New Permanent Residents Scheme

I must be getting old or I don't quite follow the new lingo...

Do they really mean to keep refering to "High Network" individuals or did they actually mean " High Networth" ???

Hi,

Thanks for the quick posting.

You're not getting old - just the author having problems with the lingo - net worth and net work.

But it is still very interesting and you can read a few things out of the Finance Minister's statement:

1)The new scheme or schemes will not allow non-EU "Permanent Residents" to stay on the island for more than 4 years.So it is not a "Permanent" Residence scheme any more unless they are prepared to pay an undefined high amount.

2) Those staying under the new scheme will have to actually live in Malta.

3)It sounds as if buying expensive property in Malta will be one of the terms for non-EU citizens. And the properties will be "policed" to make sure the resident is actually living there and not renting it out.

4) There could be an up-front contribution that is non refundsable if the scheme participant stays for longer than 5 years.

5) It sounds as if Mr. Fenech's opinion is that most of the present resident scheme permit holders don't fit into the category that he is aiming at in the future.

So if you are non-EU and are prepared to pay a few million € upfront, pay more than 10.000 € taxes a year,buy an appartment for at least 500.000 € and live in it yourself for not more than 4 years you are welcome to become a resident of Malta.

Cheers
Ricky

This is an ongoing debate in parliament, and probably not much point in speculating exactly what will come out of it. One thing is clear - the "one size fits all" PR system is outdated now that Malta is in the EU because (1) EU citizens have a right to live in Malta (2)for non-EU citizens, being a resident of Malta gives one EU wide rights - neither of these were considered back in the 1980's when the system was first introduced. Lets just wait and see what comes out of this.

from John Huber - this is quoted with his permission, so I ask his details are kept at the bottom please

"During the Parliamentary debate on the Residence Scheme that happened in the 16th June 2011, Minister of Finance Tonio Fenech announced that he hoped that before Parliament goes into summer recess, five new Residence Schemes should be enacted. It is worth pointing out that the debate was on the initiative of the Hon. Charles Mangion Shadow Minister of Finance. Both sides of the house are giving their full support that the new Schemes shall address the current inadequacies

It appears that there shall be revised parameters for application for EU and non-EU residents whilst the revised schemes shall also be addressing different people from different economic sectors such as pensioners, artistes and persons on finite stays"

John A. Huber
1/1 Triq Gioacchino Navarro - Msida MSD1500 - Malta
M. + 356 79497997 - T. +356 21 33 71 44
jh@johnhubermalta.com
johnhubermalta.com