Are you thinking about relocating to the European Union? If you do some research, you will find out that Malta has become one of the hotspots for obtaining EU citizenship. This is due to the fact that the European country has a stable political and economic climate, excellent weather and a number of programs you can explore. Malta Residence Programme is one such option that you will come across when you look into obtaining a Maltese passport. There are a number of benefits that this program has to offer, which include:
- A low tax rate
There is a 15% tax rate applicable, minus personal allowances, on any income remitted to or received in Malta. Moreover, permanent residents can also take advantage of double taxation treaties that have been signed with Canada, Australia, the USA and European countries, so you will not be taxed twice.
- Custom/VAT exemptions
You don’t have to pay any import duty on personal and household items, furniture and other domestic items within six months of your arrival in the country.
- Freedom of movement
One of the greatest benefits of Malta Residence Programme is that it grants you complete freedom of movement. You don’t have to meet any annual minimum stay requirements. You can travel to and from Malta without having to apply for extensions of stay or a visa.
- Rental of property
Owners who have swimming pools on their properties or properties with swimming pools can rent them out for additional income. You can get in touch with the Hotels and Catering Establishment Board for getting the license for a holiday accommodation.
- Repatriation of your income and capital
Proceeds from encashment of investments, local income, sale of property of excess income brought into the country can be freely repatriated, as long as all tax settlements have been made.