replacement for HNWI residence scheme announced

3703POSTS

12 years ago

as expected, its less onerous than HNWI, but not as generous as PR. As with HNWI, it will be of interest to very few EU citizens, but is aimed at wealthy non-EU citizens

See also

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Lusco Serial expat

252POSTS

12 years ago

- Immovable property bought in Malta by foreigners has to be at least 聙275,000. However, when the property is in the south of Malta or in Gozo, the minimum value can be 聙220,000.
- Applicants would also have been eligible if they rented a property for a minimum of 聙20,000 annually, that threshold has been lowered to 聙9,600 in Malta and 聙8750 in Gozo or the South of Malta.
- The minimum tax to be paid in advance has been reduced from 聙25,000 plus 聙5,000 per dependant per year to a minimum of 聙15,000 on income derived in Malta, with further income charged at 15%.
- Foreign residents under this programme, including their dependants, have to be covered by health insurance.

michael78 Contributor

160POSTS

12 years ago

Anyone knows what happens to people who are on Malta already under the HNWI, ... paying 10k less I wouldnt mind ;-)

georgeingozo ViP

3703POSTS

12 years ago

michael78 wrote:
Anyone knows what happens to people who are on Malta already under the HNWI, ... paying 10k less I wouldnt mind ;-)

I would guess you would have the option to transfer, but not seen the detail.

ps was informed the number of people on HNWI scheme is about 4 !

michael78 Contributor

160POSTS

12 years ago

I heard there are more, they get like 5-10 applications per quarter (that is only what I heard).

Just read it in more detail and I think maybe EU people are completely excluded from the Global Scheme, so that would also apply to me.

The HNWI is still nice as it is one of the only schemes where you can use DTA reliefs if you do another scheme you are excluded from those. Hope they will keep the HNWI for EU people otherwise I have to make new plans

georgeingozo ViP

3703POSTS

12 years ago

michael78 wrote:
I heard there are more, they get like 5-10 applications per quarter (that is only what I heard).

the "about 4" came from someone who I was talking to last night, who is involved in the setting up of the scheme

maybe its 4 accepted, and others turned down ?

Seat 0A Active member

82POSTS

12 years ago

I doubt it is as low as four. I heard a number of 75 from my consultant.
Michael, on the website of John Huber it says that current HNWI holders will be grandfathered into the Global Residence Programme.
John Huber was part of the drafting committee. I hope his information is correct. I'm in the same situation....