The 1988 Malta Permanent Residence Scheme was designed to attract high net worth individuals to take up permanent resident status in Malta. The scheme is especially attractive to retirees, authors, intellectuals and international consultants or simply persons seeking to establish an alternative residence that suits their lifestyle and tax profile.
The Malta Permanent Residence Scheme was probably the most attractive residence scheme available to individuals seeking to transfer their tax residence overseas to more attractive jurisdictions that are warmer in climate, enjoy a high standard of living, provide a safe environment for younger and older members of the family and a provide a scheme for permanent residence that is selective, affordable and tax friendly. Malta ticks all the boxes for an attractive permanent residence jurisdiction and occupies the highest positions in respected international indexes for quality living and retirement.
Requirements of Malta’s Permanent Residence Scheme
The financial qualifications are easy to satisfy and permanent residents are entitled to the following benefits:
- No minimum stay requirements
- A low annual tax liability of a mere EUR4,230 (approx. US$4,900) [more]
- No world-wide income/wealth tax – tax only paid on income remitted to and kept in Malta
- No need to purchase property – only a minimum annual rent of EUR4,230
- No minimum investment requirements
- No Inheritance/Wealth Taxes
New Permanent Residence Schemes
New applications under the PR Scheme were accepted between 1988 and 2010 and existing PR permits remain valid subject to compliance with the current rules applicable to their Permanent Residence Permit. New applications for permanent residence must be made under the 2011 HNWI Residence Rules that are available in two streams: one for European nationals and another for non-European nationals. For more information about the HNWI Schemes refer to our pages on High Net Worth residence schemes.