| Permanent Residence |
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Malta offers a permanent residence program which may be of particular interest to some people. If you have income of at least Lm10,000 per year you can apply for permanent residence. Learn more in this article. For decades Malta has been interested in attracting foreigners (and their foreign income) to settle on Malta and Gozo in order to benefit the Maltese economy. Permanent residence has the following requirements: An annual income of at least Lm10,000 or capital equivalent to Lm150,000. The applicant must bring in at least Lm6,000 per year to cover living expenses, plus Lm1,000 for each dependent. The applicant must purchase or rent a residence and this is subject to the following minimums: if purchased, a purchase price of at least Lm50,000 for a house or Lm30,000 for an apartment; if rented, a yearly rent of at least Lm1,800 (Lm150 per month). Income tax is charged at 15 percent on only the income brought into Malta; however, this is subject to a minimum tax of Lm1,800 per year. As long as these requirements are met on an ongoing basis there is no actual minimum amount of time per year that you must be physically resident in Malta to maintain permanent residency. Permanent residence has certain benefits. For example, state health care is free to permanent residents while temporary residents must pay for any uninsured services that are provided (see the healthcare section for more information). Public school tuition is also free for children of permanent residents. For wealthy expatriates and/or nationals of countries other than the U.S.A. with residence-based tax liability permanent residence may be beneficial and this is discussed further in the taxation section. Permanent residents may not be employed by a Maltese employer, nor can they offer freelance services within Malta. However, permanent residents may use Malta as a base from which to work for people and companies outside of Malta.
For many people temporary residence is preferable to permanent residence, and the pros and cons of both are discussed in another article. Discuss this article on the forums. (0 posts) |
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