Nomad Residence Permit holders benefit from an income tax exemption in the first 12 months of residence, and reduced income tax rate of 10% thereafter.
By virtue of LN 277 of 2023, Malta has introduced the Income Tax Rules applicable to the Nomad Residence Permit holders. Individuals who are issued with a residence permit after January 1st 2024, will benefit from a 12 months period starting from the date of issue of their Nomad Permit, during which their income derived from “authorized work” will be exempt from income tax in Malta. A flat rate of 10% will apply thereafter. The applicants would need to declare to the Residency Malta Agency that their residence in Malta in the past 12 months is not merely of a casual nature.
Individuals who already hold Nomad Residence Permits shall not be subject to income tax on the income from “authorized work” derived prior to January 1st 2024 year.
