MARIO GYPSY LTD

Introduction

The Global Residence Programme (GRP) is a tax residency programme which was
introduced in 2013. It is designed for wealthy individuals who are not nationals of the EU, EEA or Switzerland and who are not benefitting from any Maltese Residence or beneficial tax scheme. Individuals benefiting from this residency programme may work in Malta as long as they satisfy all work permit conditions.

Who Is eligible?

One application will cover the applicant along with their spouse and any relatives that are shown to be bona fide members of the household. Children under the age of 25 will automatically be included.

Key Benefits

The GRP offers several benefits to its participants, including:

Participants will enjoy being a tax resident in Malta without a minimum stay requirement. Malta is a member of the European Union (EU), and participants in the GRP can enjoy the benefits of EU residency, including the ability to travel freely within the Schengen Area.

Malta offers a high standard of living, with excellent healthcare, education and
infrastructure. Malta also enjoys a Mediterranean climate with warm summers and mild winters.

English and Maltese are both official languages of Malta.

A flat tax rate of 15% will apply on foreign income remitted to Malta, with a minimum tax liability of €15,000 per annum. No tax liability on foreign income that is not remitted to Malta. No capital gains tax liability on income realised outside of Malta.

Malta has an extensive network of double tax treaties with over 70 countries, which means that participants in the GRP can avoid double taxation on their income.

Key Qualification Requirements

Applicants must be a fit and proper person with no criminal record, have a valid travel document as well as International health insurance that covers the applicant and any dependants against all risks across the whole of the European Union.

Applicants must have a stable income and be economically self sufficient.

Applicants must hold a qualifying property. They must purchase a property for a minimum of €275,000 (or €220,000 if located in Gozo or the Southern Region of
Malta). On the other hand, if rented, a minimum 12-month lease is required and it
must be for a minimum €9,600 per annum (or €8,750 per annum if in Gozo or the
Southern Region of Malta).

The property must be considered to be of good standing and habitable and it cannot be leased out to third parties. The residence must be owned or rented by the applicant and must not be sub-let.

Applicants must not reside for longer than 183 days per year in any other one jurisdiction.

Applicants must not be benefiting from any other Maltese residence or beneficial tax scheme in Malta.

How Can We Help?

The applicant/s must be represented by an Authorised Registered Mandatory (ARM). Refalo advocates is an authorised firm and this enables us to advise and process GRP applications on behalf of our private clients with the Maltese Authorities.
Specifically, we can assist with the following:

Initial Assessment
The Firm can provide an initial assessment of an individual’s eligibility for the GRP, based on the applicable Government criteria at the time.

Filing of the Application with the International Tax Unit
We can assist with the preparation, compilation of all the documentation needed and the completion of the application for the GRP. The application is to be submitted together with a non-refundable administrative fee of €6,000
payable to the Maltese Authorities (a fee of €5,500 is paid where the applicant acquires or rents immovable property situated in Gozo or in the Southern Region of Malta).

Liaison with Government Agencies
The Firm will act as a liaison between the applicant and the Maltese Authorities responsible for processing GRP applications.

Tax planning/ Succession planning
We can provide tax planning and succession planning advice to ensure that participants in the GRP are taking full advantage of the tax benefits available to them.

Property acquisition / rental
The Firm can assist with the acquisition or rental of a suitable residence in Malta, which is a requirement for participation in the GRP.

Ongoing compliance
We can provide ongoing compliance assistance to ensure that GRP participants are meeting their obligations under the programme. In summary, we can provide comprehensive assistance to individuals who are interested in participating in the GRP in Malta.