Moving to Malta
Recent years have seen an increase of foreigners and international companies relocating to Malta to take advantage of the many benefits that this Mediterranean island has to offer.
Whether the relocation is for tax planning, quality of life, retirement or better job opportunities, the process can be made much easier with the guidance of a company that has an outstanding track record in assisting individuals and organisations to relocate to Malta in an uncomplicated and successful manner.
RE/MAX Malta stands at the forefront of firms specialising in providing guidance and assistance to those wishing to relocate to Malta. RE/MAX associates are fully trained and experienced in providing clients with a personal service that is tailored to their needs and wishes.
Through years of experience, RE/MAX associates are able to understand the best ways of delivering a complete, professional service that leaves clients satisfied and pleased with the experience. RE/MAX strives to ensure that what is, oftentimes, an extremely stressful and difficult process, is in fact trouble-free for all our clients. This is a commitment that we take extremely seriously, providing all clients with access to our associates, every day at all hours round the clock.
Services Provided by RE/MAX Lettings
The real estate market in Malta is highly competitive. The best properties move quickly and, without the help of a reputable, specialist firm like RE/MAX Malta, most people will not even get to sniff at them.
RE/MAX Malta’s position in the market, and track record, enable us to pinpoint properties, both residential and commercial, as soon as they are placed on the market. Our extensive database is unmatched on the island and allows us to present our clients with the best possible choices, based on individual needs and expectations.
Clients wishing to rent, both commercially or residentially, have a secret weapon that their disposal: Our dedicated team of associates, who are the among Malta’s most knowledgeable experts on the letting market. RE/MAX Letting is a division that is possibly unmatched on the island in terms of professionalism and service.
Renting an Office
Clients seeking commercial space have a choice of properties, each one carefully sourced by our associates. Each enterprise has specific requirements, and RE/MAX Letting is able to source properties that fulfill those conditions. From high-end glass fronted offices, to small boutique spaces, the RE/MAX Letting team is able to assist clients through the entire process.
Renting a Home
RE/MAX Letting is similarly well-equipped to provide clients seeking to rent a home with all the information, guidance and advice needed to find the ideal property. From initial viewings, to the signing of the Tenancy Agreement and beyond, our team is there to ensure that clients are given the best possible deal, while keeping the process simple and straightforward.
RE/MAX Letting associates’ knowledge on locations and types of properties available is invaluable to our clients, especially those who are new to the islands. We offer advice on which properties best suit different needs, as well as a complete concierge service assisting clients install amenities in their new home.
Buying a Property
Do you know your SDAs from your AIPs? When relocating to Malta, the last thing you want is to get bogged down in the process of buying a property. Having a firm on your side that knows the potential pit-falls and stumbling blocks can go a long way towards keeping the process simple and smooth. RE/MAX associates are very experienced in this regard, having helped countless clients find the right property for the right price, in the right location.
Working in Malta
Malta is hub of international commercial activity, especially as recent government legislature has created a very pro-business environment, encouraging many international firms to relocate to the islands.
Industries such as Financial Services, iGaming, ICT, software development, electronics and hospitality are flourishing in such an environment. Economic stability, healthy industrial relations and competitive labour costs have only served to increase Malta’s appeal and the number of success stories over the years.
Smart City, the first of its kind outside of Dubai, caters for world class IT companies. Other areas of excellence in Malta include aviation-related services and the production of electronics, medical equipment, pharmaceuticals, plastics, automotive components, tools, furniture and food.
Tourism remains one of Malta’s largest industries and attracts the world’s best in catering and hospitality management, as well as in event management and logistical operations.
Naturally the executives of these companies and their families are able to take full advantage of enjoying the Mediterranean lifestyle as they live and work here in Malta.
Becoming a Resident of Malta
There are several options available to the foreign nationals interested in relocating to Malta.
Under the Global Residence Programme, applicants must maintain a property in Malta that is their principal place of residence worldwide. There is a minimum purchase or rental price that is stipulated according to the location of the property. Properties in the south of Malta have a lower minimum purchase/rental price than those in other parts of the island. A flat rate of 15% is applicable on income generated overseas and declared in Malta. Other income is taxed at 35% and additional criteria apply.
The Malta Individual Investor Programme is a programme through which naturalisation is granted by the Maltese government to individuals of high repute, as long as the applicant makes a significant contribution to the social and economic development of the country. This programme then permits applicants and their dependents to apply for a Maltese passport, which brings with it all the benefits of Maltese citizenship as a EU member state.
Specific permits are required for any EU/EEA nationals wishing to reside in Malta for more than three months. Acquiring a permit, or obtaining ordinary residence status, involves fulfilling certain criteria on a number of grounds such as employment or business ownership. Third Country Nationals seeking ordinary residence on the island face a similar application process, but different qualifying criteria. There is no minimum value property requirement for non-residents seeking to obtain ordinary residence in Malta with the exception of an Acquisition of Immovable Property (AIP) permit in certain cases.
Wealthy individuals and families who are EU Nationals but that do not possess permanent residence status in Malta may benefit from the Malta Residence Programme. Successful applicants enjoy a tax benefit of 15% on all foreign sourced income that is remitted to Malta. All other income, including local, is taxed at 35%. Other criteria also apply.
RE/MAX Malta is able to offer advice on how to best choose the right programme for you, and successfully apply for it.
Tax Credits & Incentives
In a successful effort to turn Malta into the business hub of the Mediterranean, the Maltese government has introduced, over the years, a number of incentives and tax credits for companies relocating or setting up in Malta.
These fiscal incentives include double taxation relief, investment tax credits and a tax refund system. Although the general corporate tax rate is 35%, the final rate could be as low at 5% or even less after credits are applied. Additionally, there are no withholding taxes on dividends to shareholders. Naturally this makes things extremely attractive for investors, companies and shareholders alike.
The system is particularly beneficial for holding companies which are taxed at 0% in the hands of the investor.
Investment tax credits may be applied towards a large percentage (over 50%) on wages of new jobs or investment on capital equipment. Unutilised credits are carried forward into the following year and are increased by 7%, which, in many cases, leads to no tax being required to be paid for at least a few years. This is especially useful for companies that are starting from the ground up.
For those companies not eligible for a reduced rate of income tax, a separate scheme is available in which they are charged a rate of tax according to the increase in value added derived from their activities. The rate starts at 5% for the first seven years of operation.
Further fiscal incentives and credits are also available including investment allowances, reduced tax rates on reinvested profits, incentives for job creation and tax treaties with other countries.
RE/MAX Malta’s tax advisors are able to guide clients on the best decisions to take that will allow them to take full advantage of these programmes and schemes.