Malta has already proven how successful it can be with drawing in affluent investors through its citizenship and residency programmes (recently revamped) and now they have launched the Maltese digital nomad visa.
Its attracting entrepreneurs, senior executives and consultants who are location independent in a move to support the local economy and offer digital nomads an attractive and viable solution. Learn more about the Nomad Residence permit recently announced by the Maltese government with Identity Malta and Residency Malta Agency.
The Transition to Work from Home and Remote Work
2020 saw offices close their doors and ask their employees to work from home. It was meant to be a temporary solution but as the pandemic rages on, working from home has become for many, the new normal.
Countries like Barbados, Costa Rica, Georgia and Estonia are popular choices for professionals and entrepreneurs who are location-independent. In Estonia, digital-nomad visa workers who can secure a monthly income of at least EUR 3,500 would qualify, but should they stay more than 182 days in Estonia they would be subject to the 20% income tax. Georgia similarly offers a solution for digital nomads who can procure at least US$2,000 per month.
If one can work from home then the only question that begets itself is “where is home?”
It can now be a beachfront paradise or a city seeped in history and cultural heritage. The term digital nomads used to describe Instagram celebrities, web developers, life coaches and travel bloggers but the term has now taken a whole new definition. Now professionals from every sector that are location-independent are taking the leap to work from a ‘new’ home.
Read more: Malta Enterprise: Malta Start-Up Residence Program
The Maltese Digital Nomad Visa / Residence Permit
Malta has now launched its own Digital Nomad visa and is keen to draw in right caliber of consultants and entrepreneurs to bolster its local economy. This was recently announced by Alex Muscat, Parliamentary Secretary of Citizenship, Charles Mizzi, CEO of Residency Malta agency and Anton Sevasta, CEO of Identity Malta.
The government is keen to attract a new category of visitors – although tourists have been incentivized to visit Malta, their visits normally do not extend beyond a week. Digital Nomads on the other hand are a more lucrative target as they are longer term and hence more valuable visitors.
We estimate that a digital nomad spends roughly €30,000 a year in our country, which would put us close to what tourists spent here in 2019…one digital nomad spends in a year roughly what 260 tourists would spend in a day
Malta is taking a proactive approach in order to maximize the number of digital nomads it can lure to its shores.
Whilst these consultants and entrepreneurs will likely continue to pay taxes in their home jurisdiction they will be residing in Malta and supporting the local rental market as well as the retail and hospitality sectors. To qualify they will likely need to demonstrate a sufficient influx of stable monthly income, meet due diligence checks and have health insurance in place.
As the way we work is being rapidly revolutionized and increasingly digital, many professionals are keen to explore working from a new base if their jobs allow it. Face-to-face meetings are no longer quintessential thanks to reliable teleconferencing platforms so business is becoming increasingly global. We can now securely share documents online and even legally e-sign contracts. Industries across the board are also becoming less reliant on hands-on, labor-intensive work as all our processes become ever more efficient and new technologies like AI and blockchain solutions are rolled out.
This is not a temporary fad, but the future of work.
As it continues, location independent work will surge exponentially. Those countries that embrace the change will be at the forefront of the revolution taking place in our workplaces and lifestyles.
Does Malta Tick the Boxes for Digital Nomads?
Malta offers beautiful beaches, a wealth of history and culture, an enviable mix of cosmopolitan flair and tradition, access to healthcare and public infrastructure and most importantly English as a main language. Being a comparatively small island, it has successfully deployed its vaccination roll-out and currently over 40% of its population is already vaccinated.
For those digital nomads who wish to apply they will be able to do so entirely online in an efficient submission and vetting process once they pay the EUR 300 processing fee. It is anticipated that some 1,000 applicants will be granted a Nomad Residence Permit in the coming 12 months.
Early to recognize the signs, Residency Malta has launched this new permit that allows digital nomads to come to Malta and work here, while enjoying all the perks that Malta offers foreigners. The process is simple and we promise an efficient service that discerning nomads expect.
Malta has already proven how successful it can be with drawing in affluent investors through their citizenship and residency programmes (recently revamped) so now it is not surprising that they are keen to attract the budding entrepreneurs, senior executives and consultants who are location independent – in a move to support the local economy and offer digital nomads an attractive solution that ticks all the boxes.
