Top tips for retiring to Malta
By International Adviser, 6 Aug 18
Avoid retirement regret by asking these key questions before making the big move to Malta
Malta’s interpretation of residence comes directly from English case law, and it also has a similar common law concept of domicile.
Tracey will be resident in Malta if she spends 183 days or more a year there, but this could be less if she intends to establish residence from the outset.
To encourage people to move to Malta and buy or rent a reasonably sized property, there are numerous residency programmes, which offer a flat rate of tax of 15%.
But, there is a minimum requirement of €15,000 tax per annum, which means an income of €100,000 (£89,157, $117,085) per annum to make it worthwhile.
But – as Tracey does not require an income of this size, she may consider not taking advantage of a residency programme, and become a regular tax resident and utilise her position as non-domicillary in Malta.
On this basis, she would be taxable on her Maltese sourced income and gains, but any income generated outside of the country would only be taxable if she remitted it to Malta.
In addition, non-Maltese gains are not taxable, regardless of whether they are remitted or not.
What about her property and Isas?
Tags: Blevins Franks | Jason Porter | Malta
