High net worth individuals programme applicants turn to GRP

Two applicants for the High Net Worth Individuals (HNWI) programme have asked the Commissioner for Revenue to consider their applications under the Global Residence Programme.

In late June, the government launched the Global Residence Programme to replace the HNWI programme. The latter had been launched in 2012 to the dismay of tax auditors who felt it to be a poor replacement for its predecessor, the Permanent Residence Scheme.

There are eight applications under the Global Residence Programme that are being processed, according to Economy Minister Chris Cardona.

Cardona was replying to a question raised by Nationalist MP Kristy Debono in parliament.

"Further positive results are expected during the peak months for property selling and when international property fairs kick off," Cardona said.

He went on to add that two applicants who had filed their application for the HNWI programme have since requested the Commissioner to consider their requests under the Global Residence Programme.

In both cases, the Commissioner issued a written declaration according to the Global Residence Programme.

The programme lowers the minimum thresholds for the purchase of immovable property and rental property by foreigners in Malta. The minimum tax threshold for tax exiles who purchase property in Malta was lowered to €15,000 from the previous €25,000. 

The bond amount of €500,000 was removed completely while the application fee for foreigners purchasing property in the South of Malta and Gozo was slightly reduced.