HNWI Rules replaced by new Residence Programme

EclipseOn the 8 August, 2014, the Minister for Finance issued The Residence Programme Rules, 2014 which replace The High Net Worth Individuals Rules.

The new programme shall be deemed to have come into force with effect from 1 July 2013.

The scheme under The Residence Programme Rules is very similar to the now-repealed HNWI Rules.

The main changes are being highlighted below.

The minimum consideration of the qualifying holding property is now set at a consideration of not less than €275,000 for a property purchased or €9,600 for a property rented in Malta; or €220,000 for a property purchased or €8,750 for a property rented in Gozo or the South of Malta.

There was no change in the tax rate payable by the beneficiaries (i.e. 15%) however the minimum tax payable for any year of assessment is now €15,000 as opposed to €20,000 and €2,500 for every dependent as under the HNWI Rules.

Click here to read more about The Residence Programme Rules.