|
Malta Profile
Malta
is situated in the middle of the Mediterranean Sea, south of Italy. It
gained independence from the United Kingdom in 1964 and is now a sovereign
independent state. It enjoys political, economic and social stability. The
Republic of Malta is a member of the United Nations, the Commonwealth and
forms an integral part of Western Europe both politically and culturally.
It has succeeded in attracting foreign investors as a result of its strong
infrastructure, labour force and its continuously increasing number of
banks.
There
are a number of the reasons why an increasing number of foreigners are
purchasing a home and taking up permanent residence in the Maltese
Islands:
-
A
pleasant climate and a hospitable English-speaking people.
-
A
peaceful and safe way of life & high standard of living.
-
A
rich cultural and historical heritage.
-
Freedom of movement into & out of Malta.
-
No
minimum stay requirement.
-
Tax
benefits.
-
Easy
repatriation of capital & income out of Malta.
-
Favourable, tax-friendly procedure for moving your possessions to Malta.
-
Favourable double-taxation agreements with key countries.
-
A
highly respected jurisdiction for incorporating
low-tax companies
-
Excellent banking centre with the presence of major international banks
-
Excellent access by Sea and the Malta International Airport
The Malta
Permanent Residence Scheme:
Ideal for:
-
An attractive personal tax
residence;
-
An offshore business base
-
Quality Retirement
-
Academic / educational
platform
BENEFITS:
1. An unusually low tax
rate
A flat rate of 15% is
chargeable on all income (less personal allowances) received in, or
remitted to, Malta from either local or foreign sources. This is subject
to a minimum payment of Lm1,800 per annum.
Overseas capital funds
invested locally are of course only taxed on any interest or dividends
generated thereon, again at a 15% flat rate. Permanent residents also
benefit from double taxation agreements existing between Malta, most
European countries, Canada, Australia and the USA, ensuring that tax is
never paid twice upon the same income.
Complete Freedom of
Movement
There are no annual minimum
stay requirements. A permanent residence may travel to and from Malta
freely without the need of applying for a visa or extensions of stay.
Repatriation of your
capital and income
Proceeds from the sale of
property, encashment of investments, local income and excess income
brought into Malta may be freely repatriated by permanent residents,
provided that any tax due has been settled.
Rental of Property
Owners of properties with
swimming pools or properties enjoying the use of swimming pools are
allowed to rent them out, provided that such properties are licensed as
holiday accommodation by the Hotels and Catering Establishments Board. All
income thereon, is of course, subject to the 15% tax rate mention in (1)
above and may be repatriated as in (5) above.
No death duties are payable
in Malta
Though no
death duties are payable in Malta, Transfer duty (according to the Duty of
Documents and Transfers Act, 1993) is charged on: immovable property in
Malta and any shares in a locally registered company (excluding those
companies listed on the stock exchange). |