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  • Dr. Michel Lubac
    Dr. Michel Lubac    Group moderator
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    Newsletter du groupe Advent Uk Permanent Residency In Malta 2009

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    Advent Uk Permanent Residency In Malta 2009
    http://www.slideshare.net/adventuk/advent-uk-permanent-resid...

    Guidelines for Permanent Residency in Malta Summary :

    1. Malta advantages
    2. Background
    3. Overview and advantages
    4. Requirements to obtain a PRP
    5. Continuing requirements for permit holders
    6. Taxation 7. Time to process the application
    8. Advent UK Team
    9. Contacts http://www.advent-uk.com

    MALTA ADVANTAGES MALTA PERMANENT RESIDENCY ·
    Flat 15% tax rate on income remitted to Malta · Minimum tax €3,450 per annum.

    FACTSHEET · No tax on other worldwide income. · No requirement to live in Malta http://www.advent-uk.com

    BACKGROUND Malta, a small island (just 16.5 x 8.7 miles) is situated some 56 miles from Sicily and 186 miles from
    North Africa in the Central Mediterranean. It became independent in 1964 but retains strong links with the UK.
    The principal business language is English and the legal system although of Roman Law origin, is a hybrid because
    of the strong elements of common law – company and commercial law tends to be similar to that in the UK. Malta is
    a stable parliamentary democracy. This info sheet is intended to be a short guide outlining the procedures and
    benefits of obtaining a Permanent Residence Permit in Malta. It is not intended to be definitive and comprehensive.
    http://www.advent-uk.com
    OVERVIEW AND ADVANTAGES People of any nationality are eligible for Permanent Residence Permits. There are five main
    advantages to establishing residency in Malta. 1. Tax – this is levied at a flat rate of 15% on income brought into
    Malta and is subject to a minimum payment of €4,150 per annum. Income earned in other countries and not remitted to
    Malta is not taxed in any way. 2. EU – Malta is in the EU and, following some minor amendments, the permanent
    resident scheme is not under threat. Malta has also entered into double taxation treaties with around 30 other
    countries making residence a very attractive solution for tax exiles. 3. Language – Malta is bilingual
    (Maltese and English) and all official documentation is written in English; laws are written in English
    (and also in Maltese). Commercial and business relationships are also generally speaking carried out in English.
    4. Lifestyle – The Mediterranean climate is a particular attraction, there is a good selection of good residential
    property for rent or purchase. As a tourist destination there is a selection of restaurants and other entertainment.
    There is a very low crime rate. 5. Communications and banking – Malta has modern telecommunications and direct air
    connections to main business destinations are good. The postal service is also efficient. With regard to banking
    HSBC is represented along with a number of local and other banks.

    REQUIREMENTS TO OBTAIN A MALTA PRP The requirements to obtain a Malta Permanent Resident Permit (PRP) are not
    onerous. · Applicants need to show EITHER nett worth of c. €349,000 OR an annual income of €23,000). · They also
    need to show they are of good character (this will normally involve obtaining a police good conduct certificate
    and professional references). · Once the permit is issued, applicants have up to one year to take up residence.
    On doing so, they must purchase or rent a suitable property. (Minima are purchase price of c. €70,000 for a flat
    and €117,000 for a house or €4,150 per annum rent). · There is no requirement for permanent resident holders to
    spend any particular amount of time in Malta each year. It is therefore not uncommon for permanent resident holders
    to rent a property at the minimum rent payable and to rarely, if ever, come to Malta.
    CONTINUING REQUIREMENTS FOR PERMIT HOLDERS The Permanent Resident must have a bank account in Malta into which
    account he must deposit every year the sum of €13,950 plus €2,300 for each dependent although the tax is calculated
    “as if” €23,000 had been remitted (i.e. the tax due is 15% of €23,000 i.e. €3,450). The Permanent Resident can
    freely use this money for any purpose whatsoever including outside Malta. A Permanent Resident cannot work in Malta
    – or more accurately cannot work within the Maltese economy. Specifically, the Permanent Resident cannot be employed by a Maltese person or Maltese registered company and cannot offer freelance services to persons or companies in Malta. However a Permanent Resident may use Malta as a base to work from, provided that he does not offer his services within Malta. The permit is subject to annual renewal although this in effect mean that as long as you (a) submit your tax return, (b) pay taxes due and (c) confirm that you maintain a residence this is a formality and once granted, a permit will not be revoked unless the Resident breaks its conditions. At the end of the first year of residence and subsequently at the end of each year, individuals are required to complete an Annual Declaration form (which we can arrange if desired) to confirm that the conditions attached to the permit have been fulfilled.

    TAXATION Income taxes – once the permit is issued and the permit holder has registered with the Inland Revenue in
    Malta, the Maltese tax authorities will certify that for Maltese taxation purposes, the permit holder is resident
    in Malta. This can be very useful where permit holders have residential property in other countries, and need to
    demonstrate that they are resident outside that jurisdiction. Capital taxes – Accumulated capital and income may
    be taken back out of Malta with no restrictions. If a Permanent Resident sells his Maltese residence this is tax
    free as long as the property has been held for three years. If a property is sold within 3 years the profit made
    from the sale is taxed as a Capital Gain; the rate for Capital Gains Tax is 35% at present. Inheritance taxes –
    no death duty/inheritance tax is payable in Malta except for 5% stamp-duty on the transfer of immovable property
    situated in Malta. INHERITANCE LAWS In matters of inheritance, Malta is a Roman Law jurisdiction and unless a will
    is made, estates pass automatically to children. We therefore strongly recommend that clients purchasing property
    in Malta or holding assets there, make a will. We can arrange this if required. OTHERS Household goods etc may be
    imported into Malta free of duty and there is also a concession whereby the permit holder’s car may be imported
    at a very reduced rate of tax into Malta provided he has owned it for 6 months prior to the permit being granted.

    TIME TO PROCESS THE APPLICATION The processing of applications for permanent residence normally takes around 12
    weeks from the time that all documents are submitted to relevant department. Please contact us for a complete list
    of requirements, application forms and further information on meeting the residential requirements etc. If you are
    engaged in business you will also need to consider a suitable structure for ensuring that you comply with Maltese
    “remittance requirements”.

    COSTS
    1. Minimum one off fees for residency : EU 10,000 (2)
    2. Minimum revenu to remit on Maltese bank account :
    EU 23,000 (1)
    3. Minimum annual rent of EUR 4,150 (1) per year.
    4. Minimum tax of EUR 3,450 (1)
    5. Annual renewal fees : EU 5000 per year (2)

    ANNUAL CALCULATION
    Minimum income on maltese bank A/C 23000
    Government Tax - 3450
    Minimum Rent - 4150
    Advent UK renewal fees - 5000
    YOUR REMAINING FUNDS 10400

    (1) Note / This may fluctuate according to exchange rate maltese £ to Euros
    (2) Note / Price for european citizens, other nationalities, please contact us.


    http://www.slideshare.net/adventuk/advent-uk-permanent-resid...

    ADVENT UK

    In Great Britain :
    ADVENT UK LIMITED - Suite 8, 28 Old Brompton Road - LONDON SW7 3SS - UNITED KINGDOM -
    Tel: +44 207 801 3080 - Fax: +44 207 691 7969

    En France :
    15 rue Clement Bayard 92 300 LEVALLOIS - FRANCE -
    Tel: +33 (0)1 47 48 91 97 - Fax: +33 (0)1 47 48 02 22

    En Russie :
    State Research Institute Test - 56 B Ligovsky Prospect, 191040 ST PETERSBURG - RUSSIA -
    Tel: +7 812 712 0176

    Internet : http://www.advent-uk.com/
    http://www.advent-uk.co.uk/hotline/

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    • 01 Apr 2009, 5:12 pm