Foreign residents scheme

Settling down in Malta has never been easier
The Maltese Finance Minister announced that a number of new schemes, aimed at different nationalities and specific sectors, will replace the Permanent Residents Scheme (PRS).

An indefinite High Net Worth Individual Scheme, which would be the closest to the old PRS, would specifically apply for EU, Swiss and EEA citizens.

Another scheme would be more expensive for non-EU residents but effectively give participants freedom of movement and eventually EU residence status.

The Global Mobile Permanent Scheme would be for non-EU citizens, for four years and non-renewable. It would cover foreigners working in North Africa on three-year contracts who would want to bring their families to nearby Malta. It would be cheaper but participants would know they would not get the benefits of EU citizenship, although it should have beneficiary effects on the sale of property.

Another scheme would be indefinite and would give Schengen Area benefits.

Two other schemes, for EU and non-EU citizens, would be intended to incentivise artists, singers and professionals who are also high-network individuals but would not participate in another scheme.

Importation of car and personal effects
Permanent residents enjoy certain exemptions from the payment of Customs Duties on the importation of a vehicle. Such exemption is also extended to personal and household effects, furniture and personal appliances which in the opinion of the Comptroller of Customs have been in use within that household by the importing person or his family.

How can Grant Thornton help?
We can assist you in handling your application for residence with the authorities. Moreover, you may appoint us to guide and remind you of your annual obligations and administer your affairs as you deem fit. Grant Thornton deals with such matters on a regular basis and can save you valuable time and effort.