The United Nations Pensions Programme is another incentive to attract expatriates and provide beneficial tax conditions and residency status in Malta. It provides an alternative residence base in the sunny Mediterranean and together with Malta being part of the EU and Schengen Area and with it’s tax benefits, it’s a great place to relocate to for holders of the United Nations Pensions Programme.
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Foreign sourced income not remitted to Malta is not subject to tax for United Nations Pensions Programme holders. Furthermore, any foreign sourced capital gains, whether remitted to Malta or not, is neither subject to tax.
Beneficiaries of the programme are exempt from taxation n their UN pension including widows’ benefits remitted to Malta.
A special tax rate applies under the UNPP of 15% on income remitted to Malta by the beneficiary or the dependants.
Further income generated in Malta is taxable at the standard rate of 35% for both the beneficiary and his dependants.
A non-refundable fee of €4,000 is to be payable to the Commissioner for Revenue as a administrative fee.
The applicant of the United Nations Pension Programme must fulfil the property requirement within 12 months. The minimum property requirement when purchasing is at €275,000 for real estate in Malta and €220,000 in the Southern Region of Malta and Gozo.
For rental properties the annual rent should be no less than €9,600 for real estate in Malta and €8,750 in the Southern Region of Malta and Gozo.
Beneficiaries are required to pay a minimum annual tax of €10,000 in respect of income outside Malta, excluding UN pension income or widow’s benefit.
If both the applicant and the spouse receive UN pensions, an additional €5,000 tax per annum must be paid, a total of €15,000 in minimum tax paid per year.
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