There are many reasons which would make Malta a favourable jurisdiction to take up residence, however one could say that the five main advantages to consider are the following:
Firstly, it is the language. English is one of the official languages in Malta. Nearly the whole of the multi-lingual population speak English which allows for easy integration and communication; commercial and business relationships are generally also carried out in English; as well as all official documentation including the laws being written in English. There are also private English-speaking schools, which offer a high level of education; the University is open to children of residents. There are also a number of private hospitals offering medical services of the highest quality.
Secondly, it is the climate. Malta’s weather and climate are strongly influenced by the sea and have a very characteristic Mediterranean flavour, similar to that found in southern Italy or southern Greece. The climate is therefore typically Mediterranean, with hot, dry summers, warm and sporadically wet autumns, and short, cool winters with adequate rainfall. The climate is particularly attractive to persons coming from colder parts of the world.
Thirdly, it is the location. Malta is located in the middle of the Mediterranean Sea between Europe and Africa. Malta is situated just 93 kilometres from Sicily and 345 kilometres from Libya and there are daily flights to Rome, London and Frankfurt and most other major European destinations being only 2 to 3 hours away, making this another key benefit of Malta.
Fourthly, the standard of living is high, and comparable to other European countries of the Mediterranean region, whereas the cost of living is generally cheaper than in Europe. This should allow for a good standard of living with a lower expenditure. There is also a very low crime rate whereby foreigners are less commonly targeted, provided common sense is used, as in all situations. Children can be brought up in a safe environment and there is a general care and awareness and friendliness given by the local population.
Fifthly, it is the advantageous tax system which individuals taking up residence in Malta are able to benefit from. The comparatively favourable tax rates, together with a double taxation treaty network in excess of 50 treaties, makes residence in Malta a very attractive alternative for high net worth individuals who are in a position to move their fiscal residence to Malta. Foreign nationals living in Malta (ordinarily resident in Malta but not domiciled in Malta) are chargeable to tax on income source in Malta and on income remitted to Malta.
We at E&S are able to give advice on which residency program is best suited to meet you individual needs in your particular requirements.
The Residency Program options Malta currently offers are:
- Ordinary Residency
- Global Residency Program (GRP)
- Highly Qualified Persons Program (HQP)
- Retirement Program
- Residency Program Rules ( RPR)
- Malta Residency & Visa Program (MRVP)