argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: Malta - retirement and residency program - changes

On 17 March 2020, the Maltese government announced major changes to retirement and residency programs, with retroactive effect on the 1^st January 2020.
Among the aspects that make Malta one of the most popular destinations for retirees around the world, there is the “Malta Retirement Program Rule” (MRPR) which provides for a fixed rate of 15% on any source of foreign income perceived in Malta. The program, initially aimed only at E.U., EEA and Swiss citizens, has now been extended to all third-country nationals. The enjoyment of the MRPR is incompatible with other investment programs planned in Malta, such as the global residence program, the program for qualified employment in innovation and creativity, the resident scheme program and the United Nations pension program. To qualify as a beneficiary of the Maltese pension system in question, the applicant must prove to the Commissioner for Revenue the possession of a qualified property. No other person other than the beneficiary can reside in the property, if not subject to his charge or domestic staff. The changes introduced include the possibility of inheriting this pension status, provided the required parameters are met. The Minister of Finance and the Commissioner will consult on the possibility of recognizing or not the applicability of the program to the heir. Starting from January 2020, the 15% rate will be applied not only to the beneficiary’s income but also to that received by the spouse or son of the beneficiary himself.