Malta
The Maltese tax system is different from that in the UK and many other countries, particularly for non domiciled individuals. People who have moved to Malta or are planning to do so can find that there are significant tax advantages to living in Malta and many opportunities to protect their assets from taxation in Malta.
As with any wealth and estate planning, the starting point is to understand what the rules are and then establish how you can use them to your benefit.
MALTESE TAXES
Maltese-domiciled residents are liable to Maltese taxes on their worldwide income and gains. However, Malta offers a favourable tax regime for non-domiciled resident individuals.
If you are a Maltese tax resident or you will become one, but you are not domiciled in Malta, then you will be liable to income tax in Malta on income arising in Malta and on income arising outside Malta which is remitted to Malta. You will also be liable to capital gains tax in Malta on capital gains arising in Malta, but not capital gains arising outside Malta even if these are remitted to Malta.
There is no inheritance tax in Malta, but Stamp Duty may be payable on Maltese assets instead. Your assets may still be liable to UK inheritance tax if you are a UK domicile. If both local and UK inheritances taxes are payable on the same assets, you will be able to credit the overseas taxes against the UK tax.
UK RESIDENTS WITH ASSETS IN MALTA
If you are not a Maltese tax resident or have chosen not to become a tax resident of Malta you will still be liable to income tax and capital gains tax in Malta on your Maltese assets. The same income or gains may also be taxable in the UK, with a credit for the taxes paid in Malta.
For more information on taxation in Malta CLICK HERE to download our free tax guide to Malta.
Maltese succession law decrees how your assets should devolve upon your death, with a certain portion of the estate passing automatically to the spouse and the children. The reserved portions vary depending on the number of children.
Maltese succession law applies to real estate situated in Malta, regardless of the nationality or place of residence of the property owner.
WHY CHOOSE BLEVINS FRANKS?
- We have offices and qualified advisers in both Malta and the UK. This means we are able to provide initial and ongoing advice to help you reduce tax on your wealth and help you structure your assets in the most efficient manner, whether you are at the planning stages of moving to Malta, or you are already living in Malta, or if you are considering a return to the UK.
- Blevins Franks Financial Management Limited is authorised in the UK by the Financial Services Authority (FSA) for the conduct of investment and pension business. We are authorised to give advice in Malta through the EU Insurance Mediation Directive (IMD) – we are a UK company with an office in Malta. All our advisers in Malta are professionally qualified.
- We have first hand and up to date knowledge of the ever changing Maltese tax regulations, as well as the opportunities available to reduce your tax liabilities.
- We take a holistic approach to protecting your wealth as we are able to give you integrated advice covering your Maltese assets, your UK assets and any assets you own elsewhere.
- We provide a personal, ongoing, customer focused service and do not treat our clients as account numbers.
- So far we have been providing trusted services for over 35 years. We are here to guide you and your wealth today; in the future as your circumstances and objectives change, and eventually to help your spouse/partner and family when they inherit your assets.
The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual must take personalised advice.
