The Malta Residence and Visa Programme (MRVP) is a wonderful program that allows high net worth individuals to get a ton of benefits when they invest in Malta. Once they get residency, the investors are allowed to travel freely in the Schengen zone, both for leisure and travel, and they don’t have to deal with border controls. If the applicants of the program are successful, they are allowed to reside indefinitely on the island and can eventually opt for long-term residency and citizenship.
There are a horde of benefits that people can reap when they decide to opt for a Malta Residency. Some of the prominent ones are highlighted below:
A quick procedure
After you have submitted the application form, along with the required documents, the decision whether you have been successful or not will be decided within three months. This means that under the MRVP, eligible candidates can become residents of Malta in just three months.
Possibility of Maltese citizenship
After an applicant has acquired Malta residency, they have the option of residing in Malta indefinitely, even though they are not obliged to do so. Residency is typically given for five years and can be renewed subsequently for free. After they have received the permanent residency status, applicants can apply for long-term residency and ultimately go for Maltese citizenship as well.
As Malta is part of the Schengen agreement, anyone who holds the residency card also gets the Schengen Residence card, which means that they can travel freely within 26 countries. This includes most of the member states of the European Union and also countries like Switzerland, Norway, Iceland and Liechtenstein.
Efficient tax system
You have to maintain a physical presence of 183 days or 6 months once you get ordinary residency in Malta. Holders of this card also achieve a tax residency status. Any income that they earn in Malta or is remitted to Malta is taxed at an efficient rate of 15 percent. Furthermore, any capital gains that occur outside of Malta don’t fall in the category of remittance, which means they will not be taxable in the country. In addition, no gift tax, inheritance tax or wealth taxes are imposed in Malta.
Due to these major benefits and also because of Malta’s economic stability and political congruence on various socio-economic issues, getting its residency is certainly beneficial in the long run.