MALTA
RESIDENCE
The Maltese Permanent Residence Scheme
Benefits of Maltese Permanent Residence
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.
- See
Changes
to taxation of Permanent Residents, Budget 2003
- See
Malta's Double Tax Treaty Network
2.
Exemption from Customs Duty/VAT
Your used household and personal effects,
furniture and other domestic articles (excluding firearms and weapons of
all kinds) may be imported free of import duty if imported within six
months of your arrival in Malta to take up residence. In such cases
import licences are not required.
Click
here for more info about importation of motor vehicles.
3.
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.
4. Vehicle Registration Fees
Permanent Residents are allowed to register
their imported vehicle at preferential rates. Click
here for more info.
5. 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.
6.
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.
7.
No death duties are payable in Malta
1. If a property is purchased in one name,
the heirs of the deceased have to pay 7% provisional tax on the value of
the property declared. This value will in turn be verified by an
appointed architect.
2. If a property is bought jointly and one
of the parties passes away, provisional tax of 7% is only paid on half
the estate, i.e. half the value as stated in (1).
Though no death duties are payable in
Malta, Transfer duty (according to the Duty of Documents and Transfers
Act, 1993) is charged on:
Conditions for granting a Residence Permit
Visa free travel in the Schengen Area
Permanent Residence Index
Information courtesy
of
Legal |
Tax |
Corporate
Specialists in
Maltese Immigration & Tax Law
120, St Ursula
Street,
Valletta VLT1236, Malta
More about
Permanent Residence in Malta & the
Benefits of Maltese Permanent Residence
Why Maltese residency should interest you
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