The Government of Malta is committed to continue developing Malta into an ‘excellent leading maritime centre in the Mediterranean’. Malta’s geographical position in the center of the Mediterranean Sea, Malta’s natural ports and the Maltese traditional culture are a fundamental basis on which the yachting industry will be developed. Over 500 people already work in...
The ‘Agreement for the Avoidance of Double Taxation and the Prevention of Tax Evasion with respect to Taxes on Income’ signed between Malta and the Republic of Turkey in 2011 will come into effect on 1 January, 2014. The DTA sets out a 10% withholding tax on dividends paid by a Turkish resident company to a Maltese company...
Malta’s aviation sector is set to develop and boom in the upcoming years, Malta’s Tourism Minister was reported to have said during the launch of the Malta International Air Show 2013. The Government of Malta is putting in place a new national aviation policy to implement increased investment in the aviation sector, enhance the island’s...
Malta and Ukraine formally signed a Convention on avoiding double taxation in Kiev on 4 September 2013. The Prime Minister of Malta and the President of Ukraine signed the agreement as part of a working visit discussing a range of issues including trade exchanges, investment and energy. The Government of Malta stated that the signing of this...
Malta and Macau have recently signed an agreement to work together to prevent tax evasion and tax avoidance. The agreement was signed in Beijing, China on 30 May 2013 and is expected to enter into force in January 2014. In terms of the treaty, authorities in Macau and Malta will share data on the financial position and...
The International Monetary Fund (IMF) has recently issued an important statement about Malta and its banking sector. Despite the difficult circumstances in the rest of Europe, the IMF gave Malta’s banks a clean bill of health. The IMF’s board of directors noted that: “The banking system [in Malta] is sound and risks from its large...
The Government of Malta has published Legal Notice 167 of 2013 which contains the rules governing the Global Residence Programme, a new residence programme which allows non-EU residents who buy high-value property and pay taxes in Malta to benefit from a residence permit. Click here to access the relevant legal notice and here to read about the programme’s launch.
The State of Kuwait has recently inaugurated a new embassy in Balzan, Malta. During the inauguration of the embassy, Malta’s Foreign Minister stated that “the intensification of bilateral contacts between our two countries has been greatly enhanced, notably in recent years, with 12 agreements signed since 2010”. Malta opened an embassy in Kuwait City, Kuwait...
The Government of Malta has launched the Global Residence Programme, a new residence programme for foreigners. This programme is intended to replace the High Net Worth Individuals (HNWI) Rules launched in September 2011. The Global Residence Programme shall reduce the minimum value of immovable property bought in Malta by foreigners to €275,000 (from €400,000). Moreover,...
Malta and the Russian Federation have signed an ‘Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, and a related Protocol’. The agreement was signed on 24 April 2013 at the Ministry of Finance of the Russian Federation in Moscow. In a statement, the Government of...
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