Malta lies in the center of the Mediterranean Sea. From its beautiful and unique sites to blue waters, this Mediterranean island has been aesthetically appealing to its visitors and tourists. It has excellent air links, which helps Maltese residents travel around Europe and other countries.
People looking for a second residency option can look for Malta Ordinary Residence permits to enjoy luxurious life with their family on the island. Currently, this residency program is available to nationals of EU and EEA, as well as to those people of Switzerland who want to transfer their tax residence to a safer and tax-efficient jurisdiction.
Having a Malta residence permit in hand will allow you and your family to live and work in Malta and travel freely in any of the countries of the Schengen zone. Your family can benefit from high standard education and healthcare facilities for free. The best part of the Malta ordinary residence program is that it takes hardly eight weeks to obtain the Maltese residency permit.
Legal Basis of the Malta Ordinary Residence Program
As mentioned earlier, Malta ordinary residence permits are available to EU residents by the European Union Directive 2004/38/EC, implemented as Maltese legislation through a Legal Notice 191 in the year 2007.
Benefits of Malta Ordinary Residence Permits
Acquiring a Maltese Ordinary residence permit provides you with the following benefits:
- Live and work in Malta
- Benefit from high-quality and tax-efficient jurisdiction
- Obtain residence card with two months
- Extend residency benefits to your family
According to the Maltese Ordinary Residence Program, applicants get Schengen residency. Residents under this program, as well as those without a Maltese domicile, are taxable on a remittance basis. However, there is no tax on any income coming from foreign sources and not received in Malta. Similarly, you wouldn’t have to give any tax on any capital gain that you obtain outside Malta.
