The new residency scheme – Global Residence Programme has been announced by the government on Friday 31st of May. From now on¸ people who buy high value property and who pay taxes¸ would be able to benefit from a residence permit in Malta.
This initiative effectively reduces the thresholds for the purchase of immovable property and even those renting a property in Malta for those foreigners who wish to buy property in our country. The tax threshold was also lowered to 15¸000 Euros. The bond amount of the previous scheme amounting to 500¸000 Euros was also removed.
The new scheme aims to boost the property market. The residence programme will be revitalizing the sector by increase property purchase. It is expected that it will allow the Malta to get more money in taxes¸ increasing work¸ even to professionals in this sector such as lawyers and tax consultants and it will also help the Financial Services industry¸ the leisure and hospitality industry.
Dr Lewis Zammit commented: “The Government will support this scheme with all the necessary infrastructure to operate and work well. We will see that the procedures that operate this program are not bureaucratic and create the least possible disruption to applicants who want to invest and pay taxes in our country.“
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