Malta GRP €300k net worth requirement??

[Eurocash]

I won’t name names but one of the main law firms in Malta are telling me that I require to be able to demonstrate a net worth of €300,000 in order to qualify for the global residency program.

I have never heard of this requirement before.

I know there are different requirements for the permanent residency scheme, but I was always under the impression that the global residency program involved the following:

Applicants must purchase property worth at least €220,000 in Gozo or South of Malta or €275,000 elsewhere. Alternatively, they may rent property for a minimum of €8,750 in Gozo or South Malta or €9,600 in other parts.

And

A minimum cash balance of (from memory) like €14,000 or something.

Where did this €300,000 come from? Is it new?

 

[Davis123]

From what I know Malta program was canceled by EU a few days ago. I have received many offers on Instagram about EU passport of Slovenia for 30k Euro which is a classic scam. Please be careful and do due diligence.

 

[Eurocash]

From what I know Malta program was canceled by EU a few days ago. I have received many offers on Instagram about EU passport of Slovenia for 30k Euro which is a classic scam. Please be careful and do due diligence.

You're thinking of the passport scheme - this is totally different

 

[Martin Everson]

Applicants must purchase property worth at least €220,000 in Gozo or South of Malta or €275,000 elsewhere. Alternatively, they may rent property for a minimum of €8,750 in Gozo or South Malta or €9,600 in other parts.

And

A minimum cash balance of (from memory) like €14,000 or something.

https://cfr.gov.mt/en/inlandrevenue/itu/Pages/Global-Residence-Programme-Rules.aspx

Where did this €300,000 come from? Is it new?

You must pay a minimum annual tax of 15,000. I guess they calculated a 5% return on 300k wealth. Or you can basically remit to Malta 100,000 a year and pay the 15% tax (15,000) that way.

 

[Eurocash]

https://cfr.gov.mt/en/inlandrevenue/itu/Pages/Global-Residence-Programme-Rules.aspx



You must pay a minimum annual tax of 15,000. I guess they calculated a 5% return on 300k wealth. Or you can basically remit to Malta 100,000 a year and pay the 15% tax (15,000) that way.

You're 100% right re: tax, it doesn't really make sense to earn less than 100,000 if living in Malta. I got to the bottom of the net worth "requirement" tho....

The person I spoke to said the €300k net worth was not a requirement enshrined in law, instead, it is just what he has seen in practice.

Not sure what to make of that to be honest. Someone with a net worth of €500k in highly illiquid assets or based on a company valuation is nowhere near as "readily wealthy" as someone with say €250k, in cash at bank.

If the purpose of the number is to figure out how likely someone is to require support from the governement, then surely they would favour the person with €250k cash in the bank than someone with higher amount "on paper".

Would be interesting to know if anyone on here went through the program successfully