New tax incentives for those moving to Malta

Monday, October 08, 2012

New tax incentives for those moving to Malta

EU citizens looking to make the move to Malta will welcome the news of a tax break which has been introduced by the Maltese government, allowing them to pay just 15% tax on any income they receive from the UK.

In order to qualify, retirees must spend a minimum of €275,000 on a property in Malta or €250,000 in Gozo, spend at least 90 days on the islands each year and be in receipt of a pension that represents the majority of their income.

Retirees have to first go through a rigorous selection process to make sure that they are not “a threat to public health, public policy or public security” which will be covered by a €2,500 application fee. Those who qualify for the scheme will have a minimum tax liability of €7,500 and an extra €500 for a dependent.

Ray Woods the owner of UK based www.maltabuyproperty.co.uk comments: “We believe that for pensioners with a reasonable retirement income, this is a very attractive proposition as they are only taxed on income which they bring into Malta – and then at only 15%. Add to that, the fact there is no council tax or other annual property taxes and no inheritance tax, Malta must be worthy of a look”

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A Place In The Sun