Malta: make the most of your retirement

Tuesday, February 12, 2013

Malta: make the most of your retirement

With its fantastic climate, rich history and world-class amenities, Malta ticks many boxes for British expats, and especially retirees.

Its benign tax regime only adds to this appeal, and the opportunity to establish a QROPS in Malta is set to further increase the attractiveness of life on the Mediterranean island.

The main advantage of establishing a QROPS (Qualifying Recognised Overseas Pension Schemes) in Malta is its stable and favourable tax regime, says Darryn Portelli of local property developer, Tumas.

"The income (other than income from immovable property situated in Malta) of a retirement scheme or fund that is licensed, registered or otherwise authorised under the Act, including capital gains, is exempt from tax under the Malta Income Tax Act.
"Such favourable tax treatment is enhanced by Malta's full imputation tax system and provision for tax refunds, allowing for further efficient tax planning."

The strength of Malta's reputation as a financial services jurisdiction has been further reinforced by the fact that retirement schemes established in Malta and regulated by the Malta Financial Services Authority may be recognised by Her Majesty's Revenue and Customs in the UK as Qualifying Recognised Overseas Pension Schemes.

At the end of February 2010, the MFSA issued the first registrations for Retirement Scheme Administrators and Retirement Schemes under the Special Funds (Regulation) Act.

Tumas Developments is a company that specialises in offering residential-lifestyle oriented properties in Special Designated Areas (SDAs), where non-Maltese purchasers, may buy property with the same rights as Maltese citizens (they do not require a permit from the Maltese Government, can purchase more than one property and are permitted to rent out the property).

They currently offer three projects: Portomaso in St Julian's, situated in central Malta; Tas-Sellum Residence Mellieha, in the north of the island ; and Ta Monita Residence Marsaskala, south of the island.

Properties at Tas-Sellum (pictured) start at €158,000; but there are units at Ta Monita from €98,000.

For more information on these developments, click here.


A Place In The Sun