EU Residency in Malta now available to non-EU citizensLast Updated on 17 March 2010To top it all, Malta offers huge tax advantages for Permanent Residents and our correspondent firm of attorneys in Malta, Hugh Peralta & Associates, will guide you through the best structure to achieve your goals. Neels Pretorius a South African whose family is now based in Malta states that “whilst many remain in South Africa because we love it and feel huge belonging and are committed to the country’s success, the present economic, social and political situation leaves many of us uncertain with what the future will hold in store for us, and indeed for the country. For the security of our families and ourselves both financially and physically, most of us have researched alternative countries where to relocate to individually or with our families.” The problem with most options relating to foreign Residency is that many countries – unlike Malta - now have very strict immigration laws; it is very costly and also demands an allocation of time spent in that country to sustain that country’s Residency requirements (usually at least 3 months of each year and normally 6 months of each year). What you need to know is that Malta is situated just 90km south of Sicily off the Italian coastline practically in the dead centre of the Mediterranean featuring one of the best climates available and sporting almost zero violent crime. The country is made up of 3 islands namely, Malta, Gozo and Comino covering a total area of 316 sq km but still more than enough space to house an international airport and a superb sports club featuring tennis, squash, cricket, gym, billiards, swimming pool and a 18 hole golf course! Malta has a hugely rich history of colonization, thousands of years old, including that of the Knights of St John for nearly 300 years. The most recent was that by Britain which enjoyed a happy rule for over 160 years until Maltese independence in 1964. This has ensured English as the other official language to Maltese and its place at the language of business which makes communication very easy indeed. The spectacular wealth of historical buildings are everywhere to be seen and are preserved meticulously. In 2004, Malta was accepted into the European Union (EU), and the “Euro” is its currency. It is included in the Schengen Treaty, ending internal border checkpoints between 26 countries – this has opened up huge commercial and social opportunities. Having adopted the best of the Mediterranean lifestyle, Malta now has all the benefits of the EU coupled with its “tax efficient” status making it hugely attractive for investors looking for fiscal benefits and also a social magical lifestyle. With fantastic education (Verdala English International School, San Anton, San Andreas); virtually non existent violent crime; excellent medical services and facilities; wonderful Mediterranean food, drink and lifestyle; inviting warm crystal clear aquamarine sea and characteristic rocky ledges as well as fine sandy beaches (a rarity in the Med), you must now be asking yourself, “what’s the catch”? There is none. The Malta Permanent Residence Scheme is a most attractive residence scheme currently available to individuals seeking to transfer their tax residence from high-tax countries to overseas lower-tax jurisdictions such as Malta. Of course this is being said over and above other social/political considerations – in case Malta is also an attractive destination. The country offers a wide variety of residential properties; same type that might be of interest to the typical SA buyer include marina apartments and penthouses, converted farmhouses in the countryside, houses of character and palazzos in the quaint villages, luxury villas. Selling prices range from €60,000 to €8,000,000. Long lets are comparatively cheap, some residences can be rented for 0.2% of selling price per month. Mr Pretorius stated as follows: I have personally relocated my family to Malta at the beginning of 2009 on the permanent residency scheme; I can take you through it! From our personal experience, living cost is on par with what we are used to in South Africa, example:
The financial qualifications are very easy to satisfy. Permanent residents are entitled to the following benefits:
We offer:
the local authorities; banks for account opening, investments, trusts formation and finance requirements; private medical insurance companies such as BUPA, medical specialists such as pediatricians, GPs and dentists; motor dealerships and car rental companies; and schools for children;
Most importantly maybe, an understanding of South African circumstances, culture and tastes, wants and needs in general. We basically hand hold you and show you the identified properties according to your wish list and assist with the services as mentioned above. In less than 4 months you could become a Permanent Resident of Malta and have free movement in and out of the 26 countries in Europe that have signed the Schengen Treaty (no more visas!). The only time you need to visit Malta (and still keep your Permanent Residency) is upon signing of confirmation documents once your application has been accepted, i.e. you can stay living in South Africa if you want! For the initial 5 years, visas are issued and renewed annually; thereafter permanent. To find out more come in for a FREE confidential consultation and in 2 months you could find yourself in the Mediterranean. Contact us on the details below and we will arrange for your initial briefing appointment. Alternatively all correspondence can take place telephonically/Skype (info.77GreatEstates) or via email with no need to meet. Therefore, kindly do not hesitate to contact Dr Carl Peralta in Malta on (00356) 9944 7444 or carl@77GreatEstates.com or Mr Neels Pretorius in South Africa on +27(0)836991932 and Malta on (00356) 9933 1140 or sa@77GreatEstates.com. Until then, visit our website www.77GreatEstates.com and blog where we trust you will find most of the answers that you are looking for. Posted in: Residence in Malta RelocationLast Updated on 01 June 2010
One may set up residence in Malta, under the "normal" Immigration Regulations (Legal Notice 205/04), whereby EU citizens can set up residence and work in Malta. The application is vetted and permit issued by the Immigration Office, the Malta Police. The procedure consists of an application for a residence permit, and an application for an employment licence (or proof of self-employment). Such a resident will be treated as a Maltese resident for tax purposes, and will pay tax at 35% on income that arises in Malta or is remitted to Malta. Breaks in residence must not exceed 6 consecutive months. 2nd Option:One may set up residence in Malta under the optional Residents Scheme Regulations (Legal Notice 428/04). This scheme is administered by the Expatriates Section of the Inland Revenue Department. The appropriate application with supporting documents is to be filed with the Commissioner of Inland Revenue; the Police Authorities will also carry out certain checks. In this case a reduced personal rate of 15% taxon funds brought into/or income arising in Malta is paid; subject to a minimum annual amount of €4,150. There are also exemptions/reduced tax on personal effects (including a car) brought to Malta.The main requirements and restrictions:
For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com. Posted in: Residence in Malta PERMANENT RESIDENCE SCHEMELast Updated on 29 September 2010
Photo : Michelle Meiklejohn/FreeDigitalPhotos.net
WHY? Why choose Malta? The Permanent Residence Scheme under Malta law offers a number of incentives to foreign individuals who would like to obtain an indefinite Residence Permit in Malta. Apart from the various benefits associated with living in Malta, such as its warm Mediterranean climate and its central geographic location between Europe and Africa, there are also a number of other reasons why setting up residence in Malta can be beneficial. Favourable rate of tax A person having a Permanent Residence Permit (permanent resident) is chargeable to tax at a flat tax rate of 15% on all income (less tax rebates as applicable) sourced in Malta, or received in, or remitted to, Malta from foreign sources, subject to a minimum annual tax liability of €4,150 (net amount after taking into account any double taxation relief). Any remittance of capital or any capital gains remitted to Malta are not chargeable to any tax in Malta. Death duties No death duties are payable in Malta. Duty is however charged on the transfer of immovable property situated in Malta and on any shares owned in a locally registered company (excluding shares in companies listed on the Malta Stock Exchange). WHO? Who may apply for the scheme? Any foreigner, of whatever nationality, may submit an application under the scheme provided that specific conditions are satisfied. What are the conditions for eligibility? An individual will be eligible subject to the following conditions:
Dependent, in terms of the Permanent Residence Scheme means:
HOW? The application process An Application for a permanent resident certificate must be made on the appropriate prescribed form and must be accompanied by a number of documents, namely: 1. Bank reference or Professional reference Such a certificate/reference:
2. A Conduct certificate Such conduct certificate must:
If the certificate/s issued by the Police authorities do not contain such information, the applicant/dependants should make a declaration on oath before a Commissioner for Oaths attesting whether the applicant and his dependants, if any, have ever had any criminal convictions or have any ongoing criminal proceedings. If the Police authorities in any of the countries where the applicant/dependant has resided do not issue conduct certificates, together with the declaration mentioned above, character references are required from any three (3) of the following:
3. Birth certificates A copy of the birth certificate should be submitted. Furthermore a copy of the marriage certificate is also required in the case of a:
4. Written declaration A written declaration by the applicant stating that the parents and/or the grandparents are financially dependent on the applicant (where applicable). 5. Passport-size photos Three (3) passport-size photos and photocopies of the relevant pages of passport/identification card of each person whose name appears on the application form. 6. Certification/legalisation of documents The supporting documents, indicated under notes (2) to (5) above, attached to the application MUST be certified original documents attested for correctness by a warranted notary public of the country of nationality. Furthermore, all supporting documents must be legalized by the Ministry of Foreign Affairs of the country of nationality and counter-legalized by an official of the Malta Diplomatic Mission in the country of nationality. 7. Deed of purchase/lease A copy of either the deed of purchase or the lease/rent agreement if the applicant already owns or has leased/rented immovable property in Malta. 8. Administrative fee An administrative fee (presently €115), or equivalent in foreign currency, is charged by the Malta Diplomatic Mission against an official receipt, for the processing of the application and its transmission to Malta. This fee is not refundable even in those instances where the Commissioner refuses the application. The processing of applications under the scheme normally takes about three (3) months WHEN? Approval and issuance of certificate Within thirty (30) days of approval of the application, the applicant must effect payment of €4,150 being the minimum liability for the first (1st) year of residence in Malta. This amount will be available as a credit against the applicant’s actual tax liability for that year. The permanent residence certificate will be issued upon payment of the aforesaid amount within the stipulated time period. Once in possession of a certificate the holder:
Annual Requirements A permanent resident will be required to complete a tax return and specific attachments to confirm that he/she has fulfilled all the conditions attaching to the permit, in respect of each calendar year in which he was resident in Malta under the scheme. ASSISTANCE 77 Ltd. can assist any potential applicants throughout the application process and can provide various other related services in Malta. For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com. Posted in: Residence in Malta |
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