Malta: anyone know the area?

[jfm]

Malta is offering a fantastic retirement deal where you pay no tax on foreign income as long as it's not remitted to a bank on the island: so basically tax free. You do need health insurance and a 12 months rental contract and of course proof of sufficient income.

I've done a fair bit of business with/on the island.
Beware the above quote on three counts:
1/. Loads of countries offer that or similar; nothing too unique about Malta
2/ make sure the income isn't taxed at source. The fact it isn't taxable by the receipient's country (ie Malta) makes it generally more likely to be taxed at source- that's how tax systems generally work
3/. To state the obvious, if you plan to live on this income in retirement and to live in Malta, the non remittability is going to be somewhat inconvenient. You can live on capital of course if you have plenty and don't co-mingle the funds

 

[powerskipper]

I was working out of there, off and on for a year or so. the boating is stunning, clear water and sun.

 

[rustybarge]

I've done a fair bit of business with/on the island.
Beware the above quote on three counts:
1/. Loads of countries offer that or similar; nothing too unique about Malta
2/ make sure the income isn't taxed at source. The fact it isn't taxable by the receipient's country (ie Malta) makes it generally more likely to be taxed at source- that's how tax systems generally work
3/. To state the obvious, if you plan to live on this income in retirement and to live in Malta, the non remittability is going to be somewhat inconvenient. You can live on capital of course if you have plenty and don't co-mingle the funds

Afaik you can write cheques drawn on a foreign bank (wtf are those? Lol) or use debit and credit cards not based on the island without incurring local taxation, unlike the UK non-dom arrangement where normal tax is paid on all remittances that are made into the UK.

With internet banking and digital money transfers that should be relatively easy, and chaps payments for larger amounts.

One of the main advantages is the offer is not time limited to 7 years like the UK or 10 years like Portugal.

Of course withholding tax is the bugbear of all forien based investment stratergies; especially with non-treaty jurisdictions.

 

[rustybarge]

I was working out of there, off and on for a year or so. the boating is stunning, clear water and sun.

Sounds nice.