- August 7, 2020
- Posted by: Editor
- Category: Law
EU or non-EU citizens who decide to retire to Malta will discover a great standard of living and excellent climate conditions, plus other interesting attributes. Some people want to simply change the environment and enjoy Malta’s warm climate, great architecture, food, all sorts of interesting activities, and many more. The Retirement Scheme in Malta presents lots of benefits, but for more details in this sense, you can talk to one of our immigration lawyers in Malta. They can help you obtain a residence permit in Malta.
What is the Retirement Scheme in Malta?
The Retirement Scheme in Malta is also called the Malta Retirement Programme (MRP) is meant to attract both EU and non-EU citizens who want to retire to Malta and enjoy lots of benefits, such as a great tax system, just to give an example. Here are a few aspects and conditions to consider when deciding on retirement in Malta:
- The programme is not destined to High Net Worth Individuals – the Authorized Registered Mandatary application form needs to be completed.
- MRP is not available for Maltese residents.
- A citizen must own a property in Malta worth at least EUR 220,000 (in Gozo) or rent one for about EUR 8,750/year.
One should have a health insurance issued in Malta.
- Gozo, Qrendi, Luqa, Gudja, Cospicua, Safi, Kirkop, Kalkara, Paola, Tarxien, Zabbar are a few of the cities part of the MRP Programme, found in the southern part of Malta.
It is important to note that properties acquired in Malta when applying for MRP cannot be sub-rented. In the case of couples who want to retire to Malta, they will need to prove they have a stable relationship when applying for MRP. Moreover, the authorities have the right to verify the persons who want to retire to Malta and check the criminal record prior to granting the right to relocate to Malta. All the aspects regarding the retirement programme in Malta can be entirely explained by one of our Maltese immigration lawyers. They can also help you obtain a visa for Malta or a residence permit in Malta if you are from a non-EU country. Interested in Malta citizenship? Talk to our advisors.
Applying for a police conduct certificate
Besides the above-mentioned requirements for entering the Malta Retirement Programme, applicants must obtain a police conduct certificate within 6 months prior to the arrival in Malta. This is an important document that confirms a person’s clear criminal record. However, if a foreign citizen has been involved in a criminal proceeding at a certain time, he/she must offer complete information about this aspect. The Commissioner for Revenue is the institution that makes such verifications and that issues this kind of certificate. Offences associated with terrorism, crimes against humanity, money laundering, and varied type of frauds or convictions part of a persons’ criminal record are not accepted in Malta. Feel free to talk to our specialists in immigration in Malta and find out more about the eligibility criteria for MRP and Malta citizenship.
Tax benefits for foreigners retired to Malta
Malta is considered a tax haven for foreign investors in this country. The same benefits apply to persons entering the MRP. The Retirement Scheme in Malta states that an applicant must declare at least 75% of their pension and at least 25% of the normal income. A minimum tax of EUR 7,500/year must be paid with respect to the incomes registered outside Malta. EUR 500 is the annual tax for the household staff of persons part of the Retirement Scheme in Malta. For more details about the tax regime for foreigners retiring to Malta, you should get in touch with one of our Maltese immigration attorneys.
Short facts about retirement and community in Malta
Malta is a small insular state that welcomes foreigners interested in the available retirement programmes. The country is known for its excellent warm weather, great cities and places to visit, varied events, and a great community to join from the beginning. Gozo is a Maltese city preferred by foreign citizens already retired in Malta, who benefit from a slower pace of life, great amenities, and transportation, appreciated restaurants, plus affordable house rental and daily expenses:
- the rent for a two-bedroom property in Malta can start at USD 600;
- the prices for apartments or villas in Valletta can start from USD 140,000;
- USD 500/month is the average cost for groceries of couples living in Malta;
- the rental prices in Gozo, an appreciated Maltese city are cheaper compared to other municipalities in the country.
Foreign citizens interested in the Retirement Scheme in Malta are invited to talk to one of our immigration lawyers in Malta and find out more details about the conditions involved. Please feel free to contact us at any time.