Foreign nationals that are thinking of taking up residency in Malta or Gozo now have a new financially advantageous programme to entice them as the Maltese authorities have just published a new residency scheme.

The Malta Retirement Programme 2012, forms part of number of new schemes that are being introduced in Malta, offering several financial incentives to attract people to relocate or invest in Malta.

Beneficiaries will be able to benefit from a tax rate of 15% on any income arising outside Malta which is received in Malta by the beneficiary or dependent, with the possibility to claim relief of double taxation.

EU residents plus nationals from Switzerland, Norway, Iceland and Lichtenstein all qualify as long as they buy a property for €275,000 in Malta (or €250,000 in Gozo), have their pension sent to Malta and spend at least 90 days a year there.