Published at: 18/06/2021 10:23 am
Malta was already the best location taxwise for wealthier digital nomads before introducing the Nomad Residence Permit program.
Following the examples of other host countries, the Maltese government launched its "Nomad Residence Permit" program for remote workers. To qualify, the digital nomads must prove that they have a work contract with an overseas company and can remotely provide their services. They can also be business owners or freelancer nomads with clients abroad. Take care; it's an important issue. Malta's territorial tax system gives exemption only for incomes from abroad; if you have local clients or job, naturally, you will have to pay the usual local taxes.
The new digital nomad visa scheme offers a six-month visa and a solution to obtain a one-year "Nomad Residence Permit". Moreover, the program's cost is almost the most affordable, compared to other similar solutions, the applicants must pay only 300 euros. Another essential requirement is to get local health insurance, as the digital nomads usually pay their taxes and social security contributions abroad.
Most importantly, according to Parliamentary Secretary for Citizenship Alex Muscat, they "sought to expand the opportunity to third-country nationals".
Muscat also said that roughly 1,000 digital nomads are already working in Malta. The plan is to attract more than 1,200 applicants a year. You can read all the details and requisites of the process here!
Did you know that Malta is already an excellent location for wealthier Digital Nomads? The small island nation offers various schemes for those entrepreneurs who want to have a European residency permit but pay no tax on their foreign-sourced and not remitted income (this issue needs proper planning). Discus Holdings Ltd's headquarters is in Malta, and we offer solutions for the long term. Six months or one year is not enough to move your tax residency to Malta and enjoy its financial benefits. Of course, staying a couple of months in the charming archipelago is excellent. But to create a stable, low-tax structure that lasts for years is a different approach. You can wander around the world, but to create an internationally tax-compliant system is not that simple.
Suppose you are interested in the tax advantages of different digital nomad visa programs. In that case, you can read here our previous comparison.
Digital Nomads are primarily from Europe in Malta, but third-country nationals can also become community members. If you need the freedom of travel and later the EU citizenship of Malta, it's better to plan for the long term.
Perhaps, the best solution to obtain the residence permit for a third-country national in Malta is the program, where your contribution guarantees the right to live indefinitely here. It worth taking a look at the details!
Licence number: AKM-DALL-21