A new residence programme for foreigners (non-EU) was launched on 1st June, 2013 and is to be introduced by legal notice by the end of the month. This programme replaces the original foreign residents’ scheme, the High Net Worth Individuals Scheme, which was suspended in 2011. The Global Residence Programme will allow people who buy high-value property and pay taxes in Malta to benefit from a residence permit. Under the programme, the value of immovable property bought in Malta by foreigners has to be at least €275,000. However, when the property is in the south of Malta or in Gozo, the minimum value can be €220,000. The threshold of rented property has been lowered to €9,600 in Malta and €8,750 in Gozo or the South of Malta. The Program removed the provision when third country nationals needed to place a 500,000 bond with the government and an additional €150,000 per dependant. The minimum tax to be paid in advance has been reduced from €25,000 plus €5,000 per dependant per year to a minimum of €15,000 on income derived in Malta, with further income charged at 15%. Foreign residents and their dependants have to be covered by their own health insurance policy. They will not be entitled to free health services by the state.