malta
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The Global Residence Programme (GRP) in Malta
The ‘Global Residence Programme’ (GRP) in Malta presents a promising opportunity for Non-EU/EEA nationals seeking advantageous taxation benefits. Launched by the Government of Malta, this program replaces the previous ‘High Net Worth Individuals Scheme’ (HNWI) as of June 2013. Additionally, a parallel scheme titled ‘The Residence Programme (TRP)’ has been recently introduced, catering to EU, EEA, and Swiss nationals with identical eligibility criteria.
Let’s delve deeper into the qualifying criteria and key aspects of the GRP:
Property Investment Threshold
To qualify for the GRP, applicants must invest in property in Malta. The minimum property value stands at €275,000, except for properties in the South of Malta or in Gozo, where the threshold is reduced to €220,000.
Language Proficiency and Financial Stability
Applicants are required to demonstrate proficiency in English and possess a stable, regular income.
Rental Option
Alternatively, applicants may opt to rent a property in Malta, subject to an annual minimum liability of €9,600, or €8,750 in Gozo or the South of Malta.
Taxation Benefits
The GRP offers attractive tax benefits, with the minimum tax threshold set at €15,000 per annum on income remitted to Malta. Any additional income is taxed at a rate of 15%. Local income, along with other sources, is subject to a standard tax rate of 35%.
Health Insurance Requirements
Applicants and their dependents must be covered by private health insurance, as they are not entitled to free state health services.
Application Fees
It’s important to note that there is a standard application fee of €6,000 for Malta and €5,500 for Gozo.
Below are the additional costs that any buyer will have to consider when purchasing a property in Malta, along with insights into the agreed price with the seller:
The GRP not only provides a pathway to favourable taxation but also offers a gateway to enjoying Malta’s rich culture, stunning landscapes, and vibrant lifestyle. With its strategic location, stable economy, and high standard of living, Malta stands as an attractive destination for individuals seeking residency in Europe.
By participating in the GRP, investors gain access to a range of benefits, including:
- Residence rights in Malta for themselves and their dependents.
- Ease of travel within the Schengen Area.
- Opportunities for business and investment in Malta’s thriving economy.
- Access to world-class healthcare and education facilities.
- A safe and welcoming environment for families to thrive.
Our team at Sara Grech is dedicated to providing comprehensive support and guidance to individuals interested in exploring the opportunities offered by the GRP. From property selection to navigating the application process, we’re here to ensure a smooth and successful journey towards residency in Malta.
Contact us today to learn more about how the GRP can benefit you and your family, and let us help you make Malta your new home.