Ever-Ready Plan - Retiring in Malta
Malta has for many reasons been a location of the "Wealth 2020" choice for retirees looking for a friendly place to retire to within the EU. Described fondly as a melting pot of cultures and peoples, a place where crime hardly exists, the locals are hospitable, the health care is excellent, the climate close to perfect and has consistently been voted as one of the top places in the world to retire to.
A country which boasts of a relatively low cost of living has English as an official language and has no wealth taxes, Malta has now further enhanced its attractiveness by launching a special tax status for retirees.
Malta Retirement Programme (EU MRP)
Few qualifications require matching for a candidate under Retirement Plan for this selective Retirement Programme in the EU:
- Is in receipt of pension income, supported by documentary evidence, all of which is received in Malta (and constitutes at least 75% of the beneficiary’s chargeable income).
- Is not in an employment relationship (but may hold non-executive posts on the board of a Maltese resident company and partake in certain activities (eg philanthropic).
- Holds a “qualifying property holding”.
- Is not a person who benefits under the Residents Scheme Regulations, the High Net Worth Individuals Scheme or the Highly Qualified Persons Rules.
- Is in receipt of stable and regular resources which are sufficient to maintain himself/herself and his/her dependents without recourse to the social assistance system in Malta.
- Is in possession of a valid travel document.
- Is in possession of sickness insurance in respect of all risks across the whole European Union normally covered for Maltese nationals for himself/herself and his/her dependents.
- Is not domiciled in Malta and does not, within 5 years of application, intend to establish such domicile of choice in Malta.
- Is a proper person (a due diligence exercise is carried out by the Maltese Inland Revenue Department prior to the granting of the special tax status).
For more information, please contact us.