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High Net Worth Individuals

Beneficiaries can fall under either of the following two groups:

  •  Non-EU/Non-EEA/Non-Swiss nationals

  •  EU/EEA/SWISS nationals

Individuals who may benefit from these Rules are:

  • EU nationals (excluding nationals of Malta);

  • Nationals of Iceland, Norway and Liechtenstein;

  • Nationals of Switzerland;

  • Any individual who is not a citizen of the EU and therefore is a third party national.

Who may benefit, together with the beneficiary?
His or Her family members who may include:

  • Ascendants (the father or mother);

  • Descendants (children or descendants of such children);

  • The beneficiary’s brothers/ sisters;

  • The beneficiary’s spouse/s; or

  • Individuals with whom the beneficiary is in a stable and durable relationship.

What conditions must be satisfied?

One must own or rent a Qualifying Property.
In case of owning – property of not less than €400,000 per annum;
In case of renting –  property for not less than €20,000 per annum.

  • Qualifying property must be the applicant’s and his family’s habitual and principal place of residence.

It is important to note that no person other than the beneficiary and his / her family members may reside in the Qualifying Property at any time, and that the Qualifying Property may not be let or sub-let.

Other requirements that must be satisfied are:

  • The beneficiary must not be benefiting from any other special tax status;

  • The beneficiary must have stable and regular resources by which he and his family are maintained without recourse to social assistance;

  • The beneficiary must have a valid travel document together with sickness insurance covering him/herself and dependents;

  • The beneficiary must not be a long term resident;

  • The beneficiary must be a fit and proper person who is not domiciled in Malta (and does not intend to be so within 5 years);

  • The beneficiary must be fluent in either English or Maltese;

  • The beneficiary is a third country national;

  • The beneficiary must have an authorized registered mandatory.

Taxes and fees

The beneficiary shall be taxed with the rate of 15% p.a. on income derived from foreign sources and with the rate of 35% on any other income. One must note that the minimum tax payable as outlined below must be satisfied each year.

Minimum Tax payable: €25,000 or €25,000 p.a. + €5,000 p.a. extra per dependent

Apart from the taxes payable by the beneficiary, the latter must also pay €6,000  as a non-refundable fee upon application.

Cessation of HNI program

Reasons can include:
1. By choice;
2. By defaults of the Income Tax Acts;
3. Where the conditions are no longer being abided by, such as when the beneficiary no longer holds a qualifying property, or the Beneficiary no longer has a stable and regular income by which he and his dependents may be maintained. It may also end where the beneficiary is not in possession of sickness insurance or if he establishes domicile in Malta. If he becomes a long term resident (spends +9months in Malta) or stays in another jurisdiction for more than 183 days the HNI program will also come to an end;
4. The beneficiary’s stay is no longer in the public’s interest.

In the case of the coming into effect of any one of the above, the beneficiary has to inform the Commissioner within 4 weeks, or else risks paying a penalty amounting to €10,000.