The Scheme is regulated by the Residents Scheme Regulations, 2004. An individual who satisfies the conditions stipulated under the scheme will be provided with a certificate issued by the Commissioner of Inland Revenue that entitles him/her for the benefits of the scheme.

Such certificate shall also be deemed to constitute a permit issued in terms of article 7 of the Immigration Act and the holder thereof shall be entitled to reside in Malta subject to such conditions as specified in the regulations.

An individual qualifying for the scheme will benefit from the flat of 15% on all income received in, or remitted to, Malta from either local or foreign sources as regulated by Article 56(10) of the Income Tax Act. This is subject to a minimum tax payment of €4,192 per annum.

Once an application is approved, the applicant is obliged to pay four thousand one hundred and ninety two euro (€4,192 ) - tax by not later than 30 days from such approval. The amount of tax paid will be held on account and credited in the first year of assessment for which a tax return is required.

A residence certificate shall be issued by the Commissioner, within 30 days from such payment. The certificate will entitle the holder to reside permanently or indefinitely in Malta but it does not entitle him/her to any of the rights mentioned in the Immigration Regulations, 2004.

The certificate shall be withdrawn if the applicant does not take up residence within 12 months from its date of issue. In these circumstances the applicant will be entitled to a refund not exceeding two thousand nine hundred and eighty five euro (€2,985) of the tax paid.

If the holder of a certificate is a Citizen of the Union as defined in the Immigration Regulations, 2004, he/she may at any time opt to renounce to such certificate and apply for a residence permit or a residence document under the Immigration Regulations, 2004 in which case the provisions of those Regulations shall apply. When such option is exercised, the applicant will still be liable to the minimum tax of Four thousand one hundred and fifty euro (€4,192) for that particular year.

The certificate shall be deemed to have been withdrawn with immediate effect if the holder of the certificate is issued with a residence permit or a residence document in terms of Regulation 9 of the Immigration Regulations, 2004.

The certificate shall be monitored annually and it shall be considered as having been withdrawn if the holder infringes any condition stipulated in the Regulations.