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...
FitchRatings (www.fitchratings.com) has confirmed that Malta does not face same bank system risks as Cyprus. Research it carried out showed that “while both Malta and Cyprus seemingly have large banking sectors that substantially exceed the size of their economies and that rely to some degree on funding from non-resident depositors, a closer examination reveals substantial...
Malta and the Republic of India have signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion on income tax. The agreement was signed at a meeting between Indian External Affairs Minister Preneet Kaur and Foreign Affairs Minister George Vella on 8 April 2013 in Valletta, Malta. The signing of...
Following recent developments in Cyprus, the Government of Malta has issued the following statement confirming that Malta’s banking sector is ‘robust’ and ‘stable’. Malta joined the euro area in 2008 in order to further enhance its macroeconomic and financial stability, and to contribute to the stability of the euro area-wide economic and financial system. Together...
A new scheme by means of which companies that commission a digital game as a marketing tool to promote their products or services online are entitled to a tax credit equivalent to 100% of the total subcontracted costs incurred, up to a maximum of €15,000, has been launched by Malta Enterprise. The scheme will be...
The Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between Malta and Israel has been ratified by both countries and the Convention’s provisions have now come into force. The Convention was signed on 28 July 2011.
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