High Net Worth Scheme
For an applicant to qualify for such a scheme, the following main conditions are imposed. For further detailed information, the following link will directly to the full guidance issued by the Malta Inland Revenue department. http://ird.gov.mt/downloads/hnwi/hnwi_guide_scheme.pdf
EU/EAA Citizens and citizens of Iceland, Lichtenstein, Norway & Switzerland
NON EU Citizens
The following main conditions are for non EU nationals. For further detailed information, the following link will directly to the full guidance issued by the Malta Inland Revenue department.
It is important to note that individuals who are not nationals of the EU, Iceland, Norway, Liechtenstein or Switzerland have two options with regard to their entry requirements and stay in Malta:
The applicant may apply and benefit under the High Net Worth Individuals Rules without acquiring any special rights to enter and reside freely in Malta. Such individual would need to apply for a visa to enter and stay in Malta (in accordance with the Immigration Act) since a special tax status granted by the High Net Worth Individuals Rules do not grant the individual a right to stay and reside in Malta. Therefore for a beneficiary to be able to prolong his stay in Malta he / she would need to regularly renew his / her visa. In such cases the applicant need not enter into a qualifying contract to benefit from the High Net Worth Individuals Rules; or
The applicant may apply and benefit under the High Net Worth Individuals Rules and apply for special rights of residence and stay by entering into “The Qualifying Contract”.
The Qualifying Contract:
A qualifying contract is an agreement that is entered into between the Government of Malta and the applicant wherein the applicant delivers to the Government of Malta a sum of €500,000 and €150,000 for every dependent (“the Bond”) which the Government of Malta holds by title of gratuitous voluntary deposit. The Bond will be restored to the applicant if such applicant declares and proves to the Government of Malta that he / she has renounced to the special tax status granted under High Net Worth Individuals Rules, prior to the expiration of four years from the date of the qualifying contract.
If the applicant either:
In the case where an applicant is already a long-term resident, the qualifying contract will specify that the Bond amounting to the whole €500,000 (and €150,000 for every dependent who is also a long-term resident) is immediately forfeited upon the applicant becoming a party to such qualifying contract.
All the above information is an extract from Malta's Inland Revenue Department.
For further information click here to visit the official Inland Revenue Department High Net Worth Individual Scheme Webpage.
Guidance Notes on High Net Worth Individuals Rules
Guidance Notes on the amendments to the Resident Scheme Regulations
Application Form for EU Nationals
Authorised Registered Mandatories
The above file is in Acrobat pdf format. Click here to download the pdf reader for free.
Relocate Malta is neither a tax consultancy body nor an authorised Registered Mandatory for the Malta Retirement Programme. For further information kindly contact your preferred Registered Mandatory.