replacement for HNWI residence scheme announced

- Immovable property bought in Malta by foreigners has to be at least €275,000. However, when the property is in the south of Malta or in Gozo, the minimum value can be €220,000.
- Applicants would also have been eligible if they rented a property for a minimum of €20,000 annually, that threshold has been lowered to €9,600 in Malta and €8750 in Gozo or the South of Malta.
- The minimum tax to be paid in advance has been reduced from €25,000 plus €5,000 per dependant per year to a minimum of €15,000 on income derived in Malta, with further income charged at 15%.
- Foreign residents under this programme, including their dependants, have to be covered by health insurance.

http://www.timesofmalta.com/articles/vi … hed.472098

Anyone knows what happens to people who are on Malta already under the HNWI, ... paying 10k less I wouldnt mind ;-)

michael78 wrote:

Anyone knows what happens to people who are on Malta already under the HNWI, ... paying 10k less I wouldnt mind ;-)

I would guess you would have the option to transfer, but not seen the detail.

ps was informed the number of people on HNWI scheme is about 4 !

I heard there are more, they get like 5-10 applications per quarter (that is only what I heard).

Just read it in more detail and I think maybe EU people are completely excluded from the Global Scheme, so that would also apply to me.

The HNWI is still nice as it is one of the only schemes where you can use DTA reliefs if you do another scheme you are excluded from those. Hope they will keep the HNWI for EU people otherwise I have to make new plans

michael78 wrote:

I heard there are more, they get like 5-10 applications per quarter (that is only what I heard).

the "about 4" came from someone who I was talking to last night, who is involved in the setting up of the scheme

maybe its 4 accepted, and others turned down ?

I doubt it is as low as four. I heard a number of 75 from my consultant.
Michael, on the website of John Huber it says that current HNWI holders will be grandfathered into the Global Residence Programme.
John Huber was part of the drafting committee. I hope his information is correct. I'm in the same situation....

maybe he meant 4 this year - it did seem rather low

Seat 0A wrote:

Michael, on the website of John Huber it says that current HNWI holders will be grandfathered into the Global Residence Programme.

makes sense