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    •  High Net Worth Individual Scheme launched

    • A scheme aimed at High Net Worth Individuals was recently launched by the Malta Ministry of Finance.

      The benefits of the new launched scheme are the following:

      - to attract high net worth individuals to Malta;
      - individuals will be taxed at the rate of 15 per cent on foreign income remitted to Malta and 35% tax on any local income, and - individuals will not be taxed on foreign source capital gains

      A few important highlights of the new launched scheme are the following:

      - there will be two sets of rules, one for EU/EEA/Swiss nationals and one for third country nationals;
      - Applicants need to spend a minimum of € 400,000 on the property or € 20,000 a year in rent;
      - Individuals benefiting from this scheme must not stay in any one jurisdiction other than Malta for more than 183 days;
      - individuals will be able to claim double tax relief on tax paid abroad on the foreign income remitted to Malta;
      - individuals should have a health insurance recognised across Europe;
      - individuals will have to pay an application fee of € 6,000 to cover fees the government will be incurring through a sub-contracted international firm to do the 'fit and proper' test to check whether the applicant is 'desirable';
      - a minimum tax payment of € 20,000 per applicant plus € 2,500 per dependent of the applicant will have to be paid in case of EU/EEA/Swiss nationals;
      - a minimum tax payment of € 25,000 per applicant plus € 5,000 per dependent of the applicant will have to be paid in case of Non EU/EEA/Swiss nationals; - an application form has to be submitted and can only be done by Maltese warrant holders registered with the Inland Revenue Department as authorised people

      To apply for this scheme, one must use the services of a registered authorised Mandatory such as is FACT Group. Anyone interested in more information about this particular scheme may contact us on info@factgroup.net

      Updated:  February 2012