The Government of Malta simplifies the process of obtaining a residence permit. This was stated by the Secretary of the Parliament of Malta Edward Zammit Lewis. The new scheme is called the Global Residence Programme.
Since July 2013 filing of an application will be faster, and the minimum value of the property, which will allow non-residents EU get a residence permit in Malta, reduced to €275,000 from the current €400,000, according to Malta Today. In this case, in the south of Malta and Gozo this figurewill be €220,000.
Non-residents will also be able to rent property in Malta and get a residence permit, if the annual rental value exceeds €9,600 in Malta and €8,750 in Gozo or in the south of Malta.
According to the Global Residence Programme, the minimum tax for permanent residents is now reduced from €25,000 to €15,000.
The new program will focus mainly on the untapped markets (South Africa, China, etc.) and replace rules for High-net-worth individuals (HNWI), introduced in 2011, when the minimum requirements for obtaining a residence permit increased from €116,000 to €400,000. The government intends to attract the attention of foreigners in real estate in Gozo and south of Malta.