Third Country Nationals who want to take advantage of residency rights in Malta could be eligible for the GRP. It’s an attractive option for those looking to make Malta their home, as well as travel visa-free throughout the Schengen Area. There are a number of requirements that must be satisfied for an application to reach a successful end. Read on to learn more about this programme and how to apply.
Insight from AE
How does it work?
Launched in 2013, the GRP is an alternative program designed for high net worth Third Country Nationals interested in relocating to Malta. A GRP certificate can cover the applicant, spouse and any dependants (children, siblings and direct relatives). The certificate also includes a live-in carer, nanny or housekeeper who has been in the employment of the applicant for at least two years. One of the major benefits of applying for GRP Status is that the individual will be subject to a flat rate of just 15% tax on any income received in Malta from foreign sources. However, it’s important to note that each year they’ll also be subject to a minimum of €15,000 in tax contributions. The following are some of the main requirements that must be satisfied by each applicant:
• Own or rent a qualifying property that’s occupied as the principal place of residence. The property will also be subject to a minimum valuation.
• Have stable and regular resources without the need for access to the social assistance system in Malta.
• Be in possession of a valid travel document.
• Have health insurance which covers against all risks across the EU for a minimum of €50,000 per year, per person.
• Be able to communicate adequately in either Maltese or English.
• Be a fit and proper person, provable with a clean police conduct certificate, among other documents.
How AE can help
This is just a high level overview of each of the GRP requirements, and there are a number of other aspects to consider. Let AE manage the complexities of your unique application, helping to ensure a successful conclusion with minimal back and forth. Our services even include overseeing the obligatory appointment of an Authorised Registered Mandatory (ARM) who will appear on the client’s behalf and represent them during the application process.