Malta International airport sees 4 million passengers in the first half of 2019, which is almost 6% up, compared to the previous year. The island’s attractiveness is growing with all speed, tempting with its warm and clear Mediterranean waters, daily catch of local fish and fresh seafood, with its sun mostly throughout the year and goodhearted residents. Non-doms are also counted – the newest fruit offered by Malta.
This article gives you an overview of some important key qualities of Malta as an ex-pat destination country of visa-free travel, lowest tax, and finance. When it comes to living abroad, there are special considerations to be aware of depending on your nationality and circumstances and individual finance solutions whether taxation, retirement or other financial goals. For the entrepreneurs or the wealthy people, the importance of obtaining tax advice at every step of this process is of vital importance.
We are going to review the portraits of three non-doms, foreigners, who decided to become Malta tax residents or Citizens and enjoy a variety of benefits – from complete tax exemption on certain types of revenue to high quality of life in Europe.
The Malta non-dom concept is certainly the hottest of its kind, compared to popular UK non-dom and other European programs. Below are three client cases of ours, who came from a distinct part of the globe, all in different ways, but with the same needs – to protect their present and to secure their future.
Case 1: Jay from Turkey
Meet Jay. He discovered Malta many years ago and traveled to the Island either for a vacation with his family or for business. He is the owner of a couple of Malta companies that are structured in a tax-efficient and practical way.
A year ago, Jay finally decided to make a lifetime investment. With Malta Citizenship by Investment program, he obtained a passport of Malta for himself, his spouse and their two kids and now the family enjoys all the benefits of a European passport. When you come from a country that faces international travel restrictions, you likely feel unfairly left behind this globe. There is nothing personally linked to Jay or to his family, but thanks to his country’s international position, he had to face and conquer all those problems. And unfortunately, he’s not alone on that.
Jay took control in his hands and completely relocated to Malta. Living in a villa with a private pool and a small garden, with a minute walking distance to the sea, they also became Maltese tax residents (and automatically non-doms). While the children enrolled in one of the best British schools of the Island, Keera, the wife of Jay, could continue working in her familiar gaming industry. Malta is a hub for iGamers from all over the world, and Jay himself is now comfortably working from Malta with regular travels in EU and Turkey for business matters. Jay also became a salaried director in all of his Maltese companies enjoying personal income tax exemption on his salary, not exceeding a certain amount. He is working from a small office, providing his Malta companies local substance while actively using corporate bank accounts in Malta and abroad.
Case 2. Elena from Russia
Russian ex-pats, planning to move to Malta, have in mind not just serenity of Mediterranean as a relief from their current stressful life, but also a tax-friendly, politically stable environment with growing investment opportunities. Elena, being a UK non-dom before, with loads of personal taxation uncertainties due to unstable and tense political situation (similar to the Russian experience, which she faced again in the UK), has considered moving her tax residency into another country. Cyprus was one of the options – but she could not risk again and abandoned this idea, while she was introduced to Malta non-dom alternative – Tax Residence Programme.
Resident non-doms are not subject to tax on foreign-sourced income that is not remitted to Malta and on foreign capital gains, whether remitted or not. Malta is stable and safe. That was an absolute relief for Elena! Moreover, being a business-minded person, she immediately realized how fast a real estate market grows in Malta, mostly thanks to ex-pats inflow. Elena invested in local real estate straight away, to have a guaranteed ROI with time. Now Elena is absolutely settled and satisfied with her professional life, she could finally think of her private one. Elena has a stable ground under her feet for a perfect match and plenty of opportunities to offer to her kids.
Case 3. Ali from the Middle East
Ali is a successful businessman and a father of 4, living in the Middle East. Ali was recently thinking of Plan B more often and finally, he made his choice. To protect the future of his family, Ali obtained the Malta Permanent Residency Permit. Malta is the only country in Europe that gives permanent residency directly, without a temporary residency stage.
He bought a house in Malta only for their vacations for now, yet they can travel without restrictions and move completely to Malta at any time. Ali is a realistic and self-confident guy, who needs to have control over any situation. In case of negative political changes or money becoming unsecured, Ali simply grabs his family and they get on a plane to Malta. Tomorrow, if they feel a need.
We have many more successful cases to describe. As you may see, Passport or Residency of Malta – is a 100% worthy investment. You do not have to be an owner of super-yachts, private jets, neither a billionaire to do it. However, all of our clients share the same values:
Second Citizenship / Residency of Malta – for those, who seek relief from visa-restrictions, and safe haven from political uncertainty. It is for those, who value freedom. With Maltese passport, you can travel to 182 countries without borders (and with Residency to all Schengen area) and establish your business in all 28 EU member states. You will get Malta Residence, while you wait for your Maltese Passport.
2. Quality, Tax and Cost Efficiency.
Second Citizenship/ Residency of Malta – for those, who value High Quality of Life. Avoiding unfair taxes, you may invest more in your family. Malta offers a great infrastructure, affordable cost of living, vivid culture with its UNESCO World Heritage Sites, extremely safe environment. The country has been ranked top 5 by the World Health Organization (WHO) report of medical systems worldwide.
Citizenship or Residency of Malta – also for those, who need stability. Malta is an ultimately safe environment, with a high level of political or financial stability. The Central Bank of Malta and the Malta Financial Services Authority set up a joint financial stability board, to ensure that the local financial companies and systems maintain its prosperity and strength.
Your family’s wealth is secured and in good hands – in yours. We are looking forward to hearing your story. Today, if you are ready for changes towards a stable life of quality.
Contributed by Consultants of 1´st Step Solution Limited