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Sunday, November 14, 2010

Permanent Residency in Malta
Apart from the hospitality and friendliness of the Maltese ,Malta boosts a number of other outstanding features that render it an ideal holiday,business and retirement destination. Malta offers attractive residency conditions, such as no property taxes, lower stamp duty than most other European countries; tax rate 15 percent on remitted income only for foreign residents and double taxation agreement with a number of countries.
Malta's entry in the European Union on the 1st of May 2004 provides further benefits.

Conditions for eligibility:

  • an annual income equivalent to Euro 23300 arising outside Malta or capital equivalent to Euro 350000
  • annual remittance to Account in Malta - Euro 14000 + Euro 2300 in respect of each dependant.*
(* dependant means – the spouse, children under 21 years old or a parent who is financially dependant on the applicant)

Requirements/ supporting documents

  1. BANK CERTIFICATE
    A certificate from the applicants' bankers/accountants certifying either that he/she has an annual income equivalent to 23 300 Euro arising outside Malta or capital equivalent to Euro 350000. It must also certify that the applicant will be able to import into Malta a minimum annual income of Euro 14000 + Euro 2330 in respect of each dependant.
  2. A CONDUCT CERTIFICATE, in respect of each adult (18 years and over)
  3. MARRIAGE CERTIFICATE in case of a married couple. Other wise FULL BIRTH CERTIFICATE
  4. 3 passport size photographs and photocopies of the relevant pages of passport of each person whose names appear on the application form
The supporting documents MUST be original documents attested for correctness by a warranted notary public of the country of nationality of applicants and must be legalized by the Ministry of Foreign Affairs of the country of nationality and counter –legalized by an official of the Malta Diplomatic Mission in the country of nationality.
Application form enclosed in attachment.

Benefits

  • Income Tax benefits - 15 % on all income remitted or received in Malta.
    Minimum tax payment of 4192 Euro per annum (15% x Euro 27950)
  • Freedom of movement within EU countries
  • No tax on your world wide income which is not remitted in Malta
  • No minimum residence stay requirement
  • No inheritance Tax

Procedure

Immediately an application is approved , the applicant shall pay Euro 4192 tax –by not later than 30 days from such approval. The amount of tax will be held on account and credited for the first year of assessment for which a tax return is required.
A Residence certificate shall be issued by the Commissioner of Inland Revenue, within 30 days from such payment.
Once in possession of a certificate the holder:
shall be required to take up residence by not later than one year from the issue date of the Residency certificate.
must either purchase immovable property valued at not less than 116 500 Euro or
Euro 69900 in case of an apartment ) or lease/rent immovable property for not less than 4150 Euro per annum within 12 months of taking up residence in Malta
Procedure – up till 3 months.
Australia Immigration announces ACT State Migration Plan

Australian Immigration Minister Chris Bowen and Australian Capital Territory Chief Minister Jon Stanhope have announced the ACT State Migration Plan, part of an initiative to attract skilled immigrants to the State to try and deal with labor shortages.
"State Migration Plans are part of the Gillard Government's continued commitment to supporting the Australian economy by attracting skilled migrants who can positively contribute to our workforce," Bowen said.
The implementation of State Migration Plans will provide flexibility for state and territory governments to nominate skilled migrants in a broader range of occupations than are currently offered on the Skilled Occupation List," he added.
The Australian Capital Territory, or ACT for short, is the capital territory of Australia and is located on the south-eastern section of the Australian mainland. It is also the smallest self-governing internal territory.
"The ACT has amongst the strongest economy of any jurisdiction in Australia with extremely low unemployment," Mr Stanhope said.
"This has led to skills shortages in some areas and the State Migration Plan will complement ACT Government initiatives to helpalleviate these shortages," he added. According to the Department of Immigration and Citizenship, State Migration Plans are agreements between individual states and territories and the Minister for Immigration and Citizenship. The agreements specify the total number of applicants that each state and territory can nominate and what occupations are eligible for nomination.
While state and territory governments have always been able to nominate applicants through the General Skilled Migration Program, the introduction of State Migration Plans is intended to "improve the targeting of this part of the program."
The ACT agreement follows an agreement with the Australian state of Victoria. More agreements with other states are expected in the following weeks.

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