Malta is one of the few countries that continue to issue “Golden passports” for investment. As quite a lot of entrepreneurs are interested in acquiring an EU passport via this programme, in this article we have summarised the changes in the Maltese tax laws in 2022.
An important condition of acquiring Maltese citizenship is purchasing or renting real estate so prospective investors might like to consider that the temporary real estate tax offer has been extended till June 2022:
However, these regulations only apply to purchases up to €400,000. If your property value is higher, the difference will be paid according to standard rules.
If you plan to relocate to Europe, you need to know how much you are expected to pay for real estate in order to get an immigration status:
In order to become a citizen of Malta, you will also need to make a non-refundable contribution to the government fund of over €600,000 and a charity donation of €10,000.
If you think about buying a period property which has a cultural and historic value, you will be entitled to a range of allowances:
Besides, buyers can get a grant if they plan to refurbish the building. For the island of Malta, the grant amounts to €15,000, and €30,000 for Gozo.
The following property types are included in the above mentioned programme:
This programme will be in force till October 2024.
Till the end of 2022, tax on business inheritance is reduced from standard 5% to 1.5% which means that it will be much cheaper to hand over a family business to children.
Starting from June 2022, penalties for non-payment of income tax and VAT will increase. Now, they will be increased from current 6.5% to 7.5% per year.
If you are interested in getting a Maltese passport by investment or you need a consultation on tax matters, feel free to contact our specialists. We will be glad to answer your questions and advise you about nuances of immigration and tax procedures.
We will work with you to find a customised solution for your immigration, second citizenship, business, tax and other needs.
One of our qualified advisors will get back to you today or next business day.
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