Showing posts from June, 2013

15% flat tax rate introduced on residential lets in Malta.

The Government has decided to introduce a flat tax rate of 15 per cent on the rent of residential properties, deputy Prime Minister Louis Grech said this morning....

Currently, the rent tax rate can go up to 35 per cent and has resulted in rampant tax evasion. Mr Grech said he expected more people to declare their rental income following this change, which would include harsher penalties for those who fail to declare their income.....

Read the full article on The Times of Malta online here.

New Malta residence scheme for foreigners launched - thresholds drastically reduced -

New residence scheme for foreigners launched - thresholds drastically reduced -

A new residence scheme for foreigners was launched this morning, replacing the foreign residents' scheme which was controversially suspended in 2011.

Parliamentary Secretary Edward Zammit Lewis said the Global Residence Programme, as the new scheme is called, will allow people who buy high value property and pay taxes in Malta to benefit from a residence permit.
The previous scheme was suspended and initially replaced by the High Net Worth Individuals Scheme which did not prove popular because the minimum value of purchased property had been raised from €116,000 to €400,000.

Under the Global Residence Programme, the value of immovable property bought in Malta by foreigners has to be at least €275,000. However, when the property is in the south of Malta or in Gozo, the minimum value can be €220,000.........