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When we talked about the permanent residency regime in Malta in one of our previous videos, we got a question about the tax consequences of it. Today we are going to explain how the Maltese tax system works, specifically for people who are considered residents but non-domiciled.
Domiciled and resident are synonyms in most countries, where they don’t mention this term at all. You would just hear the term resident in many places. However, Malta is one of the countries that separate those terms.
In order to be a resident of Malta, you don’t need to spend 183 days per year in the country. What’s important is that you’re not a resident somewhere else – meaning that you shouldn’t spend more than 183 days somewhere else. To put it simply, you shouldn’t spend more days in any other country than you do in Malta.
What about the domiciled part? In Malta, this means that you’re a citizen. If you’re a citizen of Malta different tax rules will apply to you.
This basically means that if you’re not a Maltese citizen but a foreigner that gets residency in the country you’d get tax benefits.
If you have foreign income, and you don’t bring that to Malta (you don’t remit it) it is NOT Taxable!
If it’s foreign capital gains income and you do remit it to Malta it is still NOT Taxable. This is brilliant if you’re an investor!
Malta doesn’t have an inheritance tax, no wealth tax, no gift tax. When it comes to taxes Malta is an amazing place to be, the best option in Europe. Malta is the only place in Europe where you can structure so you don’t pay ANY TAX at all. In all the other options you’ll end up paying some taxes. Malta is the closest to a tax haven Europe has to offer.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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